MONEY
The Delhi assembly has ratified the Goods and Service Tax (GST) Constitution Amendment Bill, becoming the third non-BJP-ruled state and overall the eighth to clear the proposed tax regime, billed as the single biggest tax reform in decades.
The bill was endorsed by the House by a voice vote following a brief discussion during which Deputy Chief Minister Manish Sisodia called GST a "big reform" which will be good for the country's economy and growth.
Speaking during the brief discussion on GST, a number of AAP MLAs hailed the proposed tax regime. Later the Deputy Chief Minister, took a jibe at the Centre saying it has for the first time recognised the national capital as a "state".
The Bill has already been ratified by Bihar, Jharkhand, Chhattisgarh, Himachal Pradesh, Assam, Gujarat and Madhya Pradesh. Delhi is the third non-NDA state after Bihar and Himachal to ratify the bill.
The GST bill, seen as the single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST council which will decide the new tax rate and other issues.
The Lok Sabha had passed the GST bill on August 9 while Rajya Sabha cleared it on August 4. In his remarks, Sisodia said there were some concerns over capping the annual turnover. "There is no clarity on certain issues. Like businessmen in the capital with a turnover of up to Rs 20 lakh do not have to pay taxes. It should not be brought down. "We are in favour of increasing the threshold to Rs 25 lakh. Businessmen with a turonover of up to Rs 1.5 crore should pay taxes directly to the state government," he said.
Sisodia also said Union Finance Minister Arun Jaitley had written to Chief Minister Arvind Kejriwal on the GST issue on August 11.