SHILLONG, SEPT 6: The state government on Tuesday decided to adopt a resolution for ratifying the Constitution (122nd Amendment) Good &Service Tax (GST) Bill, 2014 in the upcoming assembly session which begins on September 9. GST is single indirect tax for the whole nation, which will make India one unified common market. It is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
GST is essentially a tax only on value addition at each stage i.e. credits of input taxes paid at each stage will be available in the subsequent stage of value addition. Thus, the final consumer will bear only the GST in the supply chain charged by the last dealer with set-off benefits at all the previous stages.
Addressing newsmen after the cabinet meeting on Tuesday, chief minister Mukul Sangma said, “We have decided to introduce the resolution for consideration of the house.”
Stating that country is transition into a new form of value added tax; Sangma said the amendment is a culmination of the whole exercise between the union government and state governments including various commercial organizations.
When asked on the implication of the GST, the CM said that the state do not foresee any drop in revenue realization and in such event the state will be compensated. “This was taken up at the level of consultation and an acceptable format will come up,” he said.
The Rajya Sabha has recently passed The Constitution (122nd Amendment) (GST) Bill, 2014 to introduce the goods and services tax (GST).
With the passage of bill, India took giant step in structural indirect taxation reform and paved way for the concept of one nation, one tax. Earlier the Bill was passed in Lok Sabha in May 2015.
However, now the Bill will again go back to the Lok Sabha to incorporate the few amendments approved by the Rajya Sabha.
The Constitution (122nd Amendment) (GST) Bill, 2014 will enter into the statute book as The Constitution (101st Amendment) Bill, 2016.-By Our Reporter
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