New Delhi March 23:
The government today introduced a Constitution Amendment Bill in the Lok Sabha with a view to create a common market for goods and services and replace the existing indirect taxation regime with a uniform Goods and Services Tax (GST) system.
The Bill that was tabled in the Lower House despite opposition, mainly from BJP-ruled states, seeks to amend the Constitution to confer simultaneous powers to the Centre and states to levy taxes on goods and services. Now, the Bill is likely to be referred to the Parliamentary Standing Committee for scrutiny.
The proposed GST will subsume most indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides local levies.
The government today introduced a Constitution Amendment Bill in the Lok Sabha with a view to create a common market for goods and services and replace the existing indirect taxation regime with a uniform Goods and Services Tax (GST) system.
The Bill that was tabled in the Lower House despite opposition, mainly from BJP-ruled states, seeks to amend the Constitution to confer simultaneous powers to the Centre and states to levy taxes on goods and services. Now, the Bill is likely to be referred to the Parliamentary Standing Committee for scrutiny.
The proposed GST will subsume most indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides local levies.
