GST Bill in Rajya Sabha today as government targets July 1 roll out

The Lok Sabha had passed passed four key GST Bills on March 29 while rejecting amendments moved by the opposition. After the discussion in Rajya Sabha, the government may bring back the bill to Lok Sabha to pass any amendments if required.

rajya-sabha

Pushing ahead with its agenda of rolling out the Goods and Services Tax (GST) by the July 1 deadline, the government will present the long pending bill in Rajya Sabha for discussion.

After the discussion, the government may bring back the bills to the Lok Sabha to pass amendments, if any, suggested by the Upper House.

The Lok Sabha had passed passed four key GST Bills on March 29 while rejecting amendments moved by the opposition. The Bills are related to Central GST, Integrated GST, UTGST and GST Compensation.

HERE’S ALL YOU NEED TO KNOW:

  1. Touted as the biggest indirect tax reform since independence, GST would subsume central excise, service tax and other local levies.
  2. The Central GST deals with taxation related to Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.
  3. 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.
  4. According to Union Finance Minister Arun Jaitley, the prime objective of the GST is to have one tax and each assessee with one assessing officer. Under the GST, for one commodity there will be only one tax rate in the country.
  5. The ‘revolutionary’ bill, which is said to be a culmination of all indirect taxes under one bracket, is being scheduled for roll out on July 1, 2017.

Source : India Today

 

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