Second Leg of Budget Session: PM Modi hopes for a breakthrough on GST
The second leg of Budget session has already begun today. Notably, the first leg of budget session was largely a washout as it was all about opposition attacking the government on its demonetization move. In the second leg of budget session PM Modi is hoping for a breakthrough on GST. The session resumed today after about a month – long recess.
Here are 8 things that you need to know about the second leg of budget session.
- Government is planning to roll out GST on July 1 and to meet the deadline for introducing it, parliament must pass three bills, which will spell out the operational details of the new tax.
- The GST will replace a new slew of central and state levies, and it will transform Asia’s third- largest economy into a single market for the first time.
- Tax rates range from 5 percent to 28 percent. With 12 and 18 percent being the standard rates.
- It has not been yet decided which rates will apply to which categories of goods.
- The three bills that need to be cleared will be introduced as Money Bills –which means once it is cleared by the lower house, upper house can only recommend changes.
- The GST is expected to make business simpler and it will also reduce business transaction costs.
- In August last year, parliament cleared GST, delivering a huge victory of Prime Minister Narendra Modi.
- Apart from GST, issue of Gurmehar Kaur, a Delhi University who came out in support of those beaten up by the ABVP in Ramjas over thhe scheduled speech of someone the saffron brigade termed ant- national. She was heavily tolled. This issue will also be raised in Parliament.