- All four crucial GST Bills in Lok Sabha
- Finance Bill returned from RajyaSabha w/ amendments
- India has lost 12 Lakh crore because of delay in implementation of GST, Says Veerappa Moily
- Congress is expected to move amendments to GST Bills
- Arun Jaitley concluded his reply to the Finance Bill debate in Rajya Sabha
- Discussion on Aadhaar will be taken up tomorrow
Modi Hails Passage of GST Supplementary Bills
The Goods and Services Tax (GST) regime came a step closer to meet its 1 July target of rollout, on Monday with the Lok Sabha approving four supplementary legislations.
Prime Minister Narendra Modi tonight hailed the passage of GST supplementary bills by the Lok Sabha.
In a tweet he wrote, "Congratulations to all the countrymen over passage of the GST bills. New Year, New Law, New Bharat.”
The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were passed after negation of a host of amendments moved by the opposition parties.
Replying to the seven-hour-long debate, Finance Minister Arun Jaitley said the GST, which will usher in a uniform indirect tax regime in the country, will make commodities "slightly cheaper".
Jaitley said that GST Council is working on the basis of consensus and slowly all items will come within the ambit of the new indirect tax regime, which will ensure free flow of goods and services throughout the country.
As regards Jammu and Kashmir, the Finance Minister said the law passed by Parliament will not apply to the state which will have to legislate its own law and integrate with the GST regime.
GST Compensational Package for Manufacturing States
On questions on why multiple rates are imposed Jaitley said:
Why are there multiple rates? I’ll tell you why. Without multiple rates, it’ll become a regressive tax. Can’t impose 15 percent on food.
Jaitley said that initially manufacturing states were against the GST unlike consuming states because they were going to lose tax, which is why a compensation package has been planned.
He said that the GST bill is being treated as a money bill because according to article 110, if a bill imposes tax, it shall deemed to be a money bill.