GST BILL TO BE TAKEN BY LOK SABHA ON MONDAY, PM NARENDRA MODI LIKELY TO INTERVENE.

            Major tax reform  GST bill will be taken up by lok sabha on monday, with all political parties backing this legislation.  GST the biggest economic reform since 1991 , is likely to sail through smoothly in the lower house. It will replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market.
         PM is likely to intervene during the debate on the bill in lok sabha. The bill was passed by lok sabha last year and now it has to go back to the  lower house for incorporating  the amendments approved by rajya sabha.
         The GST bill has to be ratified by at least 16 states in 30 days after it is passed by parliament. After facing many oppositions over the bill for almost a year, the government succeeded in bringing all major opposition parties including the Congress on board and it was passed in the upper house with an overwhelming majority on August 3.
        The GST bill which was proposed a decade back,  is seen as potentially a transformative for india's economy adding as much as 2 percentage points to the GDP.
          It is also expected to result in greater tax compliance, boosting government revenues.