Amid heated debate, LS clears GST Bills: Focus now on rules, specific rates

GST is expected to boost economic growth by about 0.5 percentage points in its first year

The Lok Sabha on Wednesday cleared the four goods and services tax (GST) Bills, but not before a heated debate between the treasury benches and the Opposition over multiplicity of rates, ambit of the new tax system, nature of legislation, proposed anti-profiteering body and Parliament’s right over the new tax system. 

All eyes are now on the subordinate rules, which will be taken up by the GST Council on March 31 and the specific tax rates, which will be recommended by a committee of officers next month for the new indirect tax system to be rolled out from July 1