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Parliament approves bills to pave way for GST rollout from July 1

Parliament approves bills to pave way for GST rollout from July 1

Paving way for the rollout of the much-awaited Goods and Services Tax (GST) from July 1, the Rajya Sabha has approved four supplementary GST legislations- the Central GST Bill, the Integrated GST Bill, the GST (Compensation to States) Bill and the Union Territory GST Bill, without any amendments. The bills were returned by the Rajya Sabha after negation of a host of amendments moved by the opposition parties. These bills will now be presented before the President for his consent, following which, all the states will have to pass the States GST Bill after that the new indirect tax regime can be rolled out. Finance Minister Arun Jaitley participating in the debate insisted that the GST, which will usher in a uniform indirect tax regime in the country, will not lead to inflation as apprehended by some sections. He also said the successive governments have contributed towards the GST and no one person can take credit for it. With implementation of the GST, revenue of the Centre, the states and the industry and trade must benefit, he added. The GST Council, in its meeting had recommended a four-tier tax structure — 5, 12, 18 and 28 per cent. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation. Besides, the rates are to be discussed by the GST Council on May...
Govt to Announce its GST Bill Implementation Roadmap Today

Govt to Announce its GST Bill Implementation Roadmap Today

Rajya Sabha approving the long-delayed GST bill, the Narendra Modi government will on Thursday announce the implementation roadmap for the national sales tax regime. In the biggest tax reform since Independence, the national sales tax or GST Bill was yesterday approved by the Rajya Sabha to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into the world’s biggest single market. The 66-year-old Constitution, which gives power to Centre to levy taxes like excise, and empowers states to collect retail sales taxes, was amended though the 122nd Constitution Amendment Bill. Replying to the debate, Finance Minister Arun Jaitley said the GST rate will be kept “as low as possible” but did not commit to a specific rate despite opposition benches pressing for it. “We will also try and keep the rate as low as possible, certainly much lower than what the present situation is. And as compliance increases, the possibility of that rate coming down further would be there,” he said. The tax rate, he said, would be decided by the GST Council comprising of Union Finance Minister and representatives of all 29 states. The bill was passed by the Lok Sabha earlier. It will now go back to the Lower House to incorporate the amendments approved by the Rajya Sabha. The bill will also have to be approved by 50 per cent of all the state assemblies. Read More –  GST...
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