"Too early" to make observation on GST: CPI

After Finance Minister Arun Jaitley claimed that Goods and Services tax (GST) will not have any inflationary impact, The Communist Party of India (CPI) on Thursday said that it is "too early" to make such an observation as nobody is clear of the consequences and the outcome of the "unknown terrain".

"This is the first time that we are moving towards goods and services regime and the whole purpose is to create an all India market. How this is going to really work in practice we will have to wait and see. It is an unknown terrain and nobody is clear of the consequences, implications and the outcome," CPI leader D. Raja told ANI.

The Rajya Sabha on Wednesday passed the Finance Bill after various amendments presented by Union Finance Minister Arun Jaitley.

Allaying apprehension of spike in prices of goods and commodities after the roll out of the GST, Jaitley yesterday said the tax rates will be kept at the current levels so as not to have any inflationary impact.

"As far as benefits are concerned, you can produce Aadhar. If you don't have one, you can produce other ID and simultaneously apply for it," said Arun Jaitley.

He further said that the Government will issue electoral bonds.

"There are lot of wild information going around over the authority of assessment officers over search and seizure," added Jaitley.

"Let me clarify this under section 132, a satisfaction note must be submitted before search and entering premise and that has to be submitted in the court," he added while notifying that the Finance Bill protects the source of information for tax evasion.

Earlier, Jaitley moved four Goods and Services Tax (GST) Bills for consideration and passage in the Lok Sabha, which then took them up for discussion. The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills were moved for consideration in the lower house.