GST on track as finance minister Jaitley tables four bills in Parliament

GST on track as finance minister Jaitley tables four bills in Parliament
GST on track as finance minister Jaitley tables four bills in Parliament
Author

30 March, 2017

Moily said there will be a turf war between the tax administrations of central and state governments after the implementation of the GST.

As soon as the Constitutional Amendment Bill was passed in Parliament, social media was bombarded with messages that suggested GST would bring about a revolutionary change; that it would be only "one tax" for "one country".

Finance Minister Arun Jaitley introduced GST bills in the Lok Sabha on Monday.

Raising his objection, Congress member K C Venugopal said the introduction of these bills was not listed in today's agenda and asserted that parliamentary procedures must be followed while dealing with important issues.

Out of this, the Compensation Law will compensate the states for the next five years for the losses arising out of stepping into GST from indirect taxes.

The Centre will also levy and collect the Integrated Goods and Services Tax (IGST) on all inter-state supply of goods and services.

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.

But, the reality is that various tax rates will continue, not one single rate. The government also hopes the new taxes will broaden its revenue base and cut compliance costs for companies.

There will be a zero per cent tax slab for essential food items, apart from which there are four rate slabs - 5 per cent, 12 per cent, 18 per cent and 28 per cent.

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Come July 1 and leasing of land, renting of buildings as well as EMIs paid for purchase of under-construction houses will start attracting the Goods and Services Tax.

Another mirror legislation of CGST, called State-GST, will amalgamate all state taxes like VAT, will be levied by states and has to be approved by all state legislatures.

Independent leader from Idukki Joice George during the debate cautioned that with GST Council, Parliament won't have power to decide tax rate.

"The four bills are being taken together because the matter of the bills are same", Jaitley said while introducing the bills. The cess on these goods and services has been proposed to be levied on both intra-state and inter-state supplies.

There has been a "tug of war" between the officials of the two governments to gain control over maximum number of assessees under GST regime.

Referring to tax bracket of luxury goods, he said the extra component beyond 28 per cent tax has been kept as cess as keeping it as tax would have negative impact on the consumers.

At a key strategy meeting of Congress MPs in the Lok Sabha chaired by party vice president Rahul Gandhi, it was chose to raise the concerns of the public on the GST Bills and seek necessary amendments.

Union Home Minister Rajnath Singh also expressed his happiness over the same, saying that with GST being passed, India will see growth in its GDP directly affecting employment.


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