LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Lok Sabha passes bill to make excise, customs Acts compliant with GST

It would depend on the government, Tharoor said, hoping that the NDA would not be using its "brute majority" to push legislations.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Lok Sabha passes bill to make excise, customs Acts compliant with GST
Earlier, the Opposition voiced concern over the bill. Photo: Pixabay
Written By: PTI
Updated: Thu, Apr 06, 2017
05:56 pm
New Delhi, PTI
RELATED NEWS
No proposal before Meity to ban Zoom App, MoS Dhotre tells Lok Sabha No proposal before Meity to ban Zoom App, MoS Dhotre tells Lok Sabha
What Rajnath Singh's statement in Lok Sabha means for markets: Anil Singhvi decodes it here! What Rajnath Singh's statement in Lok Sabha means for markets: Anil Singhvi decodes it here!
Frauds, non-compliance of rules and more - Know what action Modi Govt has taken against erring companies Frauds, non-compliance of rules and more - Know what action Modi Govt has taken against erring companies
List of Business in LS List of Business in LS
List of business in Lok Sabha List of business in Lok Sabha

The Lok Sabha today passed a bill which will ensure continuance of levy of excise on petroleum products and abolition of cess on some other items following GST rollout from July 1.

The Taxation Laws (Amendment) Bill, 2017 seeks to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Finance Act, 2001 and the Finance Act, 2005.

Moving the bill which was passed later by the House by a voice vote, Minister of State for Finance Santosh Gangwar said the amendments in these laws were necessary because after the roll out of GST on July 1, only a few items would remain under these Acts.

After the rollout of the GST, central excise duty on goods other than crude oil, petrol, diesel, ATF and natural gas, service tax on taxable services and VAT on sale or purchase of goods will be subsumed in the new indirect tax regime.

"Therefore, it requires certain consequential amendments in the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise act, 1944, the Finance Act 2001 and the Finance Act 2005 and repeal of certain enactments," according to the statement of objects and reasons for the Bill.

The bill seeks to include 'warehouse' in the definition of customs area to ensure that an importer is not asked to pay Integrated Goods and Services Tax (IGST) at the time of removal of goods from a customs station to a warehouse.

"The proposed bill also seeks to abolish the cess levied on water consumed by certain industries and by local authorities under the Water (prevention and Control of Pollution) Cess Act, 1977," the bill says.

Earlier, the Opposition voiced concern over the bill, contending that these could lead to "administrative overreach" and "inspector raj".

Initiating the debate on the proposed legislation, Congress member Shashi Tharoor said his party was initially not happy with the final shape of the GST bill but went on to support it in keeping with the "spirit" in which the bill had been prepared by the Congress.

He hoped that the "bipartisan cooperation" extended by the Congress and the "consensus" displayed on the GST would "become a norm and not be an exception". It would depend on the government, Tharoor said, hoping that the NDA would not be using its "brute majority" to push legislations.

Coming to the concerns which his party has, the Congress member talked about six points which related to the aspects like "disproportionate" punitive powers to the tax officers and cess on beedi and water.

He said the powers to a tax officer to take punitive decisions would lead to "administrative overreach" at a time when "we are already suffering from tax terrorism".

The former Union Minister said it would be "spreading the Inspector Raj of Revenue officials which my friends in the BJP had been opposing."

Referring to an aspect in the bill which talks about powers of a tax official to "collect relevent information", he said this was questionable as "the arbitrary powers will lead to abuse and corruption".

He asked the government to clarify on this provision. He also questioned whether the "delivery" would be effective under the new regime since adequate infrastructure is not in place.

There are 4.20 lakh vacancies, which comes to about 11.5 per cent of the staff strength, Tharoor said, adding there is also lack of coordination among the various departments.

He also raised questions over Beedi being left out in the levy of cess when the government was raising taxes on tobacco products, like cigarettes, despite those being made through refined systems unlike the beedi.

"Are you saying that the health of beedi smokers does not matter compared to cigarette smokers? The beedi industry does not need any more concessions but heavy sanctions," he said about the "cottage industry".

Talking about liquor being left out of the purview of the GST, Tharoor quipped, "you have levied such high taxes on all other items which will drive people to liquor". He also pitched for levying of cess on the industries polluting water.

About petrol being left out of the purview of the GST, he said it would lead to "complete inconsistency". Trinamool Congress member Kalyan Banerjee said safeguards should be put so that no officer can arbitrarily exercise their powers.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Lok SabhaGoods and Service Tax (GST)GST rollout dateGSTIntegrated GSTTaxation Laws (Amendment) BillCustoms ActCustoms Tariff ActFinance ActEconomy
RELATED NEWS
No proposal before Meity to ban Zoom App, MoS Dhotre tells Lok Sabha No proposal before Meity to ban Zoom App, MoS Dhotre tells Lok Sabha
What Rajnath Singh's statement in Lok Sabha means for markets: Anil Singhvi decodes it here! What Rajnath Singh's statement in Lok Sabha means for markets: Anil Singhvi decodes it here!
Frauds, non-compliance of rules and more - Know what action Modi Govt has taken against erring companies Frauds, non-compliance of rules and more - Know what action Modi Govt has taken against erring companies
List of Business in LS List of Business in LS
List of business in Lok Sabha List of business in Lok Sabha

LATEST NEWS

CM Kejriwal to review COVID situation in Delhi

UPSC EPFO 2021: Admit card for the exam released at upsc.gov.in - check exam date and everything you need to know before appearing for the exam

Cipla shares hit new high; Sharekhan pegs target at Rs 1100 as Pharma giant doubles Remdesivir production

Vivek, Tamil actor and comedian, passes away at 59 in Chennai hospital

Pharma exports FY 2021: Indian made generics see HUGE demand; grows by 18 percent to $24.44 bn

Anil Singhvi decodes key levels of FIIs are Buying and Selling; EXPLAINED

iPhone game for kids secretly turns into casino

Tata Metaliks has an order book of 18 months in DI Pipes: Sandeep Kumar, MD

Radhakishan Damani portfolio stocks: This chemical counter has reported 68% profit; check what experts have to say

Karnataka SSLC Exam 2021 Latest News Today: Will the Karnataka SSLC exams get CANCELLED like CBSE board exam 2021? -Check what education minister S Suresh Kumar SAID

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved