India Union Budget 2016-17: Hope and Holes of GST (Goods and Services Tax) Bill :- New Delhi: The Budget Session started on Tuesday in Parliament in both the houses with a stormy note at an all party meeting with opposition accusing the government over JNU controversy and Rohit Vemula incident.
The session started after the President Pranab Mukherjee address to the joint sitting of both the Houses of Parliament, President Pranab Mukherjee strongly criticized dissolution and hindrance of Parliament. He called upon all MPs to perform their responsibilities in a spirit of cooperation and mutual understanding.
The peoples have many hopes regarding this Budget session especially many bills of public importance are yet to be passed by the Parliament in this Budget session. According to the sources, there are 31 sittings with the session divided into two parts with a recess from 17 March to 24 April, 2016.
The session is important both in domestic and global scenario of India. A slowdown in legislative business is hampering the recovery of economy in present scenario and it is visible.
One of the most important bill which is much awaited is Goods and Services Tax, (GST), 2014. It has become a challenge for the present government to pass this bill because it is earlier opposed by the opposition many times.
“GST is our priority. We have an experience of two sessions. The countrymen want the GST, Real Estate, bankruptcy and Inland waterways, Carriage by Air and anti-hijacking bill, Constitutional Amendments Bill. I will talk to them, will have a broader consensus and go forward,” Parliamentary Affairs Minister Venkaiah Naidu said.
It is due this GST bill that the price of all the goods will become same in all the states and union territories of India and the government is willing to pass the law.It is among the 12 bills to be passed including the Finance Bill, 2 new bills to be introduced and 2 to be withdrawn according to the sources. The people are hoping to cut down in prices of daily use.
However, Congress has demanded that the rate of 17-18 percent GST rate recommended by the expert panel, has to include in the constitution which is not acceptable to the government. This bill is aimed at reforming and re-structuring the tax system. Economists have said that it will lift the economy growth by 2 percent in the long run.