Rajya Sabha nod to four GST Bills
|Source: The Hitavada Date: 07 Apr 2017 11:30:46|
DECKS have been cleared for a pan-India implementation of the Goods and Services Tax (GST) from July 1 with the Rajya Sabha passing the much-awaited four enabling Bills on Thursday. The four Bills -- Central Goods and Services Tax (GST ) Bill, Integrated GST Bill, Compensation GST Bill and Union Territory GST Bill 2017 -- were passed by the Rajya Sabha and returned to Lok Sabha, after a discussion of almost nine hours spread across two days. Replying to the debate on the four bills in the Rajya Sabha, Finance Minister Arun Jaitley said that the goods that are exempted from taxes currently will remain to be exempted once the GST is in place. “Whatever goods are exempted from tax today, will remain exempted.The present status quo will continue,” he said.
Jaitley said that to make tax filing easier under the GST, the provision of quarterly returns is there in the new indirect tax regime. Noting that both the Central and State Governments are pooling their sovereignty to have this tax regime, Jaitley noted that India, despite being one political entity, remained different economic entities with states having different taxes. “In the concept of goods and services tax, both Centre and States simultaneously have the power to l e vy tax. GST is the only tax which is simultaneously levied by Centre and States,” he said . Clarify in gon the tax rateon petroleum products in the regime, Jaitley said that th e Council has decided that the petroleum products though they have been included under GST, will remain zero rated as of now.
“The Council decided that we will take up the issue of petroleum products in a year after implementation of GST. Today, constitutionally petroleum products are under GST, but will be zero rated. S o once Council decides it canbe taxed under GST,we won’t need to amend the Constitution, ” he said. Discussing the Bills , most of the political parties favoured them but cautioned the Government on all possible short comings the legislation may have.