After a wait of 16 years the GST bill has been finally passed in Rajya Sabha and there is no vote against this amendment. The parliament has approved the GST i.e goods and service tax. This will bring the biggest financial changes in the country.
After discussion about GST , Union Finance Minister Arun Jateley, said that this bill will not be a burden on normal people and neither will it affect any states. He said that with this rule, the tax will be stopped and economy speed will improve.
- There will be no tax for business expect 1 percent between the states according to original bill more than 1 percent tax was to be taken.
- 2 one will get 100 percent refund of the loss of GST up to 5 years but according to original bill up to 100 percent was there for only 3 years and after that 75% for 4 years and in 5th year 50% return was to be given.
- New arrangements have been done for solving the conflict in which voices of the states will be elevated. Earlier this was done by voting in which 2/3 vote was under states and other 1 % was under central.
- In amendment new rule has been added in which it has been promised that there will be no loss of normal people and state.
After being approved by both the houses of the houses of parliament this amendment will require 15 states approval and after that president will do the signature after this rule will be followed..This procedure is accepted to be completed by November.
What is GST and how will it affect?
- Until now, we used to pay 30 -35% extra for different products but after imposing GST we will have to pay, by combing all taxes, only 17-18% tax.
- After imposing GST, we will get all products all over the country in same rate.
- After GST ,central excise duty, additional ta x duty, special additional tax duty of custom, sales tax, central sales tax, entertainment tax,author and entry tax will be finished.
- After imposing GST some things for normal people will become cheaper ,after finishing VAT and service tax ,you could buy home cheaply,food in restaurants will become cheaper.Air conditioner, microwave oven,fridge,washing machine will become cheaper.Goods Loading will also become 20% cheap.
- After loading GST tea, coffe,stored foodsmay become costlier. Mobile bills, credit cards may become costlier. James and Jwellery will become costlier. Readymade garments will become costly.