The State vice president of Bharatiya Janata Party (BJP) Manoranjan Mishra said that all the parties are eagerly waiting for the Goods and Service Tax (GST) Bill to be presented in the monsoon session of Parliament commencing from July 18.
Mishra said that GST Bill, on the passage of constitutional amendment, will bring in financial revolution in the nation. The Gross Domestic Product (GDP) will go up in two digits, he added. There will be reduction in corruption in the area of taxation as all the though taxes collected by the States will be removed after the GST Bill gets passed. In the initial stages it will affect the States income. The central government has promised to take care of theses loses for a time period of three years, added Mishra.
He further said that after the GST taxation starts, there will be reduction in administrative expenditure. The producers and the distributers will get freed from intermediaries. The prices of the produce will come down. This is the reason all the States and parties agreed to unite in getting this GST Bill passed.
The GST Bill was suggested by the Congress party, but after coming in opposition it has raised few concerns which were responded by the government in a much enthusiastic manner. Newly appointed Minister of State, Finance, Santhosh Kumar said that lok Sabha has already passed this Bill. During the monsoon session in Rajya Sabha there will be discussion on the Bill and with the majority in support it will be passed.
Mishra further said that Congress has raised objection on one per cent additional tax in the GST Bill. According to Congress, GST must be 18 per cent and to listen to the issues regarding the Bill a Regulatory Authority must be formed. Recently there was a meeting held in Kolkata to discuss the issues regarding the Bill attended by Financial Ministers of the State. looking at the outcome of that meeting it is expected that the Bill will be passed in the next parliamentary session.