“It has been cleared by one House of Parliament. It has been supported by most political parties, and I am sure others will also see reason, and this law will become a reality very soon,” our honourable finance minister Mr. Arun Jaitley said in his keynote address at the India Investment Summit on Thursday. The summit has been organised by the finance ministry. Now we can say that GST will be reality soon. This is much awaited and excite Act which pending for long time, GST will revolutionize the the system.
We very well know that GST is in the news for the very long time . Many hurdles have come through in the process of becoming bill to act.
Now it is at the verge of settlement of the issues with most of the opposition parties specifically congress. All the party are about the settle the key issues like Revenue Neutral Rate, Sharing of between CG and State Governments etc.
Mr. Jaitley said that GST will be effective from the 1st April 2016 by passing in the loksabha(Lower House) and rajyasabha(Upper House) in this budget sessions of the parliament.