4 key GST Bills passed in Lok Sabha: All you need to know
It’s a big day for India and certainly a sigh of relief from Union finance minister Arun Jaitley, as the supplementary Goods and Services Tax Bills were passed in Lok Sabha today.
After three days of robust discussion, the GST Bills were finally cleared, that include central, state, indirect and integrated tax regime.
This brings India under a single integrated tax net for the very first time, and the tax reform will be rolled out by July 1, 2017. GST will subsume a number of indirect taxes levied by the Union and state governments, such as excise duty, VAT, service tax, luxury and entertainment levies, etc.
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| Photo: Indiatoday.in |
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| Photo: Indiatoday.in |
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| Photo: Indiatoday.in |
The four legislations included the Central goods and services tax (CGST), the integrated-GST (IGST), the goods and services tax (compensation to states), and the Union territory GST (UTGST).
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| Photo: DailyO |
BREAKING: All four bills related to #GST passed in Lok Sabha https://t.co/jzpkA6gpXu pic.twitter.com/VcXRbAWv4u
— India Today (@IndiaToday) March 29, 2017
GST bills passed! And #LokSabha gets adjourned amidst cheerful Hoyyyyeeee sounds from the Treasury. (Partaaaay at AJ's tonight!)
— Meghnad (@Memeghnad) March 29, 2017
It's been a long long day. 4 GST Bills passed in LokSabha, Finance Bill returned from RajyaSabha w/ amendments. Thanks for staying with us. pic.twitter.com/gskGibarsQ
— HasParlAdjournedYet (@HasParlAdjYet) March 29, 2017
The fourth Bill is passed. Lobbies opened again. CGST, SGST, IGST all passed by LokSabha. #DoneAndDusted #OneTaxToRuleThemAll pic.twitter.com/9ja7AxszJo
— HasParlAdjournedYet (@HasParlAdjYet) March 29, 2017
“These are revolutionary bills which will benefit all. States have pooled in their sovereignty into the GST council, and Centre has done the same,” finance minister Arun Jaitley said in Lok Sabha today, clearly triumphant at having achieved this huge objective.
WATCH: Revenue Secretary Hasmukh Adhia addressing a press conference on GST Bill https://t.co/Brf6GQqFhb
— ANI (@ANI_news) March 29, 2017
Prime Minister Narendra Modi congratulated India on the passing of GST Bill in Lok Sabha.
Congratulations to countrymen on passage of GST Bill. New year, new law, new India: PM Narendra Modi #gstbill pic.twitter.com/Uon52VvIDK
— ANI (@ANI_news) March 29, 2017
The GST is essentially a tax that’s levied when a consumer buys a product or a service. It’s a one-time tax that gets rid of multiple taxes at different rates and levels, and brings them under one umbrella. In network analogy, it’s like having country-wide roaming from the same telecom service provider.
GST is supposed to eliminate the cascading effects of taxes on production and distribution, as well as differing, conflictual centre-state tax regimes. In order to address this, India is adopting a dual GST, with integrated tax structure across the states and union territories.
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| Photo: Indiatoday.in |
Some amendments were defeated in Lok Sabha.
Coal bearing states ignored in GST. B Mahtab's amendment defeated by brutal force in #LokSabha.- TS1/1 pic.twitter.com/SJlQZgW71K
— Office of T Satpathy (@SatpathyLive) March 29, 2017
Some more amendments from MPs negatived, incl Mahtab, Satpathy, NKP, Jena, Rajesh. Venugopal withdraws. 3rd Bill passed. #NumberGame #GST
— HasParlAdjournedYet (@HasParlAdjYet) March 29, 2017
There was a rare show of solidarity within Parliament as the GST Bill was being discussed, despite the huge blowbacks from the passing of Finance Bill, 2017 on March 22.
Rajya Sabha passed Finance Bill with amendments and sent it back to Lok Sabha as recommendations which can be vetoed. Key amendment that was accepted was the move against the IT tax raid without furnishing a good enough reason to seize cash and/or property of the assesse.
Twitter applauded the passing of GST Bill Lok Sabha, not without snark of course.
CONGRATULATIONS India! #GST passed in Rajya Sabha. A very important reform, was stuck since a few years. #KnowFacts pic.twitter.com/mXsS52LdPB
— Gaurav Pandhi (@GauravPandhi) August 3, 2016
#GST bills passed huge watershed legislation and big personal triumph for @arunjaitley & his ability to carry the opposition as well.
— barkha dutt (@BDUTT) March 29, 2017
Forget the differences & imperfections, passing of #GST bills is biggest eco reform since Vajpayee's privatisations. Cherish this change
— Shekhar Gupta (@ShekharGupta) March 29, 2017