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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