Source: Indian Express
Soon after the Lok Sabha on March 29, cleared the four Goods and Service Tax (GST) bill in a 7-hour debate, the four GST bills will be tabled for discussion in Rajya Sabha on Wednesday. The bills that will be tabled in Rajya Sabha include Central GST, Integrated GST, UT GST and GST Compensation.
Among the four bills, the Central GST bill deal with taxation related to Centre, the Union Territory bill deals with taxation in UTs and the integrate GST bill deals with the taxation of inter-state movement of goods and services.
As per reports, Congress-led opposition is to press the above demands. Previously, in Lok Sabha, the centre passed the bill rejecting the changed suggested by the opposition parties. In Lok Sabha, the centre passed the bill rejecting the amendments moved by the opposition parties.
After a discussion on the bill in the Rajya Sabha, the Centre is likely to bring back the bills to Lok Sabha to pass the changes suggested by the Upper House.
According to Union Finance Minister Arun Jaitley, the prime objective of the GST is to have one tax and each assessee with one assessing officer. Under the GST, for one commodity there will be only one tax rate in the country. The ‘revolutionary’ bill, which is said to be a culmination of all indirect taxes under one bracket, is being scheduled for rollout on July 1, 2017.