Seven Hour Debate in Parliament on GST Bill Starts

The Goods and Services Tax (GST) Bill was tabled in the Indian Parliament on 29th March, 2017. The seven-hour debate in Parliament on GST Bill started on the same day. The GST is a single tax system that will replace all the indirect taxes levied on goods and services in India. The GST Bill aims to create a unified market across the country, by eliminating the cascading effect of taxes.

The debate on the GST Bill was highly anticipated by businesses, economists, and citizens of the country. The discussion was initiated by the Finance Minister Arun Jaitley, who presented the bill in the Lok Sabha. The Lok Sabha is the lower house of the Indian Parliament.

During the debate, Members of Parliament (MPs) discussed various aspects of the GST Bill. They talked about the impact of the new tax system on businesses, the common man, and the Indian economy as a whole. The debate focused on the benefits of the GST, its potential drawbacks, and the challenges that the government may face in implementing the new tax system.

One of the main benefits of the GST is that it will simplify the tax system in India. Currently, there are multiple taxes levied on goods and services at different stages of production and distribution. This results in a cascading effect of taxes, where the final consumer ends up paying a higher tax than necessary. The GST will eliminate this cascading effect and create a single tax system across the country.

The debate also touched upon the potential drawbacks of the GST. Some MPs expressed concerns about the impact of the new tax system on small businesses. They argued that the GST may increase compliance costs for small businesses and make it difficult for them to compete with larger companies. However, the Finance Minister addressed these concerns and assured the MPs that the government would take steps to minimize the impact of the GST on small businesses.

The seven-hour debate in Parliament on the GST Bill was a significant step towards the implementation of the new tax system in India. The debate highlighted the benefits of the GST, its potential drawbacks, and the challenges that the government may face in implementing the new tax system. The GST is expected to simplify the tax system in India and create a unified market across the country.