Finance Minister Arun Jaitley on Monday tabled the four legislations for implementation of the goods and services tax in the Lok Sabha. The laws, which need to be passed by Parliament are Central GST, Integrated GST, UTGST and Compensations laws.
Once these Bills are cleared by Parliament, the states will then take the state GST (S-GST) Bill to their respective assemblies.
The four GST legislations are the last remaining pieces for the ambitious indirect tax reform, which the government wants to implement from 1 July 2017.
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The government is looking at the passage of the GST Bills in the Lower House by March 29 or latest by March 30. According to the proposal, partial withdrawals to the extent of 25 per cent of the contributions will not be taxed, which is in addition to the exemption of 40% of the corpus at the time of withdrawal.
Minister of State for Parliamentary Affairs S.S. Ahluwalia said the bills were approved late on Friday night, and the Lok Sabha Secretariat was closed during the weekend.
The government will create a fund to compensate states for any revenue lost from the new GST during the first five years.
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The law provides for arrest, ordered by a Tax Commissioner, in case of suppression of any transaction or evading taxes. And for those who are earning more than Rs 1 crore, the additional surcharge is 15%. A person convicted is punishable by up to 5 years of imprisonment and/or fine. It is estimated that rolling out of the GST can add up to 2 per cent to India's economic growth. The GST Council may also extend the duration of compensation received by the states.
In a bid to give a boost to the National Pension System (NPS), Finance Minister Arun Jaitley in the Budget 2017 offered tax sops on the partial withdrawal of the contribution made by a salaried person.
The Opposition MPs, however, took strong objection saying how could the government expect the members to check the website at midnight and why the issue was not discussed at the meeting of Business Advisory Committee last week.
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The Lok Sabha will now debate on the GST bill on Wednesday.