Lok Sabha passes Taxation Laws (Amendment) Bill

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SME Times News Bureau | 07 Apr, 2017
The Lok Sabha on Thursday passed the Taxation Laws (Amendment) Bill.

The bill seeks to amend the Customs Act, 1962; the Customs Tariff Act, 1975; the Central Excise Act, 1944; the Finance Act, 2001 and the Finance Act, 2005; and to repeal certain enactments.

The bill was introduced by Minister of State for Finance Santosh Gangwar.

"The house has passed the four bills related to Goods and Services Tax (GST) and these are being discussed in the upper house. I hope it will be passed today (Thursday)," Gangwar had said.

"After the GST Bills are passed by Parliament, central excise tax will be applicable to a few products only. This is the reason the amendments in taxation law have been necessitated," the minister added.

"The government has set a target of rolling out a new indirect tax regime from July 1," the minister added.

Congress leader Shashi Tharoor raised some issues related to the bill and sought clarifications from the minister.

The Customs Act is proposed to be amended to include warehouse in the definition of customs area to ensure that an importer would not be required to pay the proposed integrated Goods and Services Tax at the time of removal of goods from a customs station to a warehouse.

The Customs Tariff Act is proposed to be amended to provide for levy of Integrated Goods and Services Tax and Goods and Services Tax Compensation cess on imported goods.

In the Finance Act, 2001, the bill seeks to propose to limit the levy only to tobacco products and crude oil.

The bill also seeks to repeal laws which include the Sugar Cess Act, 1982, and the Jute Manufacturers cess Act, 1983.