(MENAFN- KNN India)
New Delhi, Mar 29 (KNN) The debate on the much awaited GST Bills has started in the Lok Sabha as Finance Minister Arun Jaitley moved the four GST Bills for consideration and passage in the Upper House.
The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills were moved for consideration in the lower house.
The CGST Bill will enable levy and collection of tax on intra-state supply of goods and services or both by the central government, 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.
Seven hours have been allotted for debate on GST today.
While presenting the Bill for consideration , FM Jaitley said, 'It is a revolutionary bill which will benefit all.12 meetings of the GST council were held to make it a process based on consensus and recommendations. There will be four tax rates, the highest being 28 percent. But luxury products and sin products like tobbacco products will attract extra amount. For five years, these will be considered as compensation cess and it will go to compensation fund. This money will go to states which suffer losses.
He said GST Council is India's first federal structure with Constitutional status which will advise both Centre and State on GST.
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