Will try to introduce GST Bill in current winter session of Parliament
December, 01st 2014
Union Finance Minister Arun Jaitley on Monday said that the government will try to introduce GST Bill in the current winter session of Parliament.
Goods and services tax will provide uniform indirect tax structure.
The government proposes to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related with the new indirect tax regime.
The GST aims at subsuming most of the indirect taxes at the central as well as state level.
Earlier, the finance minister had said the Direct Taxes Code (DTC) was under the consideration of the government but did not say when it would be brought to Parliament.
DTC proposes to overhaul of the six-decade old Income Tax Act in its present shape and make tax system simpler. The draft DTC has undergone many changes since being first proposed by the then Finance Minister P Chidambaram in 2009.