CA Sansaar
GST bill tables in Lok Sabha, Opposition demands bill be sent to Standing committee
PrintFinance Minister Arun Jaitley today said the Goods and Services Tax Bill (GST) will simplify the tax regime and contribute significantly for the growth of country's economy. Moving the the Constitution amendment bill for consideration in the Lok Sabha, Mr. Jaitley said it would be a win win situation both for the states and the central government.
He expressed hope that GST can lead to 2 per cent increase in GDP. Mr Jaitley tried to allay the apprehension of opposition members saying that there will be no revenue loss to States on account of GST implementation. He said, besides, ease of doing business, GST would help trade to grow and taxation of states will not be lost in any manner.The bill on GST regime will subsume all Central and State levies and create a single market.
Earlier, the House witnessed procedural wrangling over the bill. The opposition demanded that as the bill contains many new provisions, it needs to be sent to Standing Committee for thorough discussions. Congress leader Veerappa Moily said, there is no consensus among the states and the proposed legislation may lead to revenue loss to several states.
He demanded, the bill be referred to the standing Committee with the request to submit the report at the earliest. Another party leader Mallikarjun Kharge said the treasury benches are trying to create an impression that the opposition is delaying the bill. AIADMK member M Thambidurai also expressed fear that his state Tamil Nadu may lose ten thousand crore rupees annually once the GST is implemented. He strongly pitched for referring the bill to the Standing Committee for wider consultations.
Amidst the opposition demands, the Speaker Sumitra Mahajan allowed the Finance Minister to make an introductory statement on the bill in the House. Dissatisfied with the Speaker's ruling, Congress, Trinamool Congress, Samajwadi party, Rashtriya Janata Dal and Left members staged a walkout.
He expressed hope that GST can lead to 2 per cent increase in GDP. Mr Jaitley tried to allay the apprehension of opposition members saying that there will be no revenue loss to States on account of GST implementation. He said, besides, ease of doing business, GST would help trade to grow and taxation of states will not be lost in any manner.The bill on GST regime will subsume all Central and State levies and create a single market.
Earlier, the House witnessed procedural wrangling over the bill. The opposition demanded that as the bill contains many new provisions, it needs to be sent to Standing Committee for thorough discussions. Congress leader Veerappa Moily said, there is no consensus among the states and the proposed legislation may lead to revenue loss to several states.
He demanded, the bill be referred to the standing Committee with the request to submit the report at the earliest. Another party leader Mallikarjun Kharge said the treasury benches are trying to create an impression that the opposition is delaying the bill. AIADMK member M Thambidurai also expressed fear that his state Tamil Nadu may lose ten thousand crore rupees annually once the GST is implemented. He strongly pitched for referring the bill to the Standing Committee for wider consultations.
Amidst the opposition demands, the Speaker Sumitra Mahajan allowed the Finance Minister to make an introductory statement on the bill in the House. Dissatisfied with the Speaker's ruling, Congress, Trinamool Congress, Samajwadi party, Rashtriya Janata Dal and Left members staged a walkout.
Category : GST | Comments : 1 | Hits : 1481
Comments
MADHAVAN
25-Apr-2015 , 10:12:32 amI believe GST well passed in Lok Shabha.But in Rajya Shabha?. I request Congress party, TMC, SP,RJD & Left parties, Please Let them pass a Good Law to the Nation.Don't quarrel blindly always in Parliament.It creates a bad image on your party. S.MADHAVAN,MBA,FCA