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State GST Bill tabled in Uttar Pradesh Assembly

Press Trust of India  |  Lucknow 

The State Bill was tabled in the opening session of the 17th assembly today.

Chief Minister Yogi Aditynath tabled the Goods and Services (GST) Bill in the House when it reassembled after Governor Ram Naik's address to the joint sitting of the state legislature.

The session has been convened especially for introduction and passage of the Bill with the Modi-led Central keen on rolling out the indirect regime from July 1.

After the House was adjourned for the day, a workshop was held to apprise all legislators of the salient of the proposed legislation on

On May 2, the UP cabinet had approved a draft bill for implementation of the in the state.

After the bill is passed by the assembly, where the has a three-fourth majority, will join the likes of Uttarakhand, Jharkhand, Telangana, and whose legislatures have given their nod to the indirect regime.

The state is confident that its revenue would increase under GST, which is touted as the most liberal structure to be adopted in the country.

"After the new regime is implemented, revenue of the state is likely to increase," UP minister Suresh Kumar Khanna said.

"If there is any burden on the state exchequer due to the implementation of GST, the will meet the demands for the next five years. Petroleum products, however, will not be covered under GST," he said.

Four key legislations -- the Central Act, the Integrated Act, the (Compensation to States) Act and the Union Territory Act -- were passed by the Parliament in its last session.

The four legislations, which have since got the president's assent, aim to pave way for the roll-out of from July 1.

Seen as a path-breaking step in the taxation regime, is expected to create a congenial and cohesive atmosphere for business in the country.

Different indirect taxes like the central excise duty, central sales and service are to be merged with the C-GST, while S-will subsume state sales tax, VAT, luxury and entertainment

The 'consumer state' of is projected to be a net gainer under the new regime, as is a destination-based taxation system as against manufacturing source based.

had also witnessed its kitty burgeon under the Value Added (VAT) regime. VAT was implemented in the northern state on January 1, 2008, during the previous Mayawati-led

While successive governments in UP have been optimistic of coffers inflating under GST, the compensation clause had been a bone of contention.

Over the past several months, the state commercial department had been holding consultative meetings with all the stakeholders, including traders and experts, to elicit their views on the new regime.

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

First Published: Mon, May 15 2017. 16:32 IST