Thursday, 22 June, 2017

GST Bill to be discussed in Lok Sabha on March 29

GST legislations GST legislations
Arthur Frazier | 28 March, 2017, 00:59

The integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.

Finance minister Arun Jaitley introduced four bills on GST as money bills.

Government has set a target of first of July for rollout of GST, which will subsume excise, service tax, VAT and and other local levies.

The government proposes to launch GST from July 1. According to the proposal, partial withdrawals to the extent of 25 per cent of the contributions will not be taxed, which is in addition to the exemption of 40% of the corpus at the time of withdrawal. The amendments can either be rejected or incorporated by the Lok Sabha.

There will also be a four-slab structure - 5, 12, 18 and 28 percent - along with a cess on luxury and "sin" goods.

The law provides for arrest, ordered by no less than a Tax Commissioner, in case of suppression of any transaction or evading taxes. "Studies show that this would have a boosting impact on economic growth".

Little economic common ground found at G-20 meeting
The move has led to warnings of the risk of protectionism to trading economies such as Ireland's. Merkel's government said the taxation would be challenged at the World Trade Organization (WTO).

Any excess amount after the end of five year tenure in the "GST Compensation Fund" so created, would be divided between Centre and states.

"I am not questioning the merit of the four important Bills", Congress member K C Venugopal said, raising a point of order as soon as Jaitley got up to introduce the Bills, adding that they had received the copies "just now".

Minister of State for Parliamentary Affairs S S Ahluwalia said the bills were uploaded on the government website on the midnight of Friday.

The Opposition MPs wondered how the government expected members to check the website at midnight and asked why the issue was not discussed at the meeting of the business advisory committee last week.

Lok Sabha Speaker Sumitra Mahajan said: "It (four Bills) was circulated (on Saturday), but not listed in today's (Monday) list of business". They have been passed in the Inter-State Council and the cabinet has taken a decision.

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