Lok Sabha Passes GST Bill [#BigWin]May 6, 2015 2015-05-06 14:54
Lok Sabha Passes GST Bill [#BigWin]
Lok Sabha has passed GST Constitutional Amendment Bill paving the way for pan-India goods and services tax regime.
The biggest benefit of GST lies in the fact that India will become a single market – which will help in reducing cost and time on goods movement.
A single rate GST will replace central excise, state VAT, entertainment tax, octroi, entry tax, luxury tax and purchase tax on goods and services to ensure seamless transfer of goods and services.
What’s important to note is that the centre has agreed to compensate the states for revenue loss arising out of GST implementation for a period, which may extend up to five years, as mentioned by finance minister, Arun Jaitley.
* : The details of services that are exempted is still not known. We will update once we have the details.