GST Bill to Change Course of India’s Economic Situation, says PM

GST Bill to Change Course of India’s Economic Situation, says PM

India PM

The long debated GST bill is scheduled to be launched on the 1st of July, 2017 after it was introduced as The Constitution (One Hundred and First Amendment) Act 2016. The GST bill is administered by the GST council under the Chairmanship of the Union Finance Minister of India. The bill basically proposes the amalgamation of numerous State and Central taxes into one individual tax. The implementation of GST is said to reduce the total burden of tax on goods, which is at present around 25% to 30% and will aid in the free mobility of goods from one state to another eliminating the hassle of state border tax.

Prime Minister’s Take before Launch

Before the due launch of the bill, Prime Minister Narendra Modi reviewed all the arrangements and put forth certain dilemmas before his team. He asked all the officials to duly pay attention on the IT systems regarding their cyber-security. During the course of the meeting, the Prime Minister oversaw several aspects related to the Bill’s implementation such as monitoring, the mechanism related to query handling, sensitization and training of officers, HR readiness, and IT infrastructure. The officers informed the PM that all these will be ready till the launch date.

Situation after GST Implementation

The tax rate, as levied by the GST council was announced on June 3rd. on gold jewelry and gold it will be 3% as per the upcoming GST regime. 0.25% on rough diamonds, 5% on footwear below Rs.500 and 18% above Rs.500. The tax on apparel would be 15% for apparel below Rs.1, 000 and for the rest 12%. The PM believes that the implementation would change the course of the economic flow of India and the infrastructure readiness serves full confidence to it.