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Govt keen on proper discussion on GST Bills in Parliament

Press Trust of India  |  New Delhi 

is keen to have proper discussion on the three legislations in even as the today pushed through the I-T Amendment Bill amid din without debate.

The wants these Bills to be approved by the two Houses of with a consensus in the ongoing Winter Session so that the new regime could be rolled out from April 1 next year.

A top source in the said the amendment to the Act had to be passed by the today without discussion as it was a necessity because of "and politics".

"has broader ramifications for states and involves state revenues. We would prefer a discussion for passage of Bills," the source said.

The Centre and states are finalising three Goods and Services (GST) legislations -- CGST, IGST and compensation -- which are to be introduced in the ongoing session, which ends on December 16.

Explaining the urgency to pass the Tax Second Amendment Bill, the source said the purpose of it was to ensure the black money money enters the formal banking system.

"The predominant purpose of the PMGKY scheme is to use the proceeds for benefit of the poor. The political purpose is to impose exemplary tax on black money and then bring it back into the system," the source added.

Amending the IT Act, the government has brought in a new scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY) under which black money will be taxed at 50 per cent. Besides, 25 per cent of the money will be kept locked in for 4 years without any interest.

If people do not disclose under PMGKY and do so with the IT department afterwards, the amendment to the Act provides that they will have to pay 75 per cent tax. But if the assessing officer catches the assessee holding black the money, then the penalty will go up to 85 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 29 2016. 19:22 IST