GST to herald economic integration: Jaitley

New Delhi(PTI): Stating that GST will herald an economic integration of India, Finance Minister Arun Jaitley on Saturday slammed opposition Congress to stall progress of the country by preventing passage of the Constitution Amendment Bill.

“The entire country will become one market and it will be an economic integration of India,” Jaitley said launching three social security schemes in Mumbai. Without naming Congress, he slammed those trying to stall the GST Constitution Amendment Bill in Parliament saying they were attempting to “stop progress of the country”.

They do not have numbers to prevent passage of the Constitution Amendment Bill to subsume all indirect taxes like excise duty and service tax into Goods and Services Tax (GST) and even other opposition parties were supportive of the new regime, he said.

Those opposed to GST are now deploying newer delaying tactics by questioning extension of Parliament session for conduct of pending legislative business, he said. Stating that GST will benefit states like Maharashtra, he said taxes truckers pay before entering any state or city will be abolished once GST is implemented.

“India becomes one uniform market where there is a seamless transfer of goods and services,” he said, adding states’ share of revenue will go up and economic activity and growth will also improve. Jaitley said India has capacity to grow in double digit and not just 7-8%.

The GST Constitution Amendment Bill was approved by the Lok Sabha earlier this week. The Bill is now pending in the Rajya Sabha, where the NDA government does not have a majority. The Constitution Amendment Bill needs to be approved by two-third majority of both Houses of Parliament.

Posted by on May 9, 2015. Filed under Nation. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.