New Delhi: Union finance minister Arun Jaitley moved four GST Bills for consideration and passage by the Lok Sabha on Wednesday, kicking off a seven-hour debate on the key legislations.
» Jaitley tables GST Bill in Lok Sabha
» The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills moved for consideration in the Lower House
» The bills are the Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and Services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017
» The FM says it is a revolutionary bill that will benefit all
» States have pooled in their sovereignty into the GST council, and Center has done the same
» The finance minister explained the four bills - Central GST, Integrated GST, Union Territory GST and the Compensation Law - to MPs and how they would be beneficial to the common man
» Prime minister Narendra Modi, Congress president Sonia Gandhi present in the Lok Sabha
» Explaining the bills, he said the Central GST or CGST will give powers to the Center to levy tax after levies of excise, service tax and additional customs duty is subsumed
» The Integrated GST or IGST will be a tax to be levied by the Center on inter-state movement of goods and services
» The states will pass the State GST or SGST law that will allow them to levy sales tax after levies like VAT are subsumed
Moily attacks NDA govt
» Congress leader Veerappa Moily says what the NDA government has brought about in the name of a "revolutionary tax reform is not a game changer but only a baby step".
» Criticizing various provisions in the GST regime, Moily says it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
» Moily points out that India lost a whopping Rs 12 lakh crore due to years of delay in implementation of the GST due to the stiff opposition by the BJP when the UPA government was in power