The Rajya Sabha passed five more Bills during the last week which include institution of Technology bill,2016 Benami Transection Bill,2016 an indian madical council Bill 2016 Dentists Bill 2016 and national insitution of technology, Science Education And Redearch Bill,2016 All these Bill have already been passed by the lok sabha. The upper house ,During the week also held Discussio on devlopment in stats of Uttarakhand and Arunachal pradesh leading to divesion of money From Employes Provident Found to stock market.
Congress demand on the GST bill a Cap to be included on the GST rate at 18 % deletion of the provision which allows impositio of 1% tax by additional levy, and independent dispute resolution mechanism.
The government has circulate official to the GST bill to drop rate to drop 1% additional tax and include a definite provision in the statute for compensating states for revenue loss for the period of 5 years
The bill lower the burden of indirect tax on the goods, Which accounts to nearly 25to30 % To get all indirect taxes levide by the centre and state under one roof will make the indian tax system strong as it will avoid cascading and double taxation issue and given a indian companies an upper han and make them competitve in the Intrnational market.GST will be a big booster to the manufacturring sector. However, the implication of the bill will take atlest a minimume of the half year to fall in place getting a green signal from rajya sabha