Finance Minister Arun Jaitley today tabled a batch of supplementary Goods and Services Tax (GST) legislations in Lok Sabha. The discussion on the four bills – C-GST, I-GST, UT-GST and the compensation law – could be taken up on Tuesday.
The S-GST has been prepared as a model of the central GST (C-GST), with each state incorporating state-specific exemptions. The integrated GST (I-GST) deals in taxation of inter-state movement of goods and services, while the Union Territory GST (UT-GST) Bill covers taxation in the UTs. The compensation law has been prepared to give a legislative backing to the Centre’s promise to compensate the states for five years for any revenue loss arising out of GST implementation.
The government is looking at the passage of the GST Bills in the Lower House by March 29 or latest by March 30. Then, these will move to the Rajya Sabha and this gives the government enough time to bring back any amendment adopted by the Upper House to the Lok Sabha. The amendments can either be rejected or incorporated by the Lok Sabha.
Once these Bills are cleared by Parliament, the states will then take the state GST (S-GST) Bill to their respective assemblies. The current session of Parliament ends on April 12.
The government has set a target of July 1 for the rollout of GST, which will subsume excise, service tax, VAT and and other local levies to create one of the world’s biggest single markets.
Source : India Today