Today Arun Jaitley presents GST bills in parliament

Tabitha Dunn
March 28, 2017

Taking another step to implement Goods & Services Tax Bill on time, July 1, Union Finance Minister Arun Jaitley on Monday tabled the Central Goods & Services Tax Bill, 2017 in the Lok Sabha.

"With the introduction of the GST Bills in Parliament, it is now expected that the GST Rules and the GST Rates for both goods and services would be announced soon, enabling business to be prepared for the imminent go-live date of July 2017", Mr. Mani added.

One of the most important changes mentioned under this new Bill is making Aadhaar as a mandatory requirement for filing Income Tax.

The GST is consumption based tax levied on the supply of Goods and Services which means it would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method.

Once these get Parliament's approval, state Goods and Services Tax bill will be presented in state assemblies. The amendments can either be rejected or incorporated by the Lok Sabha.

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The GST legislations will be taken up as money bills in Parliament this budget session, which restarted on March 9 after a month-long recess.

As per the draft bills, CGST and IGST will be applicable to whole of India except Jammu and Kashmir.

It would consist of a four-tier tax structure of 5, 12, 18 and 28 percent, though there would be a provision to set the peak rate at 40 percent to deal with any financial emergencies.

To protect small businesses, the CGST provides for a tax of no more than 1 per cent of turnover for manufacturers with annual turnover of up to Rs 50 lakh. The surcharge will be capped at 15 percent. That was in response to junior Minister for Parliamentary Affairs SS Ahluwalia pointing out that the bills were uploaded on the government's website at midnight on Friday.

The Opposition MPs took strong objection to the statement, asking the government how it could expect members to check the website at midnight and why the issue was not discussed at the meeting of Business Advisory Committee last week.

Other reports by Guamnewswatch

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