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Jaitley hopes GST bill will be passed through consensus
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SME Times News Bureau | 29 Mar, 2017
Describing the Goods and Services Tax (GST) bill as "revolutionary",
Finance Minister Arun Jaitley on Tuesday hoped all the related bills
would be passed with consensus in the current budget session of
Parliament.
The bill will be discussed in the Lok Sabha on Wednesday.
Jaitley's
remarks came at the BJP parliamentary party meeting which was also
attended by Prime Minister Narendra Modi and other senior ministers.
"GST
bill is revolutionary and I hope that its passage will be ensured in
Parliament in the current Budget session," Parliamentary Affairs
Minister Ananth Kumar quoted Jaitley as saying.
Noting that
discussions on the GST Bill will take place in the Lok Sabha on
Wednesday, Ananth Kumar said that Jaitley briefed the Bharatiya Janata
Party MPs about the CGST, IGST, UT GST and GST Compensation Bills
introduced in the house on Tuesday and hoped that the bills would be
passed in the current session through consensus.
Ananth Kumar said passage of the GST Bill will benefit the people as well as economy.
India
moved a step closer to becoming a unified market with the tabling in
Parliament on Monday of the GST Bill, which extends across India except
Jammu and Kashmir.
Jaitley introduced the Central Goods and
Services Tax (CGST) Bill, 2017, along with three other related bills in
the Lok Sabha, providing for a maximum GST rate of 40 per cent, an
anti-profiteering authority and imprisonment for evading taxes.
The
GST regime will subsume various indirect levies of the Centre and
states like service tax, excise duty, octroi and value added tax (VAT),
and create an input tax credit chain for refunds.
The CGST Bill
will enable levy and collection of tax on intra-state supply of goods
and services or both by the central government.
The BJP
parliamentary party also congratulated Modi for setting up of new
commission replacing the existing National Commission for Backward
Classes (NCBC) and giving it constitutional status.
The BJP-led
National Democratic Alliance (NDA) approved a proposal to provide
constitutional backing to the National Commission for Socially and
Educationally Backward Classes (NSEBC).
Apart from GST, the
parliamentary party also discussed Congress leader and former Union
Minister M.V. Rajasekharan's letter showering praise on the Prime
Minister and former External Affairs Minister and Karnataka Chief
Minister S.M. Krishna leaving the Congress to join the party.
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