GST Bill to be presented in Rajya Sabha today

The government is set to bring the Goods and Services Tax, GST bill, before the Rajya Sabha today which aimed at reforming of India's indirect tax regime.

The Lok Sabha has already passed a vital legislation to introduce the bill, rejecting the demand of the opposition for sending it to the Standing Committee.

Being a Constitution Amendment Bill, it was passed by two thirds majority of the members present and voting.

The Goods and Services Tax shall be implemented from April 1, 2016. It seeks to create a new indirect tax regime which will comprise various central and state levies. They include sales tax, excise and services tax except taxes on the supply of alcohol for human consumption and petroleum products. The whole process of indirect taxation in the country will change once the GST is implemented.