In a bid to achieve final nod from the parliament on the revolutionary tax reform, the Goods and Services tax bill is likely to be tabled in the lower house on Today.It is one of the biggest tax reforms of our country since the most-acclaimed economic reforms of 1991, which gifted a new economic order to the world’s largest democratic nation.It is said that majority of the political parties including the main opposition parties like Congress party is indirectly supporting the big reform, which could turn the country into the world’s largest single market.
Earlier, on last year, the lower house passed the bill and forwarded it to the upper house, where the ruling BJP-government is a weak voice.There, in the upper house, the bill faced numerous constraints. But, at last, the BJP government managed to pass the bill after reaching a consonance with all political parties by incorporating nearly four new amendments.Even though the lower house can reject all suggestions recommended by the upper house, the ruling BJP-dominated Lok Sabha is likely to incorporate all the recommendations suggested by the Rajya Sabha as the reform bill has to be approved by at least sixteen states in a short period of thirty days starting from today.Once the bill is executed, it will replace the preponderance of local taxes like excise, service tax and much more.Anyway, the centre has not yet reached a consonance with several federal states regarding the tax rates with several federal states like Kerala and Tamil Nadu already approached the union to express their concerns.However, the tax reform is expected to boost the manufacturing sector, and it will improve the ease of doing business.Meanwhile, Prime Minister Narendra Modi is likely to talk about the revolutionary reform in the lower house on today
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