​​​
  1. Anti-profiteering clause of GST is harsh, severe: Congress

Anti-profiteering clause of GST is harsh, severe: Congress

Moily spoke right after Union Finance Minister Arun Jaitley opened the debate after explaining India's biggest tax reform.

By: | New Delhi | Published: March 29, 2017 4:01 PM
Congress MP Veerappa Moily on Wednesday alleged that the anti-profiteering clause of the Goods and Services Tax (GST) Bill is excessively harsh and severe and should not be taken lightly. (IE)

Congress MP Veerappa Moily on Wednesday alleged that the anti-profiteering clause of the Goods and Services Tax (GST) Bill is excessively harsh and severe and should not be taken lightly. “This is a very serious matter; just don’t take shelter under constitutional amendment. The anti-profiteering clause of GST is far too draconian and that all members should resign if they have some pride left. What you have brought today is not a game changer but only a baby step,” said Moily.

Moily, who was in an attacking mood further, stated that the upper house is the council of states, yet it has no right to discuss crucial bills. “The upper house is the council of states, yet it has no right to discuss crucial bills. This is an assault on federal structure – I say that all members of the Rajya Sabha must resign,” he added.

Moily spoke right after Union Finance Minister Arun Jaitley opened the debate after explaining India’s biggest tax reform. Earlier in the day, Jaitley called the GST Bill revolutionary, saying it will benefit all with the free movement of goods across the country. He further said that GST will ensure one single tax and will ensure free movement of goods across country.

Also watch:

Earlier, the bills introduced in Lok Sabha included Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and the Bill for Compensation to States, which were cleared by the GST Council.

The Lok Sabha today began discussion on all the four GST-related bills after Finance Minister Arun Jaitley tabled the bills on Monday, briefed the BJP MPs about GST’s impact at the party’s parliamentary board meeting on Tuesday. The Central GST, Integrated GST, Union Territory GST and the Compensation Law will be discussed in the House for around six hours. The BJP is hoping to build consensus and roll-out the GST by July 1.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

  1. No Comments.

Go to Top