New Delhi: On Wednesday, India’s biggest tax reform ever, the Goods and Services Tax or GST bill was passed in Rajya Sabha. All the political parties showed rare unanimity but only AIADMK opposed and staged a walkout. Prime Minister Narendra Modi said, “This reform will promote Make in India, help exports and thus boost employment while providing enhanced revenue. I would like to add that GST will also be the best example of cooperative federalism.”
He added, “Together we will take India to new heights of progress… We continue to work with all parties and states to introduce a system that benefits all Indians and promotes a vibrant and unified national market.”
“On this truly historic occasion of the passage of the GST Bill in the Rajya Sabha, I thank the leaders and members of all parties…Our MPs must be congratulated for their path breaking decision to give India an indirect tax system for the 21st century,” Prime Minister Narendra Modi tweeted.
RELATED VIDEOS:
GST Bill 122nd Construction Amendment Bill Passed In Rajyasabha
*GST IMPACT
ON VARIOUS SECTOR.*
?????
1) *BANKS* – Current service tax 15% now after GST 18% ??Negative.
2) *CONSUMER STAPLES* current tax rate 22% know after GST it’s 18% .
Positive for – Asian paints,Dabur,HUL,EMAMI
NEGATIVE for ITC & UNITED BEVERIES.
3) *CONSUMER DISCRETIONARY* current 15% after GST 18%
NEGATIVE
4) *MEDIA* – current Tax 15% service tax and 7% entertainment Tax by State’s know After GST it will be 18%
POSITIVE
5) *TELECOM* current Tax 15% After GST 18% may see marginal dip in consumption as tax rise from 15% to 18%
NEGATIVE
6) *AUTO INDUSTRIES* current Tax 27% after GST it will be 18% .
POSITIVE
7) *METALS* – current TAX 18% after GST 18% no major impact
8) *CEMENT* – current Tax 27% altogether after GST it will be 18%
POSITIVE.
9) *PHARMA* – current Tax 15% after GST it will be 18% .
NEGATIVE
10) *REAL ESTATE* – 15% to 16% Stamp duty, Current duty approx 7%. NEGATIVE for real estates.
11) *TRANSPORTATION* – majorly benefits to logistics sector no impact of GST
POSITIVE.
