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| For Tax Reform GST, Government Plan |
| For Tax Reform GST, Government Plans Rescue Mission: 10 Developments
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| INDIA
, 13-August-2015
9:55:12 AM |
| Prime Minister Narendra Modi's reform agenda suffered a major blow on Thursday when the Monsoon Session of Parliament ended without approving the biggest ever tax reform for India. TweetinShare.FlipHere are the 10 latest developments on this big political story:1Sources say the government is likely to call a special five-day session of Parliament starting August 31 in an attempt to push through the Goods and Services Tax (GST) Bill. Finance Minister Arun Jaitley said today he does not wish yet to reveal the government's strategy.
2The proposal creates a national sales tax to subsume a complicated network of central and state levies, a chaotic structure that inflates costs. Supporters say GST will add up to two percentage points to economic growth and boost domestic trade while creating a unified national market.
3The GST was passed in May by the Lower House or Lok Sabha, where the government has a huge majority. But it has been stalled in the Rajya Sabha, where the government and its allies are in a minority.
4Delays in the passage of the GST Bill will make it tougher for the government to meet a self-imposed deadline of next April for its launch.
5The PM has the option of calling a special sitting of Parliament to pass the Bill before the next scheduled session in winter. But that would be pointless unless the Congress agrees to a debate and vote on the bill.
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