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GST Bill In Lok Sabha: All 4 Bills Related To Tax Reforms Pass Litmus Test

GST Draft Bills Pass Litmus Test

The Lok Sabha was adjourned after all amendments proposed by the Opposition was rejected.

Finance Minister Arun Jaitley today moved four Goods and Services Tax (GST) Bills for consideration and passage in the Lok Sabha, which then took them up for discussion. The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills were moved for consideration in the lower house.

The CGST Bill will enable levy and collection of tax on intra-state supply of goods and services or both by the central government, the Integrated Goods and Services Tax Bill, 2017, which provides for the levy and collection of tax on inter-state supply.

HERE ARE THE UPDATES

  • With LS having approved all 4 laws that Centre is supposed to legislate through Parliament, I think significant step forward has been taken: Arun Jaitleyy
  • We promised business people, at least 3 months before implementation you will have complete clarity on law and rules: Revenue Secy H Adhia on GST
  • Congratulations to countrymen on passage of GST Bill. New year, new law, new India: PM Narendra Modi
  • All four GST related bills passed in Lok Sabha
  • Clause by clause voting on GST Bill amendments underway in Lok Sabha
  • Jammu and Kashmir has been kept out as Central laws do not apply there. First the Assembly there will have to bring about amendments: Arun Jaitley on GST Bill
  • When the issue of real estate being brought under GST was brought by some states that said it will lead to losing their stamp duty: Arun Jaitley
  • Petroleum products have been brought under constitution of GST but there will be zero GST on it: Arun Jaitley
  • Whether to impose tax on it will be taken one year after implementation of the law: Arun Jaitley
  • When compensation clause was introduced by the Government, the states started coming around and made the difference and became a game changer: Arun Jaitley
  • As per the Constitution If a bill seeks to impose tax then it should be treated as a money bill: Arun Jaitley
  • As far as benefits are concerned, you can produce Aadhar. If you don’t have one, you can produce other ID and simultaneously apply for it: Arun Jaitley
  • Trinamool Congress walks out from Rajya Sabha during the discussion on The Finance Bill, 2017
  • Don’t bother about the powers and 7 Congress FM signatory of the bill: Jaitley in response Moily
  • Moily asked if GST will have the power, who will protect the tax and who would be the custodian of the tax.
  • Government to issue electoral bonds, says Arun Jaitley on political funding debate.
  • There are lot of wild information going around over the authority of assessment officers over search and seizure: Arun Jaitley
  • Let me clarify this under section 132, a satisfaction note must be submitted before search and entering premise and that has to be submitted in the court: Arun Jaitley
  • First time, I am witnessing that certain people are pleading for the human rights of the economic offenders: Arun Jaitley
  • Finance Bill protects the source of information for tax evasion: Finance minister: Arun Jaitley
  • Erroneous hypothesis of Congress party that India has a tax compliant society: Arun Jaitley
  • Finance Minister Arun Jaitley defends Finance Bill

Congress leader Veerappa Moily counters:

  • Tax payers will not get any relief, it will be an anti-tax payers regime
  • Lot of corruption and harassment will be there
  • Bringing in a new tax regime in the middle of a financial year will have effects
  • GSTs have been withdrawn in other countries due to inflationary problems
  • One nation one tax has remained a myth.
  • What you have brought today is not a game changer but only a baby step
  • This is a very serious matter, just don’t take shelter under constitutional amendment
  • All Rajya Sabha members should resign as it is the biggest assault on Indian federal structure of the country.
  • This law will be a technological nightmare.
  • Some provisions of the legislation will increase redtapism.
  • There are too many tax rates.
  • The legislative in the present form is not a great reform or a game changer.
  • The anti-profiteering clause of GST is far too draconian.
  • The legislation is unprecedented and a game changer enactment intended by UPA government, it should have been enacted earlier but some of the then Opposition parties had some reservations.
  • We have to rise above politics over the issue. Several years have already been lost in bringing this bill.
  • The country has already lost Rs 10 lakh crore due to delay in GST Bill.

Arun Jaitley speaks in Lok Sabha:

  • No additional tax will be imposed to provide compensation to states. States will be paid compensation within the existing mechanism.
  • States have pooled in their sovereignty into the GST council, and Centre has done the same.
  • We have to see that rights are not misused.
  • 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.

Finance Minister Arun Jaitley in detail briefed the party MPs about all the four Goods and Service (GST) Bills in Tuesday’s Parliamentary party move.

GST Council has already approved four-tier tax slabs of 5, 12, 18 and 28 per cent plus an additional cess on demerit goods like luxury cars, aerated drinks and tobacco products.

KEY DEVELOPMENTS

  • After return from abroad, Congress vice president Rahul Gandhi has held his first meeting with key leaders to draw strategy and decided that the party would not accept GST amendment Bill in its present form and press for more amendments in both Houses.
  • At a key strategy meeting of Congress MPs, it was decided to raise the concerns of the public on the GST Bills and seek necessary amendments.
  • Though Centre is bringing this as a Money Bill in Lok Sabha, but in Rajya Sabha, the Congres- led Opposition is likely to press for amendments.
  • The Congress has already been targeting the Centre on finance bill, vacant posts in SC/ST & OBC commission.
  • On Tuesday, the Rajya Sabha witnessed a ruckus, which forced the chairman to suspend the proceeding for the day.
  • Introduction of the bills by Jaitley was objected to by a number of Opposition MPs for the manner in which it was being done, saying they were not given enough time to study the proposed legislation.