GST may be tabled in Lok Sabha today

GST may be tabled in Lok Sabha today

Finance Minister Arun Jaitley is likely to introduce the enabling Goods and Services Tax (GST) laws in the Lok Sabha on Monday. The laws, which need to be passed by Parliament are Central GST, Integrated GST, UTGST and Compensations laws.

Sources said the discussion on the GST laws could begin only by Tuesday. The government is aiming to introduce the most important indirect tax reform from July 1.

If the government is successful in implementing GST from July 1, the Budgetary indirect tax proposals will cease to exist from that day and will be taken over by GST. Finance Minsiter Arun Jaitley said that the massive exercise will also change the way the Budget is prepared every year.

He said GST will limit the interface between taxpayer and tax collector.

“All limbs of the transaction are going to be captured by the IT backbone, which is being created. Every month, there will be three billion vouchers which will be matched with each other. Therefore, evasion is going to become extremely difficult under that. The allocation of responsibility between the Centre and the states,” Jaitley had said in Parliament, assuring that the rates of essential commodities and eatables will not increase after the rate fitment under GST.

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