You are using an older browser version. Please use a supported version for the best MSN experience.

Govt may table GST Bills in Parliament on Monday

LiveMint logoLiveMint 26-03-2017 PTI

New Delhi: The government is likely to table supplementary goods and services tax (GST) legislations in Parliament on Monday. People familiar with the development said central GST (C-GST), integrated GST (I-GST), Union Territory GST (UT-GST) and the compensation law are likely to be introduced in the Lok Sabha tomorrow and could be taken up for discussion as early as 28 March.

Also, amendments to the excise and Customs Act to abolish various cess as well as furnishing Bills for exports and imports under the new GST regime will be placed before the House. The Business Advisory Committee of the Lok Sabha is likely to meet on Monday to decide on the duration of discussion on the Bills, people aware of the move added.

According to them, the government is looking at passage of the GST Bills in the Lower House by 29 March or latest by 30 March. Then, these will move to the Rajya Sabha and this gives the government enough time to bring back any amendment adopted by the Upper House to the Lok Sabha. The amendments can either be rejected or incorporated by the Lok Sabha. The current session of Parliament ends on 12 April.

Also Read | Govt sets up working groups to address issues raised by industry on GST

Although the legislations will be introduced as Money Bills, the government wants discussion in both the Houses, people aware of the news said. The government has set a target of 1 July for rollout of GST, which will subsume excise, service tax, value added tax (VAT) and other local levies.

Once these Bills are cleared by Parliament, the states will then take the state GST (S-GST) Bill to their respective assemblies. S-GST has been prepared as a model of the C-GST, with each state incorporating state-specific exemptions. The I-GST deals in taxation of inter-state movement of goods and services while the UT-GST Bill covers taxation in UTs.

The compensation law has been prepared to give a legislative backing to the Centre’s promise to compensate the states for 5 years for any revenue loss arising out of GST implementation.

More From LiveMint

image beaconimage beaconimage beacon