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| For GST, 7-Hour Debate On Wednesday |
| For GST, 7-Hour Debate On Wednesday, PM Modi's Review Tomorrow: 10 Facts
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| INDIA
, 27-March-2017
12:50:50 PM |
| Prime Minister Narendra Modi has called a cabinet meeting tomorrow to review Goods and Services Tax, the flagship tax reform which entered its last lap with the introduction of four supporting bills in parliament. The meeting will would be followed by a marathon 7-hour debate in Lok Sabha over the supporting bills, which were presented in Parliament today by Union Finance Minister Arun Jaitley. The government wants the bills passed in Lok Sabha by Thursday, after which they would be presented in Rajya Sabha. Parliament's approval to the four supporting bills will allow the government to roll out GST by its July 1 deadline. Billed as the biggest taxation reform since Independence, GST is expected to boost GDP growth by up to 2 per cent
1A new clause has been introduced in the IGST to permit refund of taxes to foreign tourists for products bought during stay. The tax refund will be on the lines of VAT refund in UK.
2The bills - Central GST, Integrated GST, Union Territories GST and the compensation law - were approved by the cabinet earlier this month. Once these get Parliament's approval, a State GST bill will be presented in state assemblies.
3The Cabinet approval came after the powerful GST Council, headed by Mr Jaitley and with state finance ministers as members, cleared the five draft laws, ironing out the remaining differences between the states and the Centre on how to
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