Tahlka News Desk
New Delhi: The Lok Sabha is set to take up Goods and Services Tax (GST) Bill for discussion on parliament today. Eight hours have been allotted by the Speaker for discussions on the tax reform bill.
Union finance minister Arun Jaitley has already introduced the Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST bills in the Lok Sabha. The CGST Bill will enable levy and collection of tax on intra-state supply of goods and services or both by the central government. Jaitley has also tabled the Integrated Goods and Services Tax Bill, 2017, which provides for the levy and collection of tax on inter-state supply.
The Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST. 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.
The Congress party is expected to move amendments to the Goods and Services Tax (GST) bills on Wednesday, as it has concerns about some clauses in the bills and the manner of tabling those in Parliament.However, FM Jaitley hopes that all political parties will pass the related bills through consensus in the current session of Parliament.
* Lok Sabha convenes for the day. Ahead of the GST debate, the Lower House discusses the issues of disrespect to national icons and flag, sale of food items at railway stations, functioning of fast track courts etc.
* Government has asked Lok Sabha speaker Sumitra Mahajan to waive off Zero Hour for GST debate, says reports.