GST Bill may be sent to Lok Sabha for approval on Monday
After the Goods and Service Tax (GST) Bill was passed unanimously in the Rajya Sabha on Wednesday, the government is likely to take the amended Bill back to the Lok Sabha for approval on August 8, Zee Business reported.
ZeeBiz had earlier reported that after a nod from the Upper House, the Bill will be sent back to the Lok Sabha, where the amendments negotiated by the opposition party will be discussed and approved.
Once the amended Bill is approved by the Lok Sabha, it will be sent to the state assemblies, where 50% of the states will need to ratify it within 30 days. Once, and if, approved by atleast 50%, it will become a law.
The GST Bill proposes to remove the multiple indirect taxes across the nation and instead, levy a single tax on the supply of goods and services both, right from the manufacturer to the consumer. It will be a destination tax.
The government wants to roll out the GST regime by April 2017, but experts say there is still a long way to go for it to be implemented as it will take time to work out crucial details like GST rate, to set up the IT infrastructure for a new tax system, and so on.