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Finally, The historical ‪GST Bill is passed successfully in Rajya Sabha. This is on of the biggest economic transform in last few decades.

One India, One Tax. - How will it help?

India is politically single country but economically separated. Center and states have different tax powers. Today, there are two taxes associated with all products (State + Center).

Also read: CEA-Led Panel Recommends Standard GST Rate Of 17-18%

Example : 

If a person manufactures shirts, he pays excise to center and then we pay VAT when we buy it (state). We also end up paying tax on the tax as well.

GST will be a single tax in entire India which will help cut down prices, streamline business and would affect inflation on longer run as well.


"The ‪‎GSTBill‬ will empower the states, will increase revenue of states as well as Centre. It'll ensure that there is 'no tax on tax'"finance minister Arun Jaitley said on Wednesday in the Lok Sabha.

Also read: India Can Save Upto INR 3.33 Lakh Crores If Logistics Costs Are Lower

The Rajya Sabha on Wednesday passed the Goods and Services Tax (GST) Constitutional Amendment Bill which the Lok Sabha had already approved last year. The exact rate of the tax will only be decided in the weeks or months ahead.

Arun Jaitley's reply in Rajya Sabha on GST Bill: 03.08.2016



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The Rajya Sabha on Wednesday approved a Bill that sets up a panel to decide interest rates, bringing the Reserve Bank of India's policymaking process in line with that of its major global counterparts.

The measure was part of a broader Finance Bill approved by the Lok Sabha last week, meaning it now becomes a law.

Currently, Reserve Bank of India (RBI) Governor Raghuram Rajan is the sole authority for monetary policy decisions, with assistance from a panel that is purely advisory.

Under the new law — and from a date that has yet to be set — a six-member monetary policy council will set interest rates by majority, with a casting vote for Rajan in the event of a tie.

Three members will be representatives from the government, and three from the RBI. The Bill also requires the RBI to review its inflation target every five years. There is currently no set timeframe for such reviews.

The reform is a big boost for Rajan, who since taking office in 2013 has been trying to align the manner in which India sets monetary policy with that of central banks in developed economies. @Reuters
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Lok Sabha on Wednesday passed the Aadhar Bill by rejecting the amendments proposed by the Rajya Sabha. The Lok Sabha was then adjourned till April 25. The bill to give statutory backing to the unique identity number scheme for better targetting of subsidies was returned by Rajya Sabha to the Lok Sabha with several amendments, with Opposition parties also objecting strongly to treating it as a money bill. The return of the bill saw an animated debate over why it was brought as a money bill, with a number of opposition members also raising concern over privacy and national security on the biometric data of Indians so collected through the scheme.

Finance Minister Arun Jaitley said the Aadhar Bill was a money bill as it dealt with the way public money or subsidy will be distributed among the needy under various government schemes. Moving the Bill in Rajya Sabha, Jaitley said Parliament cannot abdicate its right to legislate just because the issue is pending in the Supreme Court.
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