<p>Parliament today passed four legislations to pave the way for roll out of the historic Goods and Services Tax (GST) from the target date of July 1.<br /><br />The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were returned by the Rajya Sabha after negation of a host of amendments moved by the opposition parties.<br /><br />The Lok Sabha had passed these bills on March 29.<br /><br />All the states will now have to pass the States GST Bill after which the new indirect tax regime can be rolled out.<br /><br />Replying to about 8-hour-long debate, Finance Minister Arun Jaitley insisted that the GST, which will usher in a uniform indirect tax regime in the country, will not lead to inflation as apprehended by some sections.<br /><br />The rates are to be discussed by the GST Council on May 18-19.<br /><br />Jaitley said once the new regime is implemented, the harassment of businesses by different authorities will end and India will be have one rate for one commodity throughout the country.<br /><br />The powerful GST Council, comprising Centre and states, has recommended a four-tier tax structure -- 5, 12, 18 and 28 per cent. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation.<br /><br />Jaitley said the successive governments have contributed towards the GST and no one person can take credit for it.<br /><br />"This Bill, I have no hesitation in conceding, is a collective property," he said.<br /><br />With implementation of the GST, revenue of the Centre, the states and the industry and trade must benefit, he added. <br /></p>
<p>Parliament today passed four legislations to pave the way for roll out of the historic Goods and Services Tax (GST) from the target date of July 1.<br /><br />The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were returned by the Rajya Sabha after negation of a host of amendments moved by the opposition parties.<br /><br />The Lok Sabha had passed these bills on March 29.<br /><br />All the states will now have to pass the States GST Bill after which the new indirect tax regime can be rolled out.<br /><br />Replying to about 8-hour-long debate, Finance Minister Arun Jaitley insisted that the GST, which will usher in a uniform indirect tax regime in the country, will not lead to inflation as apprehended by some sections.<br /><br />The rates are to be discussed by the GST Council on May 18-19.<br /><br />Jaitley said once the new regime is implemented, the harassment of businesses by different authorities will end and India will be have one rate for one commodity throughout the country.<br /><br />The powerful GST Council, comprising Centre and states, has recommended a four-tier tax structure -- 5, 12, 18 and 28 per cent. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation.<br /><br />Jaitley said the successive governments have contributed towards the GST and no one person can take credit for it.<br /><br />"This Bill, I have no hesitation in conceding, is a collective property," he said.<br /><br />With implementation of the GST, revenue of the Centre, the states and the industry and trade must benefit, he added. <br /></p>