You are here: Home » Economy & Policy » News
Business Standard

GST Bill debate LIVE: Lok Sabha passes all four Bills

GST Bill: Arun Jaitley says GST will end Tax terrorism, Congress says one-nation, one-tax is a myth

BS Web Team  |  New Delhi 

Finance Minister Arun Jaitley on Wednesday moved four GST Bills for consideration and passage in the Lok Sabha, which then took them up for discussion. "The four bills are being taken together because the matter of the bills are same," Jaitley said while introducing the bills. "Before the constitutional amendment, under the indirect tax regime Centre had right for implementing some taxes.... The discussion had been on for long for uniform tax system under which states and the Centre will share the tax collection," he said. The Central Goods and Services Tax ...

TO READ THE FULL STORY, SUBSCRIBE NOW AT JUST Rs 149 A MONTH

Key stories on business-standard.com are available to premium subscribers only.

LOGIN

EMAIL / USER NAME
PASSWORD
REMEMBER ME Forgot password?

Not a member yet ? Resister Now

Connect using any below

  • Don't lose the opportunity of saving $26.77 per month
  • Don't lose the opportunity of saving $26.77 per month
Total Amount
Rs. 0.00
To proceed, kindly select a subscription package

WHAT YOU GET

On Business Standard Digital

  • Access your subscription from anywhere. Be it your computer, tablet or smartphone using a browser or the App, Your Choice.
  • Access to exclusive content, features, opinions and comment, hand-picked by our editors, just for you.
  • Pick your 5 favourite companies. Get all the news upates at the end of each day through E-Mail.
  • Pick the industry that you want to track. And get a daily news letter specific to that industry. Cut out the clutter.
  • And stay on top of your investments. Track stock prices in your portfolio
  • Access 18 years of archival data

On Digital

  • Seamless access to WSJ.com with your Business Standard digital account.
  • Experience the best of the Journal's reporting, video and interactive features.
  • Read about the people and events shaping business, finance, technology, politics, technology and culture.
  • Stay informed with newsletters - an easy way to get WSJ content straight to your inbox - making life easier on your busiest days.
  • More business executives read the Journal globally than any other publication.
*Note :
Our Partners are proud to be associated with this initiative and will contribute Rs 100 x 6 months thereafter, standard rate of Rs 149 will be charged.
Offer valid for Indian residents only
Requires you to share personal information like PAN, Date of Birth, and Income.
*Annual saving on WSJ subscription price of US$ 347.88 (12 months @ US$ 28.99 per month)
* 1US$ = 67.50 INR.
*Please note that this offer is not valid if you are/were a registered/existing user on WSJ Digital

9:27 PM The four bills, passed by the Lok Sabha, would next be presented before the Rajya Sabha.

9:26 PM Finance Minister Arun Jaitley aims to roll out the new salestax from July 1 that will subsume a slew of federal and state levies, transforming a nation of more than 1.2 billion population into a single market

9:25 PM Accusing the executive of abrogating the right of the legislature, which had never happened in the history of any country, Congress leader M Veerappa Moily said by passing the bill in its present form the members shall put the "last nail in the coffin" of their own sovereignty and legislative independence.

9:04 PM The Lok Sabha passed the much-awaited Central Goods and Services Tax (GST) Bill, Integrated GST Bill, Compensation GST Bill and Union Territory GST Bill 2017, after negating all the amendments put forward by the Opposition.

8:32 PM The Confederation of All India Traders (CAIT) today launched 'Mission GST', under which it will train 5,000 trade leaders across the country as master trainers who will educate about GST. 

8:28 PM Jaitley said the tax beyond 28 per cent on luxury items will be considered as compensation tax for the next 5 years and the money will go to the fund from where states losing on tax will be compensated. 

8:27 PM GST Bill debate | Noting that both the central and state governments are pooling their sovereignty to have this tax regime, he said that India, despite being one political entity, remained different economic entities with states having different taxes. "Trucks could be seen waiting outside state border as there was no free flow of goods," Jaitley added. 

8:25 PM GST Bill | Jaitley clarified that commodities like food items will have zero tax

8:24 PM

Replying to a debate on the four bills related to GST in the Lok Sabha, he said all other taxes like entry tax in states will be removed once the GST is in place. "Once all other taxes are removed, goods will become slightly cheaper," he said.

8:20 PM The bills introduced are the Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and Services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017. 

8:11 PM GST Bill debate | "It is incumbent on all of us to make sure that this federal institution works. The delicate balance between what the Centre and states have unanimously agreed is almost a federal contract. Its is federal contract with constitutional sanction," Jaitley said. 

7:43 PM GST Bill debate | Arun Jaitley says, "The objective of the new tax regime was to establish such a system that when goods and services flow across company, taxes are levied at a uniform rate and a single window."

7:37 PM Finance Minister Arun Jaitley defends the GSt Bills as he addresses the House. He said that multiple taxation system has hurt the nation's economy in the past. 

7:27 PM

7:26 PM  Finance Bill: Govt faces embarrassment as 5 Opposition amendments adopted

7:21 PM Finance Bill | Of the five opposition amendments, three were moved by the Congress member Digvijaya Singh and two by Sitaram Yechury of CPI(M). The amendments were adopted with a significant margin, with the difference of votes ranging between 27 and 34 votes

7:14 PM Finance Bill | Five amendments moved by the opposition to the Bill 2017 were adopted before the House approved the measure

7:02 PM Finance Bill | If one does not have an Aadhaar, one can produce other ID and simultaneously apply for it

6:58 PM Finance Bill | "Under section 132, a satisfaction note must be submitted to search and entering premise and that has to be submitted in the court," Jaitley said while notifying that the Finance Bill protects the source of information for tax evasion.

6:56 PM The Rajya Sabha passed the Finance Bill after various amendments presented by Union Finance Minister Arun Jaitley

6:51 PM Lok Sabha agrees to extend sitting upto passing of the GST Bill.

6:47 PM Finance Bill | Responding to Opposition's fears that linking income tax returns and bank accounts with Aadhaar may result in hacking, Arun Jaitley on that the fear of technology being susceptible to misuse does not mean we should not use it.

"If firewalls can be broken, and hacking can be done, it will be done whether Aadhaar is there or not. Don't say it is due to Aadhaar," Jaitley said.

6:13 PM

GST Bill debate | CPI-M leader Mohammed Salim sought to know the steps the government has taken to address regional imbalances through GST Bill. He asked, "We want to know whether our underdeveloped regions are a part of the 'New India' that our Prime Minister has been talking about. Already, agriculture in our country is suffering. Our polices have been industry-centric, corporate-centric but never agriculture-centric."
 

5:59 PM GST Bill debate | Rashtriya Lok Samata Party's Ram Kumar Sharma Khushwaha asks government to bring petroleum under the ambit of GST

5:52 PM GST Bill debate | Saugata Roy, member of All India Trinamool Congress, West Benal said, "GST will bring down inefficiency in supply chains due to savings on transport, warehousing and inventories."

5:48 PM Currently, Railway Appropriation Bills are being discussed

5:47 PM Discussion on Aadhaar will be taken up in Rajya Sabha tomorrow. 

5:46 PM GST Bill debate | Speaker moves Motion that the Bill with amendments should be returned. The Motion has been accepted 

5:42 PM No info about the impact of GST on real estate sector, says Govt

5:35 PM There is no information available with the Ministry of Housing and Urban Poverty Alleviation about the impact of GST on the prices in the real estate sector, the government said.

5:31 PM GST rates will have no inflationary impact, says FM Jaitley

5:03 PM BJP's delay in implementing GST led to Rs 12 lakh cr loss: Veerappa Moily

4:19 PM GST Bill debate | Jay Prakash Narayan Yadav, Bihar: "Will inflation come down after GST? No, it will not. There is not a single measure here that will reduce inflation.If crude oil prices are going down, then why is the price of petrol going up? Is this the kind of benefit to come in from GST?"

4:18 PM GST Bill debate | Supriya Sule: "The government data shows mining growth rate is down by 11%, and several other sectors are also down. With GST, data proves there have been hiccups to growth whereever it has been implemented. How will it help our GDP? And what will be the repercussions on FDI?The powers are not with the State, Parliament and Centre but to the Council. It is nice we are empowering States. These are long-term legislations. Am not objecting the power given to the Council. But we have to re-think the amount of power given.  Has the government thought through giving so much power to the GST Council?" 

4:15 PM

BJP's Poonam Mahajan Rao is participating in GST Bill debate
 

4:13 PM GST Bill debate: RJD leader Jay Prakash Narayan Yadav says for the next few years, inflation will not come down. Prices of commodities will rise

4:05 PM GST Bill debate | Bring alcohol and petroleum products under the GST umbrella: Varaprasad Rao

4:05 PM YSR Congress Party's Varaprasad Rao asks government to take a relook at cess on consumer durables.

4:00 PM Also Read: GST rates will have no inflationary impact, says FM Jaitley

3:57 PM As Lok Sabha debates GST, an important development in the auto industry has taken place. The Supreme Court has put a ban on sale of BS-III vehicles from April 1.

3:57 PM GST Bill Debate: Mulayam Singh Yadav goes off track — Takes up farmer suicides, prompting Raman Deka (in chair) to bring him back to GST debate. The Samajwadi Party supremo says GST does nothing for the rural population. Can the govt bring a legislation to tackle farmer suicides?" he asks.

3:55 PM GST Bill debate: GST will spur inequality between rich and poor, says CPM

3:51 PM GST Bill debate: You have such a huge mandate in Uttar Pradesh, you have to deliver. If you don’t deliver, people of UP will show you, says Mulayam Singh Yadav.

3:51 PM GST Bill debate:  CPM's Mohammed Salim targets GST Bill — it will only "increase inequality" between the rich and the poor, he says. It's a unifying tax regime but one which divides people, he adds.

3:43 PM

GST Bill debate: We are sitting here to make history and I am happy to be a part of this historic occasion: Jaidev Galla, TDP MP from Guntur.

No power on earth can stop the implementation of this bill: Galla

He thanks Finance Minister Arun Jaitley for the step.

3:22 PM GST Bill debate: CPI-M lawmaker Mohammad Salim speaking in Lok Sabha on GST Bill

3:18 PM

GST Bill Debate: Vivek Gupta: "West Bengal is going to be deprived of Rs. 4000 cr every year. Request FM to remove all cess and surcharge so that states can benefit."

3:17 PM GST Bill debate: TRS leader from Chevalla, Konda Vishweswara Reddy compares GST with "Ugadi patchaddi" — a chutney served during Ugadi which marks the beginning of a new year. GST sweet, sour and bitter just like the chutney, he says

3:08 PM GST Bill debate: The bill has some khhatta, some mitha and some kadwa touch: K V Reddy, TRS

3:01 PM GST Bill debate | Telugu Desam Party leader Jaydev Galla spells out the impact GST will have on Andhra Pradesh. He asks Finance Minister to explain by when CST dues will be paid to the state. Graduating from a new tax regime, welcome the proposal to set up special purpose vehicle, he adds.

2:58 PM GST Bill debate | Once GST is introduced, AP will loose 2000 cr annually: Jaidev Galla, TDP

2:32 PM GST Bill debate | Mahtab questions the GST Council's decision to include the clean environment cess as part of the tax collections (which will be made available to all states) and says the Centre should increase the royalty on mining of natural resources such as coal and pass it on to states such as Odisha where they are mined.

2:18 PM GST Bill debate | But do not expect too much from the GST. It all depends on the revenue neutral rate," BJD's Bhartruhari Mahtab says.

2:18 PM GST Bill debate | The benefits would be: fewer taxes, no cascading impact, free inter-state trade, comprehensive zero rating," BJD's Bhartruhari Mahtab says.

2:16 PM GST Bill debate | Trinamool's Kalyan Banerjee says 1 July is not the ending, pushes for 1 Sep deadline.

2:15 PM GST Bill debate | BJD's Bhartruhari Mahtab says it would be "illusory to believe the bill will bring about great change".

2:14 PM GST debate: Cess on sin, luxury goods won't be inflationary, says Jaitley

2:11 PM GST Bill debate | Small businesses must be given adequate time to adapt: Trinamool Congress’ Kalyan Banerjee

2:07 PM Trinamool Congress’ Kalyan Banerjee speaking on GST Bill in Lok Sabha

2:06 PM GST Bill debate | While the spirit, law of GST Bill is very sound, there are some areas of concern over implementation: Trinamool Congress’ Kalyan Banerjee

1:57 PM India is an agrarian economy, #GSTBill doesn't affect agriculture, but cost of agricultural inputs will go up: AIADMK's TG Venkatesh Babu

1:56 PM GST Bill debate | Government should make sure that any issues arising in the aftermath should be taken care of swiftly, said AIADMK's TG Venkatesh Babu

1:55 PM GST Bill debate | Tax rollout will be a technological challenge, said AIADMK's TG Venkatesh Babu

1:53 PM GST Bill debate: It's quite clear a manufacturing state like Tamil Nadu will permanently lose revenue if GST is implemented, said AIADMK's TG Venkatesh Babu

1:52 PM The AIADMK had opposed passage of the GST Bill for a long time

1:52 PM AIADMK MP TG Venkatesh Babu starts speaking, speaking homage to late party chief Jayalalithaa

1:49 PM The liability to pay GST in relation to supply of goods and services will arise on the date of: (i) issue of invoice, (ii) receipt of payment, whichever is earlier.

1:45 PM GST Bill Debate | UPA government ensured states' losses from the CST rollout were compensated, GST would have been rolled out earlier: BJP

1:43 PM GST Bill debate | Congress Party's fears over tax's potential for disruption is overstated: Udit Raj, BJP MP

1:39 PM We should work towards GST deadline of 1 July, it will be a landmark: Finance Secretary Ashok Lavasa

1:32 PM GST Bill debate: GST for me is equivalent to transparency, accountability, growth, says BJP

1:28 PM GST will be levied on renting, EMI on under-construction property

1:22 PM GST Bill debate: Right now we multiple tax brackets. The first one is zero, which will include basic food items. The other tax slabs are 5%, 12/18%, and 28%, said Arun Jaitley

1:21 PM GST Bill debate: 'Unique experience' says Arun Jaitley, pitching unified tax

1:18 PM GST Bill debate: This game-changer law was envisioned by the UPA government, somehow opposition parties at that time halted it, said Veerappa Moily

1:16 PM GST Bill debate: Congress' Veerappa Moily says Rajya Sabha undermined by government, all members should resign

1:11 PM Congress on GST Bill: As we already told you, one nation, one tax has remained a myth

1:08 PM 7 hours allotted for landmark tax reform as Modi govt eyes July 1 launch

1:04 PM Would like Finance Minister to clarify how tax compliance will be simplified: Veerappa Moily on GST Bill

1:03 PM This is a very serious matter, just don't take shelter under constitutional amendment: Veerappa Moily,Congress  on GST

1:03 PM The GST law will increase red-tapism in state-to-state trade: Congress

1:00 PM What you have brought today is not a game changer but only a baby step: Veerappa Moily, Congress

12:58 PM The country has lost about Rs 12 lakh crores because of delay in implementing GST: Congress’ Veerappa Moily

12:57 PM GST is unprecedented, transformative measure: Congress’ Veerappa Moily

12:54 PM The anti-profiteering clause of GST is far too draconian: Congress’ Veerappa Moily

12:53 PM GST rules ready. Discussion on March 31

12:52 PM Bill to be passed with consensus: Jaitley

12:51 PM Will fit rates to goods next month: Arun Jaitley

12:50 PM 5, 12, 18, 28% GST tax slabs: Arun Jaitley

12:49 PM 12 lakh crore lost due to GST delay: Congress

12:49 PM Congress Party joins GST debate

12:46 PM UTGST law will take CGST law into consideration and implement in UTs; SGST is mirror of CGST, will handle GST in states: Arun Jaitley

12:46 PM  GST Bill will end tax terrorism: Arun Jaitley

12:46 PM GST will put end to tax differences. It will ensure free movement of goods across country: Arun Jaitley

12:46 PM States will be compensated for loss: Arun Jaitley

12:45 PM States have pooled in their sovereignty into the GST council, and Centre has done the same: Arun Jaitley

12:45 PM It is a revolutionary bill which will benefit all: Arun Jaitley

12:45 PM 12 meetings of the #GST council were held to make it a process based on consensus and recommendations: Arun Jaitley

RECOMMENDED FOR YOU

GST Bill debate LIVE: Lok Sabha passes all four Bills

GST Bill: Arun Jaitley says GST will end Tax terrorism, Congress says one-nation, one-tax is a myth

GST Bill: Arun Jaitley says GST will end Tax terrorism, Congress says one-nation, one-tax is a myth Finance Minister Arun Jaitley on Wednesday moved four GST Bills for consideration and passage in the Lok Sabha, which then took them up for discussion. "The four bills are being taken together because the matter of the bills are same," Jaitley said while introducing the bills. "Before the constitutional amendment, under the indirect tax regime Centre had right for implementing some taxes.... The discussion had been on for long for uniform tax system under which states and the Centre will share the tax collection," he said. The Central Goods and Services Tax ... image
Business Standard
177 22

GST Bill debate LIVE: Lok Sabha passes all four Bills

GST Bill: Arun Jaitley says GST will end Tax terrorism, Congress says one-nation, one-tax is a myth

Finance Minister Arun Jaitley on Wednesday moved four GST Bills for consideration and passage in the Lok Sabha, which then took them up for discussion. "The four bills are being taken together because the matter of the bills are same," Jaitley said while introducing the bills. "Before the constitutional amendment, under the indirect tax regime Centre had right for implementing some taxes.... The discussion had been on for long for uniform tax system under which states and the Centre will share the tax collection," he said. The Central Goods and Services Tax ...

image
Business Standard
177 22