Government hopes to pass GST by May this year

Goods and Services Tax could simplify India's indirect tax regime

Shutapa Paul
Published: Mar 13, 2016 02:37:57 PM IST
Updated: Mar 13, 2016 03:07:26 PM IST
Government hopes to pass GST by May this year
Image: Shutterstock.com
The GST bill would bring in a single market for goods

The BJP-led NDA government hopes to get the crucial Goods and Services Tax (GST) Bill passed in the second half of the Parliament session, Union Finance Minister Arun Jaitley in New Delhi on Sunday.

GST could replace a host of taxes through a single unified tax, thereby simplifying India's indirect tax regime.

“Hope to get the Bankruptcy Code and GST Bill passed in the second half of Parliament session,” said Jaitley while speaking at the Advancing Asia summit organized by the Indian government and the International Monetary Fund (IMF). The second part of the Parliament session will run from April 25 to May 13.

“What is work in progress still is that we are trying to ease the environment for people doing business in India,” said Jaitley.

While the GST bill would bring in a single market for goods, the bankruptcy law would help companies exit business easily. The Finance Minister also added that the government would bring further structural reforms in the coming days.

ALSO READ: The challenges of implementing GST


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