Friday, 5 August 2016

‘One nation One tax’ policy to do wonders in India!

After 2 years of the tug-of-war, the Goods and Services Tax (GST) has finally been passed in the Rajya Sabha which means that both Houses of the Parliament now endorse the new taxation system. The GST was highly awaited for, both by businessmen along with tax payers and of course, the government. The anticipation was high because this tax eliminates a lot of complicated procedures that is very famous in Indian taxation systems. But now, with the passing of this bill in both the houses, it will now be easy for the payers and the collectors to pay and receive the tax money.
Except the AIADMK, a party that staged a walkout opposing the bill and stating that it was anti- federalism, all others parties, including arch rivals Congress, voted for the Bill. The Congress that had opposed this Bill initially were defeated in the Lower House due to an overwhelming majority of both NDA candidates or MPs and also because good sense prevailed. The NDA, that didn’t have majority in Rajhya Sabha, the lower house, was battling hard to get this bill passed.

It eventually cracked in their favor as the Rajhya Sabha too passed the bill and twice in a single tenure, good sense prevailed. There are many pros and cons of this Bill for various sectors but the real estate sector will benefit highly from it as the tax rates will reduce for this particular sector. The enactment of this law will single-handedly solve many of the challenges faced by the real estate sector and help in pulling the sector out of its long slumber,” said Parveen Jain, president of the National Real Estate Development Council, an autonomous industry body under the ministry of housing and urban poverty alleviation.

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