GST legislation likely to pass in next session

Multiple taxations such as mandi taxes will be simplified after GST comes into force.

The Dollar Business Bureau

The Government is trying hard to create a consensus in passing the Goods and Services Tax (GST) bill and Rajya Sabha would surely pass the bill in the coming Parliament session, Ajay Tyagi, Additional Secretary of Finance said on Wednesday. 

Ajay was speaking at the National Agriculture Market seminar organised by the PhD Chamber of Commerce and Industry. The main objective of the government behind introducing the GST is to bring uniform taxation. It also aims to create uniformity in every area of economic engagement. 

With this legislation, the government can create a uniform market for the goods and services in India. Other sectors, including agriculture will get benefitted as there are many distortions currently. Multiple taxations such as mandi tax will be simplified after GST comes into force. The GST is also likely to bring a national agriculture market for the farmers in the country in getting maximum benefits from their produce, he informed.

S K Mohanty, Executive Director of Commodity Derivatives Market Regulation, Department of Securities and Exchange Board of India (SEBI), said that the government has initiated steps to create a national agriculture market in the country. The Government is working towards integrating more than 500 mandis across the country through electronic mode which will be completed over a period of time, he said.

Commodity Participants Association of India President Shiv Kumar Goel, Globe Capital Market Chairman Ashok Aggarwal, National Commodity and Derivatives Exchange Advisor Ramseshan, Multi Commodity Exchange President P K Singhal and PhD Chamber’s Commodity Exchange Committee Co-Chairman B K Sabharwal were some of the speakers in the seminar.  

Most of the speakers demanded for better integration of agriculture market in the country for the benefit of all the stakeholders.  

 

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The Dollar Business Bureau - May 26, 2016 12:00 IST
 
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