GST Bill debate in LS: Key highlights

Mar 30, 2017, 00:54
GST Bill debate in LS: Key highlights

"The finance minister in detail briefed the party MPs about all the four Goods and Service (GST) bills and said these legislations are based on the principle of shared sovereignty", Kumar said, adding they were drafted after detailed discussions in the GST council which comprises all states. "It can not take away the powers of the legislature", Moily said adding that as per the current wordings of the bill, only the GST council and the Central government matter.

Once these Bills are cleared by Parliament, the states will then take the state GST (S-GST) Bill to their respective assemblies.

The parliament also approved GST Bill related to compensation, according to a Bloomberg report.

The passage of these bills will pave the way for implementation of GST from 1 July 2017.

On Saturday, Jaitley had emphasised the urgency to pass the GST laws during the current session of Parliament, saying the Centre and the states will otherwise lose their right to collect indirect taxes after September 15.

The CGST Bill will enable collection of tax on inter-state supply of goods and services or both by the union government.

It would consist of a four-tier tax structure of 5, 12, 18 and 28 percent, though there would be a provision to set the peak rate at 40 percent to deal with any financial emergencies. The Parliament is likely to have nearly a seven-hour long discussion on the GST, which was started around 12 o' clock in Lok Sabha and is expected to countinue late evening. But the Council has two-thirds voting by the States and one-third by the Centre. With the passage of GST bills, it will be one nation, one tax and it will give a big boost to GDP.

"The States and the Centre have pooled their sovereignty in the Council", Union Finance Minister Arun Jaitley said in reply to the objections. During his speech, Union Finance Minister Arun Jaitley said, "We seem to be on time..." The IGST will be a tax on inter-state movement of goods and services. Not a great reform which will be a gamechanger, said Moily.

The Finance Minister said that luxury goods or sin commodities, which have adverse effect on health will call for approximately the same effective taxation rate. "New Year, New Law, New Bharat", he said in a tweet in Hindi soon after the legislations were passed. The officials, while deciding on these rates, will also need to keep in mind possible inflation and consumer interests, as a product attracting lower rate (of say 8%) should not be fitted in the 28% bracket.

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