JAITELY: THANKS TO ALL POLITICAL PARTIES FOR MAKING GST CONCEIVABLE

On Thursday Union Finance Minister Arun Jaitley thanked all political parties for their cooperation and contribution in making the launch of the Goods and Services Tax (GST) possibleIn a letter to the presidents of various political parties, Jaitley said: " In collaboration with all political parties, the 101st Constitutional Amendment Act for the Goods and Services Tax (GST) was passed by Parliament and was notified on September 8, 2016." He said that three laws -- GST, Integrated GST, and Union Territories GST -- have already been passed by Parliament while the State GST law has been passed by 25 states.
Jaitley further mentioned that the GST Council, in which all the states and union territories are represented, has met 15 times in the last eight months and has approved the draft laws and GST rates for all the commodities. He said that the GST is the most important tax reform since the country's independence and is going to substantially ease business in India, promoting new investment and contributing to overall GDP growth. Jaitley said that GST will also help in removing the cascading effect of taxation and provide relief to the common man by leading to a reduction in prices, especially of essential consumer goods, adding that in terms of revenue growth, GST will help all the consumption states.Highlighting the role of MPs and MLAs in creating mass awareness about the new tax law, Jaitley said: "It is important to understand the important aspects of the new tax administration to describe people in large numbers in the country as well". "If the trade and industries face difficulties in the implementation phase, then the representatives of the public should be better organized if properly trained. All the MPs and legislators of the central government have requested party president of various political parties to organize workshops and training sessions for all the experts.

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