Aruchal ratifies GST

FROM OUR CORRESPONDENT

ITAGAR, Sept 8: Aruchal Pradesh today ratified the most important Goods and Service Tax (GST) Bill to simplify the taxation process by implementing single tax rates all over the country.

Deputy Chief Minister Chow Mein, who also holds the Fince portfolio, moved the resolution for ratification of the Constitution (One Hundred and Twenty Second Amendment) Bill, 2014 in the house which was unimously passed by voice votes.

The bill has been already passed by both houses of the Parliament and is awaiting assent from the President.

Taking part in the discussion, Opposition Leader Tamiyo Taga of the BJP while informing the house that the bill had already been ratified in 19 states of the country, further suggested for passing it without discussions.

Senior Congress member Wanglin Lowangdong while terming the bill as a transformation of the Indian taxation system to end numerous taxed and bring uniformity, informed the house that the revenue collected would go simultaneously to the Centre as well as the state government.

He also advocated for comprehensive training for tax collectors of the state to implement the bill successfully.

While senior BJP member Japu Deru said that the President would put his assent once the bill is ratified in at least 16 states as per constitutiol provisions, former deputy chief minister Kameng Dolo stated that the Bill should be passed being one of the best after independence to remove the confusion in taxation.

Congress member Mutchu Mithi said that the GST would facilitate growth process in the state.

“Aruchal does not have wholesalers which are mostly located at neighbouring Assam for which the state used to lose tax revenue, Mithi reasoned.

GST would be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It would impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system.

The Bill would have a far-reaching impact on almost all the aspects of the business operations in the country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems.