GST: How PM Modi pulled off his biggest reform yet
Here`s a timeline of how Modi and Finance Minister Arun Jaitley first brought India`s federal states on board, before finally closing the deal at a series of meetings with an opposition Congress party that had become increasingly isolated.
By abandoning confrontation and seeking consensus, Prime Minister Narendra Modi has pulled off his biggest reform yet, securing the unanimous support of both houses of parliament for a planned Goods and Services Tax (GST).
Here`s a timeline of how Modi and Finance Minister Arun Jaitley first brought India`s federal states on board, before finally closing the deal at a series of meetings with an opposition Congress party that had become increasingly isolated.
WHAT HAPPENS NEXT
-
At least half of India`s states and self-governing union territories need to back the GST amendment.
-
The GST Council, a forum bringing together the centre and the states, should draft the key terms and scope of the GST. The government`s chief economic adviser has recommended a main rate of 18 percent, but many states want it to be higher while Congress wants it to be capped.
-
Two new GST bills are expected to come before parliament in the winter session that begins in November. The states, too, are required to pass their own GST bills.
-
The government targets a GST launch date of next April 1, the start of India`s financial year, although experts say that deadline is likely to slip.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Looking for short term investment ideas? Analysts suggest buying these 2 stocks for potential gain; check targets
Rs 3,500 Monthly SIP for 35 years vs Rs 35,000 Monthly SIP for 16 Years: Which can give you higher corpus in long term? See calculations
10:41 AM IST