The Lok Sabha on Monday began discussing the Goods and Services Tax Bill, a week after the Rajya Sabha passed it. Finance Minister Arun Jaitley brought up the Bill for discussion in the Lower House at 2 pm and said that the Centre was trying to accommodate suggestions from all parties while passing it. The Bill is expected to be ratified in this session of Parliament.
The Lok Sabha had passed the GST Constitution Amendment Bill in May last year. However, the Rajya Sabha, added new clauses before passing it after a long tussle between the Centre and the Opposition. The Lok Sabha thus has to discuss these changes and decide on incorporating them.
Jaitley urged all parties to support it in the Lok Sabha, and added that besides the All India Anna Dravida Munnetra Kazhagam, all political outfits had voted for it in the Rajya Sabha last week. The prime minister is also expected to join the debate in the Lok Sabha later in the day.
The GST Bill seeks to bring in a single tax rate to replace India’s complicated current rules, which include Central excise duty, service tax, additional customs duties, value added tax, entertainment tax and so on. It will replace 17 indirect tax levies. The Centre believes this will help create a unified market in the country, avoiding double taxation and increase compliance. The GST will have a Central component, and a state component, which both forms of government will administer at their levels.
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