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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

BS Web Team  |  New Delhi 

Finance Minister Arun Jaitley on Wednesday moved four GST Bills for consideration and passage in the Lok Sabha, which then took them up for discussion. "The four bills are being taken together because the matter of the bills are same," Jaitley said while introducing the bills. "Before the constitutional amendment, under the indirect tax regime Centre had right for implementing some taxes.... The discussion had been on for long for uniform tax system under which states and the Centre will share the tax collection," he said. The Central Goods and Services Tax ...

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GST Bill debate LIVE: Lok Sabha passes all four Bills

The four bills, passed by the Lok Sabha, would next be presented before the Rajya Sabha.

GST Bill debate LIVE: Lok Sabha passes all four Bills

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

GST Bill debate LIVE: Lok Sabha passes all four Bills

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.

GST Bill debate LIVE: Lok Sabha passes all four Bills

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.

GST Bill debate LIVE: Lok Sabha passes all four Bills

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. 

GST Bill debate LIVE: Lok Sabha passes all four Bills

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. 

GST Bill debate LIVE: Lok Sabha passes all four Bills

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. 

GST Bill debate LIVE: Lok Sabha passes all four Bills

GST Bill | Jaitley clarified that commodities like food items will have zero tax

GST Bill debate LIVE: Lok Sabha passes all four Bills

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.

GST Bill debate LIVE: Lok Sabha passes all four Bills

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. 

GST Bill debate LIVE: Lok Sabha passes all four Bills

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. 

First Published: Wed, March 29 2017. 12:39 IST
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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

Finance Minister Arun Jaitley on Wednesday moved four GST Bills for consideration and passage in the Lok Sabha, which then took them up for discussion. "The four bills are being taken together because the matter of the bills are same," Jaitley said while introducing the bills. "Before the constitutional amendment, under the indirect tax regime Centre had right for implementing some taxes.... The discussion had been on for long for uniform tax system under which states and the Centre will share the tax collection," he said. The Central Goods and Services Tax ...

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