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Oct 20, 2014
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Goods & Services Tax, insurance next on Modi Government’s reform agenda
After fuelling big-ticket reforms with diesel price deregulation and new pricing for domestically produced natural gas, the next wave of reforms by the Narendra Modi Government could pave the way for the Goods & Services Tax (GST), higher foreign direct investment (FDI) in insurance and pension, and a new coal block allocation policy in the next three months. A senior Finance Ministry official said the ground work for introducing the redrafted Constitutional Amendment Bill for GST is ready and as soon as Finance Minister Arun Jaitley approves it, the process for getting Cabinet approval will start. The Bill will then be introduced in the winter session of Parliament in November. Once Parliament gives its nod, it will require approval from at least half of the State Assemblies before the Act is implemented. An amendment in the Constitution will allow States to tax services and the Centre to collect taxes on goods from retail establishments.
Source -
http://www.thehindubusinessline.com
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