Parliament has cleared the four Goods and Services Tax (GST) legislations – Central GST, Integrated GST, GST Compensations bill and Union Territory GST – which were returned by Rajya Sabha after it negated multiple amendments that were moved by the opposition parties. The clearing of these bills has paved the way for the bill's roll out target of July 1.
These bills were already passed by the Lok Sabha on March 29. The indirect tax regime will be ready to be rolled out after all the states approve the States GST bill.
The GST bill will not lead to inflation and will result in an end of harassment of businesses by various authorities, said media reports quoting finance minister Arun Jaitley. A commodity will have the same rate across the country after the implementation of GST.
Jaitley also said that the Centre and states as well as the industry and trade will benefit from GST. The minister added that one person cannot take credit for the GST bill and that it is a collective effort of successive governments.
The rates will be discussed by the Council at the next meeting to be held on May 18-19. GST will have a four-tier tax structure of 5, 12, 18 and 28 per cent. A cess will also be imposed on top of the highest slab for demerit and luxury goods to collect funds for compensating states for their revenue loss during the first five years of the bill's implementation. (KD)
Source :Fibre2Fashion News Desk – India