New Delhi: The Goods and Services Tax (GST) bill, which was stuck in Parliament for an extended period of time, has finally been passed with over 2/3 majority. Not only Congress, but other major political parties showed support for GST, as a result of which, the bill has finally been passed.
Except for the AIADMK, the bill was supported by all the other major political parties. As per the reports, all the four GST amendments have been passed in Rajya Sabha.
After the AIADMK walkout, the only party which opposed the bill, voting for The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, and the amendments introduced by the government saw not a single vote against the proposed law.
This has come as a huge success for the NDA government at the Centre. GST was long awaited to be passed, but after discussing on all of its pros and cons, the bill has finally been passed.
"This is a great day for Indian democracy and Indian federalism that a major taxation reform has been ushered in," said Finance Minister Arun Jaitley
This is a great day for Indian democracy that a major taxation reform has been ushered in: FM Arun Jaitley pic.twitter.com/1vtg0255Vv
— NewsX (@NewsX) August 3, 2016
The bill will now again go to the Lok Sabha since the government had moved some amendments to get political parties on board.
One India, one tax, but will the GST prove to be the miracle India needs? Will it generate employment and increase business activity and the GDP itself? What will be costlier and what will be cheaper?