GST Bills: Seven hour-long debate begins in Lok Sabha

The Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST.

On Monday, four bills were introduced in the lower house of Parliament. Photo: IANS

Finance Minister Arun Jaitley on Wednesday began the sevenhour debate on four bills related to the Goods and Service Tax (GST) Bills in the Lok Sabha.

Jaitley had moved the four GST Bills for consideration in Lok Sabha earlier this week.

Reportedly, after the debate the 250-odd clauses in the bills will be voted on one by one. However, the opposition party, Congress, had said that the bills in the present form is not acceptable and their speakers will demand changes.

On Monday, four bills were introduced in the lower house of Parliament. The bills introduced were the Central GST Bill, the Integrated GST Bill, the Union Territory GST Bill, and the GST (Compensation to States) Bill, providing for a maximum GST rate of 40%, an anti-profiteering authority and imprisonment for evading taxes.

ALSO READ: Four GST bills introduced in Lok Sabha

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 Integrated Goods and Services Tax Bill, 2017, which provides for the levy and collection of tax on inter-state supply.

The Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST.

The Union Territory Goods and Services Tax Bill, 2017, will enable levy and collection of tax on intra-state supply of goods and services or both by the union territories.

(With IANS inputs)

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