Finance Minister Arun Jaitley introduces GST bills in parliament

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Updated: March 27, 2017 1:58:38 PM

Parliamentary Affairs Minister Ananth Kumar on Monday said that the Goods and Service Tax bill needed to be passed in this session of the parliament.

gst bills, finance minister arun jaitley, arun jaitley gst, gst arun ajitley, arun jaitley lok sabha, gst bills, goods and service tax billsFM Arun Jaitley presents the GST bills in the Lok Sabha on Monday. (Reuters)

Finance Minister Arun Jaitley introduced GST bills in the Lok Sabha on Monday.  Meanwhile, the Congress party once again opposed the presentation of the bill by FM Arun Jaitley. Parliamentary Affairs Minister Ananth Kumar said that the Goods and Service Tax bill needed to be passed in this session of the parliament. He further informed that the Narendra Modi-led BJP government was hoping to present it very soon and was looking for a consensus on the issue. Earlier it was reported that Central government would table the supplementary goods and services tax bill in the parliament on Monday. The bill, which is being planned to roll out by July 1, 2017, would introduce a new tax regime, which would subsume excise, VAT, service taxes among other levies. This leg of the budget session comes to a conclusion on April 12.

It was reported that the GST bill would be introduced in the parliament as Money Bills as the government has expressed the need to discuss the topic in both the houses. Finance Minister Arun Jaitley has already talked to Maharashtra Finance Minister Sudhir Mungantiwar and the representative of industrialists and bankers about the issues related to the Goods and Service Taxes bill. Representatives of other sectors such as shipping, ports, gems, petroleum etc were also present in the meeting with the Finance minister. If reports are to be believed, the C-GST, the I-GST and the UT-GST, along with the compensation law are to be introduced in the parliament.

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Meanwhile, the Business Advisory Committee of the Lok Sabha is to meet today to discuss the duration of the presentation of the bills. The government is said to be aiming at passing the GST bills in Lok Sabha by March 29 or March 30 at best. The bill could then move to Rajya Sabha giving which would provide the government with enough time to make any amendments suggested by the Upper House to the Lok Sabha. These ammendements could then be accepted or rejected by the lower house. Onec these bills are cleared the states would then take take the S-GSt to their respective Vidhan Sabhas.

In the latest developments, the discussion over the GST Bill has been postponed in the Lok Sabha until March 29.

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