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.
"It is a historic day where Parliament's sovereignty has been removed insofar as taxation is concerned and they have no power to abrogate...This is again a big assault on the federal structure of the Constitution of India," he said.
Moily said the Congress party brought the GST bill in 2010 and it was their idea but raised strong objections to the manner in which the bill has been brought in the Lok Sabha and said thereafter no financial or taxation matter will be discussed in Parliament.
He accused the BJP of causing a total loss to the tune of Rs 12 lakh crores to the country by not implementing the bill seven years ago when the Congress brought it.
Moily noted that this will be the last Lok Sabha where members "will definitely put the last nail in the coffin of the financial transactions in the Parliament".
He said members from next year or thereafter will not have an opportunity to discuss the Finance Bill.
"Members shall be putting last nail in their own sovereignty and legislative independence," he said.
Expressing concern that the right of Lok Sabha and Rajya Sabha was taken away by the way this bill was brought, Moily said "That liberty or legislative sovereignty is unfortunately lacking in this country. I think we need to wake up."
"That has to be exercised by the legislature or the Parliament. That has now been taken away and executive will decide," he said, adding that it is ultimately the GST Council that takes a decision on categorisation and taxation and the government will issue the order which has never happened.
The former Law Minister said henceforth the presentation of the Budget will only be a statement of accounts as it does not contain the provisions for taxation.
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