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.

YOU MIGHT ALSO LIKE
  • Media Refuse to Blame Anti-Trump Protesters for Violence at Rallies

    Media Refuse to Blame Anti-Trump Protesters for Violence at Rallies

    The man had used pepper spray on a female rally organizer and was eventually apprehended by police, the newspaper reported. There was a great deal of yelling, shoving, pushing and punching, and some protesters pepper-sprayed a group of marchers.
    Governor Herbert says he will sign bill to lower blood alcohol limit

    Governor Herbert says he will sign bill to lower blood alcohol limit

    Gary Herbert said today that he will sign a controversial bill to make Utah's laws on drunken driving the toughest in the nation. The governors say they support the plan's more flexible Medicaid program and phased-in transition from Obama's law.
    MARD tells court ready to resume work if ensured security

    MARD tells court ready to resume work if ensured security

    The brutal assault on Dr Rohan Mamorkar, a resident doctor at Dhule Civil Hospital on 14 March, is what sparked this whole mess. Patients in several other government hospitals such as Lal Bahadur Sastri Hospital, Dadadev Mother and Child Hospital and G.B.
  • Season of Big Bash was expanded

    Season of Big Bash was expanded

    Female Rebel BBL starts their season from the 9th f December, which is 10 days earlier from the male season of KFC BBL games. Fans of cricket across the world can see the online stream at the official Australian cricket website, and throw its app.
    US Supreme Court overturns death sentence for Texas inmate

    US Supreme Court overturns death sentence for Texas inmate

    In February, the Supreme Court blocked the execution of Duane Buck, another inmate on Texas's death row. Often, he was separated from the rest of the class and told to draw pictures.
    Will AMC troll us again with a 'Walking Dead' season finale?

    Will AMC troll us again with a 'Walking Dead' season finale?

    They're both tremendous actors and portray these characters with such power and grace; their energy is definitely felt on set. Sasha wants to snipe him from outside the Sanctuary, while Rosita wants to slip into the compound to make sure they kill him.
  • North Korea conducts third test of rocket engine this month

    North Korea conducts third test of rocket engine this month

    Seoul officials believe North Korea can conduct a nuclear test within hours after leader Kim Jong-un issues the command. Possession of an intercontinental ballistic missile could allow North Korea to threaten the continental United States.
    Sebastian Vettel right to be positive after Australian Grand Prix qualifying

    Sebastian Vettel right to be positive after Australian Grand Prix qualifying

    Many were expecting them to also bring the fight to Mercedes yet the team seems to have regressed compared to past year . Fans should delight in this news, as the season past year was completely dominated by Mercedes.
    Thousands in Russian Federation  protest corruption, hundreds arrested

    Thousands in Russian Federation protest corruption, hundreds arrested

    The one-hectare (2.5-acre) Pushkin Square was densely crowded as were sidewalks on the adjacent Tverskaya Street. Organizers have said they hope to hold rallies in 98 cities and towns across Russian Federation .
  • Seyfeddin Roustamov.

    The annual revenue of Metafrax Group exceeded USD 660 million and the annual volume of investments amounted to USD 80 million. CHEMICAL ASSETS In 2014 Seyfeddin Roustamov became the major shareholder of the chemical company Metafrax (Perm region).

    EU to Hold Brexit Summit for 27 Members on April 29

    Sturgeon says Scotland mustn't be "taken down a path that we do not want to go down without a choice". If you would like to discuss another topic, look for a relevant article.
    IPhone users warned about risky  new 'Hey, Siri 108' prank

    IPhone users warned about risky new 'Hey, Siri 108' prank

    This prank is problematic because it uses resources that are vital for others trying to receive help in real emergency situations. You can ask the iPhone feature, Siri, for the latest weather, directions or news. "I hit cancel right away, but now I'm scared".
popular