Finance Minister Arun Jaitley on Wednesday tabled the 4 Goods and Services Tax (GST) Bills for consideration in Lok Sabha. Tabling the bill, Jaitley said that there has been an attempt to introduce a one taxation system for years.
“We are creating a law to put an end to tax difference,” Jaitley said adding that GST Bill will end tax terrorism adding that the bill has been formed in a manner that the rights of the common citizens are not exploited. Terming the GST bill to be a “revolutionary” bill, Jaitley said that it was going benifit all.
“12 meetings of the GST council were held to make it a process based on consensus and recommendations,” Arun Jaitley said.
WATCH Arun Jaitley speaking on GST bill in Lok Sabha https://t.co/huTN2YFebe
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While addressing the Lower house of the parliament, Arun Jaitley asserted that the states has pooled in their sovereignty into the GST council, and Centre has done the same. The CGST Bill will enable levy and collection of tax on intra-state supply of goods and services or both by the central government, the Integrated Goods and Services Tax Bill, 2017, which provides for the levy and collection of tax on inter-state supply.
The Union Territory Goods and Services Tax Bill, 2017, will enable levy and collection of tax on intra-state supply of goods and services or both by the union territories.
It is also estimated that rolling out of the GST bill can add up to 2 per cent to India’s economic growth. Meanwhile, Congress leader Veerappa Moily have affirmed that the anti-profiteering clause of GST is way too draconian.