Day after Goods and Services Tax (GST) Bill was tabled in the Rajya Sabha for discussion, Union Finance Minister Arun Jaitley today said it was contibution of both the Centre and the states and not of one person or the government.
Day after Goods and Services Tax (GST) Bill was tabled in the Rajya Sabha for discussion, Union Finance Minister Arun Jaitley today said it was contibution of both the Centre and the states and not of one person or the government. Speaking in Rajya Sabha today, he said, “No hesitation in conceding that it is not a bill for which one person or one government should take credit”.
“It is a collective property in which states, political parties, central government and successive governments all contributed, ” he added.
The bill was earlier cleared in Lok Sabha on March 29, rejecting the amendment suggested by Opposition parties. The finance minister had termed the bill as ‘revolutionary’. Bills are related to Central GST, Integrated GST, UT GST and GST Compensation.
The Central GST deals with taxation connected to the Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.
The compensation law has been prepared to give a legislative backing to the Central Government’s promise to compensate the states for five years for any revenue loss arising out of GST implementation.
As per Arun Jaitley, the main objective of the bill is to have one tax and each assessee with one assessing officer. Under the tax, there will be only one tax rate in the nation for one commodity.
The Centre has also extended till the end of this month for enrolment of dealers with GSTN, the IT backbone for the new set-up, as till now only 60 percent of the existing assessees are done with the switchover.
Revenue Secretary Hasmukh Adhia has reviewed the IT preparedness of the Goods and Services Tax Network (GSTN) few days and progress in registration of 80 lakh excise and service tax.