GST Bill debate in Lok Sabha: Key Highlights

Finance minister Arun Jaitley on Wednesday moved the four GST Bills for consideration and passage in the Lok Sabha. The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills were moved for consideration in the lower house and will be debated for a marathon seven hours by the legislators.arun

Finance minister Arun Jaitley

* The GST bill+ is different because we are creating by law a jurisdiction simultaneously in the Centre and the state. In the process, handing over the indirect tax administration to the first federal institution that India has created, where the Centre and the state both will participate.

* 12 meetings of the GST Council were held to make it a process based on consensus and recommendations.

* It is a revolutionary bill which will benefit all.

* Current indirect tax regime being replaced by new mechanism under GST that will be run by new federal system.

* States have pooled in their sovereignty into the GST Council, and Centre has done the same.

* Need to maintain delicate balance of Centre, states in the GST Council

* Compensation cess under GST ensures that there is no additional burden, by keeping tax liability at existing level.

Former minister of corporate affairs Veerappa Moily (Congress)

* The anti-profiteering clause of GST is far too draconian.

* What you have brought today is not a game changer but only a baby step.

* The current wording of the GST law… indicates a fundamental contradiction in the GST Council, in the relationship between the Centre and the states… There will be no regional independence.

* There is no clarity on excise free zones.

* This is a very serious matter, just don’t take shelter under constitutional amendment… It’s not a bad idea, but needs further simplification

* There are way too many goods under the 18 per cent tax slab… how can you simplify the tax slabs further?

* We’re in a hurry now and we agree it should have been done long time back… but it (the GST bill) has now degenerated into five tax rates.

* The intentions may be good but it will lead to tax distortion, anarchy and turf war between the Center and the states.

Dr Udit Raj (BJP)

* GST Council will act as a buffer. It work in consultation with the Centre and the state governments both.

* GST stands for transparency and accountability. Everything will be online. There will be no human intervention, which means nobody can interfere with the law or get away with it.

* GST is a step towards corruption-free India.

Source : TOI

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