Finance minister Arun Jaitley on Wednesday moved the four GST Bills for consideration and passage in the Lok Sabha. The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills were moved for consideration in the lower house and will be debated for a marathon seven hours by the legislators.
Jaitley said "With Lok Sabha having approved all 4 laws that Centre is supposed to legislate through Parliament, I think significant step forward has been taken. We are virtually seeing history in the making because we are now going to be transforming into a new system of indirect taxation"
Jaitley said "With Lok Sabha having approved all 4 laws that Centre is supposed to legislate through Parliament, I think significant step forward has been taken. We are virtually seeing history in the making because we are now going to be transforming into a new system of indirect taxation"
- 12 meetings of the GST Council were held to make it a process based on consensus and recommendations.
- Current indirect tax regime being replaced by a new mechanism under GST that will be run by the new federal system.
- Compensation cess under GST ensures that there is no additional burden, by keeping tax liability at the existing level.
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