Thursday, 4 August 2016

GST will Lower Commodity Prices

GST will lower commodity prices : Arun Jaitley 
A day after the Goods and Services Tax (GST) Bill was passed in the Rajya Sabha, Finance Minister Arun Jaitley said the new legislation will lower the price of commodities once implemented. 
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Yesterday was a major step forward in having a uniform tax in the country The GST will help a large body of traders and business people, Jaitley told reporters on Thursday. He said once rolled out, the one nation one tax system will improve the ease of doing business as it will replace the regime of multiple taxation system. The tax rate will go down which will lead to lesser prices of commodities, he said.  

The important thing is that the GST bill was passed unanimously, except for the AIADMK who walked out. The constitutional amendment was pending for a long time, predominantly because RS was unable to reach a consensus, the Finance Minister said.

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