New Delhi, Aug 9 (KNN) The apex body of traders across the country, Confederation of All India Traders (CAIT) said that traders across the Country feel upbeat over passing of GST Bill by Lok Sabha since it is a forward step in the direction of liberating the trade from the clutches of multiple taxation regime.

The Constitution (122nd Amendment) Bill for the rollout of the Goods and Services Tax (GST) was passed by the Lok Sabha Monday, with 443 members present in the House voting in favour of the legislation. The AIADMK members staged a walkout after registering their opposition.

CAIT Secretary General Praveen Khandelwal said that after implementation of GST, it is expected that the GST regime will be a simplified & rationalised tax structure, the economy of the country would get a further boost and the cascading effect of different taxes on the goods and services would be removed.

However he said that the infrastructure to enforce the tax needs to be set up, while crucial details - such as the GST rate, exemptions and dispute resolution mechanisms needs to be chalked out.

The Bill had been passed by Rajya Sabha earlier. It will now have to be ratified by at least 16 of 29 state assemblies.

Secretary General CAIT further explained that so far stakeholders were never consulted on GST, yet the trade & industry has given a rousing welcome to GST. It is therefore expected that now immediate steps will be taken by the Government to initiate dialogue with stakeholders to ensure implementation of GST from next fiscal year. (KNN Bureau)