Thursday, August 25, 2016

Delhi Assembly passes GST Bill

Delhi Assembly passes GST Bill

Delhi Assembly today ratified the Goods and Service Tax Constitution Amendment Bill. It is the third non-BJP-ruled state and overall the 8th to clear the proposed tax regime. Deputy CM Manish Sisodia called GST a "big reform" which will be good for the country's economy and growth.

GST is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, excise duty etc. This is how it is done in most developed countries. It will be a comprehensive nationwide indirect tax on the manufacture, sale, and consumption of goods and services. The aim is to have one indirect tax for the whole nation, which will make India a unified common market.

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