Lok Sabha passes GST (Compensation to States) Amendment Bill- 2017
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The Lok Sabha on Wednesday passed the Goods and Services Tax (Compensation to States) Amendment Bill- 2017 amid uproar by the opposition Congress and TMC.
The Bill will replace Ordinance which was promulgated in September this year. It amends the Goods and Services Tax (Compensation to States) Act, 2017. The Act allows the central government to notify the rate of the Goods and Services Tax (GST) Compensation Cess on items such as pan masala, coal, aerated drinks, and tobacco, subject to certain caps.
The amount received by levying the GST Compensation Cess is used to compensate states for any loss in revenue following the implementation of GST.
Replying to debate, Finance Minister Arun Jaitley said, the bill will enhance the cess from 15 percent to 25 percent. He said, hike in cess was necessitated to match the loss arising due to GST rate cuts on different items.
During the discussion and passing of the bill the Congress and TMC members remained in the well shouting slogans demanding resignation of Union Minister Ananth Hegde over his controversial remarks. After passage of the Bill, House was adjourned for the day. #casansaar (Source - NewsonAir)
The Bill will replace Ordinance which was promulgated in September this year. It amends the Goods and Services Tax (Compensation to States) Act, 2017. The Act allows the central government to notify the rate of the Goods and Services Tax (GST) Compensation Cess on items such as pan masala, coal, aerated drinks, and tobacco, subject to certain caps.
The amount received by levying the GST Compensation Cess is used to compensate states for any loss in revenue following the implementation of GST.
Replying to debate, Finance Minister Arun Jaitley said, the bill will enhance the cess from 15 percent to 25 percent. He said, hike in cess was necessitated to match the loss arising due to GST rate cuts on different items.
During the discussion and passing of the bill the Congress and TMC members remained in the well shouting slogans demanding resignation of Union Minister Ananth Hegde over his controversial remarks. After passage of the Bill, House was adjourned for the day. #casansaar (Source - NewsonAir)
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