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

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.