dglobalnews.com Manmohan hails GST passage
Published: Fri, April 07, 2017
Markets | By Armando Jensen

Manmohan hails GST passage

Manmohan hails GST passage

"If any issues crop up, then the GST Council will address them", Jaitley told reporters here after the four GST Bills were passed by the Rajya Sabha.

"I wish to bring to the notice of this House a grave national security matter which should receive precedence before we consider the GST Bill, and that is a body private limited company which was created in 2013 called GSTN", he said during the Zero Hour in the House.

The Rajya Sabha on Thursday passed four supplementary bills which will enable the government to roll out the landmark Goods and Services Tax (GST) on July 1.

Finance Minster Arun Jaitley, on the other hand, said that he was "happy at the fact that when it comes to enforcing GST bill all political parties came out in one voice". "I am just trying to highlight the difference between the former Prime Minister who is a statesman and the present Prime Minister who is a politician", Ramesh said.

Manmohan Singh hailed the passage of GST bills by Parliament and observed that the new indirect tax regime could be a "game-changer", he, however, cautioned that there could be "difficulties" in its implementation. The GST proposes a lower 5%, two standard tax rates of 12 and 18%, and a peak rate of 28%. "It is because multiple GST rates have been introduced", he said.

Similarly, the UTGST Bill is for the Union Territories like the Andaman and Nicobar Islands, the Lakshadweep, Daman and Diu, and Dadra and Nagar Haveli, which do not have their independent legislative assemblies. "GST is the only tax which is simultaneously levied by Centre and states", he said.

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With several members raising concerns about the uniform tax regime leading to rising in prices of the essential commodity, Finance Minister Arun Jaitley said that it will not lead to inflation and there will be one rate for a commodity in the entire country.

"Parliament can not be ignored", he said, suggesting that GST should be audited by the Comptroller and Auditor General (CAG).

The GST Bill was first proposed by the former finance minister of India P. Chidambaram during the 2006-07 budget in the UPA government.

Introduction of the goods and services tax will overhaul India's indirect tax system by consolidating taxes levied separately by the federal and state level governments under a single system.

Jammu and Kashmir will have to legislate its own law and integrate with the GST regime, Jaitley said, adding the state government was working on this as it would benefit the people there.

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