Budget

Second Leg of Budget Session: 8 points you need to know

Second Leg of Budget Session: 8 points you need to know
Parul Srivastava

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.

Second leg of budget session begins today

Second leg of budget session begins today

Related : Government Might Start Budget Session Early This Year!

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.
Prime Minister Narendra Modi

Prime Minister Narendra Modi

  • 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.
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Budget
Parul Srivastava

She likes to express herself through her write-ups. She doesn’t believe in doing different things but she enjoy doing things differently.

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