Finance Minister Arun Jaitley on Wednesday tabled the GST Bill in Lok Sabha as the crucial debate on landmark tax reforms legislation Goods and Services Tax bills began. After tabling the GST bill in the House, Jaitley moved four GST bills for consideration in Lok Sabha. He said the revolutionary bill will be benefitial for everyone. Debate of all four GST bills is expected to continue till late evening without any break.
As what happened:
How will you protect the privacy of transactions in bank accounts, in IT returns? The Pentagon has been hacked
Aadhar was never intended to be tagged to IT returns & bank a/c, but if govt have taken decision, may be there is some benefit: P Chidambaram
#5:00 PM: Arun Jaitley in Rajya Sabha
-Why should we at all not allow this technology created in large public interest be utilized for this purpose
-As far as benefits are concerned, you can produce Aadhar. If you don't have one, you can produce other ID & simultaneously apply for it
-As far as tax evasion is concerned present bill says either give Aadhar no. or prove that you have applied for it in your tax assessment
We should work towards GST deadline of 1 July, it will be a landmark: Finance Secretary Ashok Lavasa
#12:50 PM: Congress leader Veerappa Moily on GST bill in Lok Sabha
-This is a very serious matter, just don't take shelter under constitutional amendment: Veerappa Moily, Congress
-What you have brought today is not a game changer but only a baby step: Veerappa Moily, Congress in Lok Sabha
-The anti-profiteering clause of GST is far too draconian: Veerappa Moily, Congress in Lok Sabha
#12:22 PM: Arun Jaitley on GST bill in Lok Sabha
-States have pooled in their sovereignty into the GST council, and Centre has done the same
-It is a revolutionary bill which will benefit all
-12 meetings of the GST council were held to make it a process based on consensus and recommendations
-Need to be careful about the misuse of rights
WATCH Arun Jaitley speaking on GST bill in Lok Sabha https://t.co/huTN2YFebe— ANI (@ANI_news) March 29, 2017
Finance Minister Arun Jaitley moves four GST bills for consideration in Lok Sabha
GST Bill tabled in Lok Sabha by FM Arun Jaitley
Jaitley on Monday tabled four GST Bills in the Lok Sabha. The Bills are - the Central Goods and Services Tax Bill 2017 (C-GST), the Integrated Goods and Services Tax Bill 2017 (I-GST), the Union Territory Goods and Services Tax Bill 2017 (UT-GST) and the Goods and Services Tax (Compensation to the States) Bill 2017.
These Bills require to be passed by Parliament while the State Goods and Services Tax Bill 2017 will go to state Assemblies. They need to be separately passed by 29 Assemblies to have GST as the new tax regime in the country. The Modi Govt hopes to roll out GST by July 1, 2017.
However, it is not going to be a smooth affair for the BJP-led NDA. Main opposition party Congress is likely to demand more amendments in the bills before giving consent vote.
Congress vice president Rahul Gandhi on Tuesday held a meeting with key leaders to draw strategy and decided that the party would not accept GST amendment Bill in its present form and press for more amendments in both Houses.
As per the Constitution Amendment Act, the government is bound to roll out GST by September 15 else it will lose the legal backing to collect taxes from September 16.
What is Goods and Services Tax?
Goods and Services Tax (GST) is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016. The GST is administered & governed by GST
Council and its Chairman is Union Finance Minister of India Arun Jaitley.
GST would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments.
The GST is an indirect tax which means that the tax is passed on to the last stage wherein it is the customer of the goods and services who bears the tax. This is the case even today for all indirect taxes but the difference under the GST is that with streamlining of the multiple taxes the final cost to the customer will come out to be lower on the elimination of double charging in the system.
What are the benefits of Goods and Survives Tax?
#The tax structure will be made lean and simple.
#The entire Indian market will be a unified market which may translate into lower business costs. It can facilitate seamless movement of goods across states and reduce the transaction costs of businesses.
#It is good for export-oriented businesses. Because it is not applied for goods/services which are exported out of India.
#In the long run, the lower tax burden could translate into lower prices on goods for consumers.
#The Suppliers, manufacturers, wholesalers and retailers are able to recover GST incurred on input costs as tax credits. This reduces the cost of doing business, thus enabling fairer prices for consumers.
#It can bring more transparency and better compliance.
#Number of departments will reduce which in turn may lead to less corruption
#More business entities will come under the tax system thus widening the tax base. This may lead to better and more tax revenue collections.
#Companies which are under unorganized sector will come under tax regime.