GST Bill likely to be passed by RS in next session: Fin Min

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SME Times News Bureau | 26 May, 2016
Additional Secretary, Ministry of Finance, Ajay Tyagi on Wednesday said that the government of the day was making all out efforts and trying its best to create consensus for the smooth passage of GST and hoped that the upper house of the Parliament would be able to pass the legislation in the forthcoming session of the Parliament.

With this move, the government would be able to create a uniform market for all goods and services in the country and among other sectors that would gain out of it would be the agriculture sector also in which multiple distortions exist as of now despite it being a state subject, he emphasised.

Addressing a Seminar on National Agriculture Market under aegis of PHD Chamber of Commerce and Industry in New Delhi on Wednesday, Tyagi further pointed out that bringing about uniformity in taxation and other areas of economic engagement is one of the prime objectives of the Modi government.

With the passage of much talked about GST, the distortions in goods and services would disappear but it would also make sure that multiple taxations including variant mandi taxes be rationalize after GST is enacted as it would also facilitate to bring about a placement of single national agriculture market in the country to enable the farmers to obtain the maximum gains of their produce.

Speaking on the occasion Executive Director, Commodity Derivatives Market Regulation, Department of SEBI, S K Mohanty said that national agriculture market for which the government of the day has made a beginning would be conclusive in due course of time as efforts are afoot to integrate over 500 mandis in the country through electronic mode.

Among other who spoke on the occasion demanding integration of agriculture market in India in a fashion so that all its stakeholders are equitably benefited include President, Commodity Participants Association of India, Shiv Kumar Goel; Chief Mentor, Commodity Participants Association of India & Chairman, Globe Capital Market Ltd., Ashok Aggarwal; Advisor, National Commodity and Derivatives Exchange, Ramseshan; President, & Whole Time Director, Multi Commodity Exchange, P K Singhal; Chairman & Managing Director, SMC Investments & Advisors Ltd, D K Aggarwal and Co-Chairman, Commodity Exchange Committee, PHD Chamber, B K Sabharwal.