After all, a very important bill has been passed in Rajya Sabha. All the members of parliament specially ruling party and our Prime Minister Shri Narendra Modi, has taken a deep breath after passing of the bill. Shri Modi thanked all the members for their support and said it will give boost to “Make in India regime” of central goverment. The GST bill is a long waited bill and is very crucial for the speedy growth of emerging Indian economy.
The cabinet had to approve few amendments in the bill out of which removal of 1% additional tax. Whoever still the final rate of GST has not been decided, and It has been proposed to keep minimum 12% and maximum 40%, but most of opposition parties are demanding approx 15-18% .
After implementation of GST, a lot of goods and services will become cheaper while some of them will become a little costlier. For example cost of cars, car batteries, paint, cement, fan, lights, water heaters, air coolers, washing machines, refrigerators, and electronic items will come down while tobacco and its products, talking on mobile, textile and branded jewellery will increase.
Some products including alcohol and petroleum products has been kept out of umbrella of GST.
Overall, passing and implementation of GST bill is defiantly going to have a positive impact on our economy.