After an eight-hour debate, the Lok Sabha on Wednesday passed four GST or Goods and Services Tax-related bills putting the government on course for the launch on July 1 of the country's biggest tax reform since Independence.
The four Bills are the Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and Services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017. Finance Minister Arun Jaitley addressing the media after the GST council meeting said that the council has approved the remaining rules of GST regime.
The development marks another step in the government's resolve to roll out the unified tax regime by July 1.
According to the GST, the identical rates of taxes on the goods and services will be collected by the state and Center.
The Central GST (CGST) bill - one of the four legislations introduced, states that any lease, tenancy, easement, licence to occupy land will be considered as supply of service.
Jaitley said that goods may become "slightly cheaper" once all other taxes are removed after implementation of GST.
"The rules along with the changes have been approved by the GST Council", said Jaitley.
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The GST Bills approved by the Lok Sabha now needs state level discussions inside State Assemblies, before being implemented pan-India.
GST Council will meet tomorrow to make detailed rules and procedures for the Goods and Services Tax.
"India has now moved towards one national one tax regime".
"These are revolutionary bills which will benefit all.States have pooled in their sovereignty into the GST council, and Center has done the same", he said.
Reports say that even a free lunch, auto drops, scholarship to employee's children, that are normally not part of the CTC package, can attract GST. Also, the requirement of registration of debit/credit card for payment of tax with the GST-network has been omitted from payment rules.
The amendment is to provide for levy of IGST and GST compensation cess on imports goods as to provide a level playing field to the domestic industry.
Taking to Twitter, Prime Minister Narendra Modi wished the entire nation over the passage of the Bill. Considering these challenges, I hope the Centre would take a considerate view for the sector in the initial days once GST kicks in.
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