GST Bill revolutionary, hope it passes through consensus: Arun Jaitley
01:34, Mar 30, 2017
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Replying to a debate on the four bills related to GST in the Lok Sabha, he said all other taxes like entry tax in states will be removed once the GST is in place.
Earlier this month, Central GST bill, Integrated GST bill, Union Territories GST bill and the compensation law bill were approved by the cabinet.
"The fact that the Central Parliament (Lok Sabha) has accepted the draft, identically what has been unanimously prepared by the GST Council, also sends the great indication to the entire country and to all the states".
The Congress leader was participating in a debate on four GST bills in the Lok Sabha.
This will simplify the tax procedure for both government and public.The bills will now be presented in the Rajya Sabha or Upper House of Parliament.
The GST regime will subsume various indirect levies of the Centre and states like service tax, excise duty, octroi and value added tax (VAT), and create an input tax credit chain for refunds.
The Centre estimates total compensation to states for losses arising from a transition to GST to be around Rs 50,000 crore in the first year.
The Goods and Services Tax (Compensation to States) Bill has proposed to introduce a new cess on specific goods like pan masala, tobacco, coal, briquettes, lignite, aerated water, motor cars, and others as notified by the government. The Council will meet again on March 31, and will finalise the rules and formats for the new indirect tax regime.
The government hopes this will boost economic growth by as much as 1 to 2 per cent.
"The authority of law that Article 265 talks about are laws under Article 246 (a) that Parliament or state legislatures will frame on the recommendations of the GST Council", he said.
"The government is trying its best to make GST litigation free". For instance, if 18 percent is the GST rate on a good, the states and the Centre will get 9 percent each called the CGST and SGST rates.
Prime Minister Narendra Modi congratulated the countrymen on passing of GST Bill in Lok Sabha.
Referring to tax bracket of luxury goods, he said the extra component beyond 28 per cent tax has been kept as cess as keeping it as tax would have negative impact on the consumers.
FM Jaitley said, "I think significant step forward has been taken". TMC member Kalyan Banerjee said the West Bengal government led by Mamata Banerjee has in-principle supported the "path-breaking" GST legislation but expressed concern over the government's hurry in its implementation.
The four bills supporting India's most significant economic reform since the 1990s will now go to the upper house where they are not expected to face any obstacles as the chamber can not reject or amend provisions.
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