GST Bill revolutionary, hope it passes through consensus: Arun Jaitley

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.


Popular
  • US Coast Guard seizes 16 tons of cocaine

    US Coast Guard seizes 16 tons of cocaine

    The HMCS Saskatoon, which carried a Coast Guard interdiction team, also had one case and seized an estimated one ton of cocaine. The HMCS Saskatoon is a Kingston Class coastal defence vessel based in Esquimalt, British Columbia, Canada.
    Cool Tonight, Mild for Wednesday

    Cool Tonight, Mild for Wednesday

    Temperatures through this stretch seem fairly seasonable, with the exception of Friday when rain and east flow win out yet again. The Monday morning commute will be rainy and foggy, but temperatures will be warmer compared to Sunday .
    Digital payments movement gaining pace with even poor participating: PM Narendra Modi

    Digital payments movement gaining pace with even poor participating: PM Narendra Modi

    New India manifests the strength and skills of 125 crore Indians, who will create a Bhavya and Divya Bharat. The basic aim of this leave is to ensure proper care of the newborn and the mother for a better future.
  • Redskins LB Mason Foster tweets about Raiders move to Las Vegas

    The Raiders will construct a support system to keep players focused, and are ready to handle any questions players and their families may have about an upcoming move.

    Macy's, G-III sign agreement for DKNY women's clothing

    Normally this spread should be in positive territory, indicating that analysts expect an investment's value to increase over time. G-III also operates retail stores under the DKNY, Wilsons Leather, Bass, Vilebrequin and Calvin Klein Performance names.
    One dead, 14 wounded in Cincinnati nightclub shooting

    One dead, 14 wounded in Cincinnati nightclub shooting

    A hospital spokeswoman said two of the wounded are in critical condition; the police chief said one is "extremely critical". The shooting comes less than a year after a lone gunman burst into a gay nightclub in Orlando, Florida, killing 49 people.
  • Kansas vs. Michigan State - 3/19/17 College Basketball Pick, Odds, and Prediction

    In Tulsa, Al Freeman came off the bench to score 21 points, and No. 3 seed Baylor defeated No. 14 seed New Mexico State. Davon Reed added 12 and Bruce Brown had 11. "He's a heck of a point guard", said teammate Zak Irvin , who scored 16.
    Trump blasts reporter over release of tax form

    Trump blasts reporter over release of tax form

    Needless to say, her attempt earned another round of criticism as viewers quickly called her out on Twitter . Instead, the return is important because it is simply "the first piece in the jigsaw", she explained.

    Vladimir Putin denies French election interference after Marine Le Pen meeting

    Le Pen said in Moscow that financial aid to her party had "in no way" been discussed during her meeting with Putin. The party yesterday dismissed the possibility of seeking further funding from a Russian bank. [nL5N1GT6JO] " Mr.
  • Run-Up To Census 2020 Raises Concerns Over Security And Politics

    Run-Up To Census 2020 Raises Concerns Over Security And Politics

    Still, Census experts created a foundation to ask such questions if the bureau made a decision to approve the new additions. According to the Task Force, more than 100,000 LGBTQ people included the sticker on their 2010 census envelopes.
    ICICI Bank partners with Truecaller to launch UPI based mobile payment service

    ICICI Bank partners with Truecaller to launch UPI based mobile payment service

    It will also enable users to recharge their mobile number from within the Truecaller app itself, the bank said in a statement. Truecaller today at its first " Stay Ahead " event announced its largest ever brand and product transformation.
    Saudi Arabia Wants Trump to Drop 9/11 Terror Victims Law

    Saudi Arabia Wants Trump to Drop 9/11 Terror Victims Law

    But Congress unanimously passed the "Justice Against Sponsors of Terrorism Act" last fall, which permits such lawsuits to proceed. The law allows the families of the victims of the 9/11 attacks to sue Saudi Arabia and seek compensation from its government.

CONNECT