The winter session of parliament kicked off on Thursday and among the important bills that the government wants passed is the long pending Goods and Services Tax (GST) bill.
Speaking at an all party meeting before the start of the Winter Session, PM Narendra Modi asked the opposition to ensure smooth functioning of the House. He also promised that the Finance Minister would attempt to address the various concerns expressed regarding the GST bill. Media reports have also stated that both Congress and the Finance Minister have promised to keep an open mind regarding the bill.
Meanwhile, parties like the NCP, JD (U), and others have expressed their support for the GST but with some amendments.
The GST bill has been stuck in limbo in the Rajya Sabha since its introduction in the monsoon session with the Congress-led opposition blocking its passage. With the first two days of the winter session kept aside for discussions on the constitution, any business on the GST will only get started on Monday.
The BJP is touting the Goods and Services Tax (GST) as the biggest tax reform since 1947. The basic idea is to do away with the dual tax system prevalent in the country and implement a single, uniform taxation policy for the entire nation. Some economists have claimed that this could add another 2 percentage points to India’s GDP growth rate. The e-commerce sector is also highly supportive of a standard taxation as it will provided added impetus to the sector.
The implementation of the GST would also have far reaching effects on the marketing and advertising sector.