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Cabinet approves GST bill

Cabinet approves GST bill
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First Published: Tue, Mar 15 2011. 03 57 PM IST
Updated: Tue, Mar 15 2011. 03 57 PM IST
New Delhi: Cabinet on Tuesday approved a bill to usher in a national goods and services tax (GST), the finance minister said, the final step in the country’s most ambitious tax reform before introducing it in parliament.
Finance minister Pranab Mukherjee reiterated his commitment to send the proposed legislation to parliament during the current session that ends 25 March.
The GST will cut business costs and boost government tax revenue, but will likely miss its April 2012 deadline for implementation due to resistance from several states and the main opposition Bharatiya Janata Party.
The bill needs the approval of two-third of parliament and of half of India’s 28 states to become law.
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First Published: Tue, Mar 15 2011. 03 57 PM IST