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22
May 2017
The
Maharashtra Assembly on Monday unanimously passed the State Goods and Services
Tax (GST) ratification bill after hectic deliberations at a three-day special
session of the state legislature. The Total
Investment & Insurance Solutions
The
bill is now being discussed in the upper house, the Legislative Council, where
it is expected to be passed later on Monday, the last day of the session.
"All
political parties had unanimity over the GST Bill. Today, this supreme house
has unanimously passed this bill. I thank the House for this," said Chief
Minister Devendra Fadnavis.
He
termed the development as "a historic day" for the legislature and
said now the country is a step closer to One Nation-One Tax regime. The Total Investment & Insurance Solutions
The
assembly saw hectic discussions and ratification of three related GST bills,
including the State Goods and Services Tax Bill, another to compensate the
local authorities and the third to repeal the existing law and replace them
with GST with effect from July 1.
Assuring
that the GST would not hamper financial autonomy of local bodies, Finance
Minister Sudhir Mungantiwar said the new tax regime would help strengthen
Maharashtra's economy and eliminate the "tax terrorism" being
encountered by the people.
He
said the government has accepted responsibility to compensate the local bodies
for five years for the expected loss of revenue due to abolition of octroi and
local body taxes due to GST.
However,
Mungantiwar said the state's economy was strong enough to adopt GST and would
not require compensation from the Central government for revenue losses after
two years.The Total Investment & Insurance
Solutions
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