On Aug 3, 2016, Rajya Sabha discussed amendments to Constitution Bill for Goods and Service Tax i.e. Constitutional (One Hundred and First Amendment) Bill, 2016 and finally the most crucial bill passed in Rajya Sabha.GST will be introduced in the country after a long journey of 13 years as it was first discussed in the Kelkar Task Force report on indirect taxes in 2003.
This amendment bill was cleared since Government agreed to drop 1% additional tax and gave assurance that it will compensate States for any revenue loss incurred due to GST rollout. There will be a huge impact of GST on common man. Goods like Small Cars, Two wheeler, Movie Tickets, Electronic Items, etc., will be cheaper. But Air Travel, Insurance, Textile, Jewellery, Mobile Calls, Cigarettes will be costlier.
Refer:taxmann.com