News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
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 : 619
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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