GST Bill to be discussed in Lok Sabha on March 29

Toni Houston
March 28, 2017

Union Finance Minister Arun Jaitley today introduced four landmark Bills on the Goods & Services Tax (GST) in the Parliament.

The Goods and Services Tax Council, comprising federal and state finance ministers, earlier approved the new tax plan.

The government proposes to roll out GST by July 1.

However, there is bad news for those taxpayers, who have an annual income up to Rs 1 crore but more than Rs 50 lakh. Central GST levy will not be more than 20 per cent. The presentation of the GST bills, opposition leaders argued, should have been discussed at a meeting last week of the Lok Sabha's Business Advisory Committee, which plans the house's schedule. The discussion on the four bills - C-GST, I-GST, UT-GST and the compensation law - could be taken up on Tuesday. The bills that were tabled will fix the maximum rate of GST at 40 per cent, besides ensuring the setting up of an anti-profiteering authority and arrests for evading taxes.

He elaborated the fact that there have been no new provisions to provide "arbitrary powers" to the officials of Income Tax, and farmers' income would remain tax-free.

The CGST Bill will allow the Centre to levy and collect GST on intra-state supply of goods or services.

As a part of the compensation law, states will receive provisional compensation from Centre for loss of revenue from implementation of GST every quarter. The GST Council may also extend the duration of compensation received by the states.

The Speaker, forced to give a ruling by the Opposition, dismissed their objections, saying that the Bills were circulated to all MPs on Saturday morning and that she had now permitted the government to introduce these. Countering this, minister of state for parliamentary affairs S.S. Ahluwalia said the bills were uploaded on the government's website at midnight on Friday.

After the Lok Sabha has debated and passed the bills, they will go to the Rajya Sabha, where the government is in a minority and important bills are often stalled by opposition parties.

Other reports by Ligue1talk

Discuss This Article