Opposition parties reassess imposing amendments to GST Bills in RS

Punjab CM Captain Amarinder Singh during a meeting on agriculture in Chandigarh

The anti-profiteering provision was introduced by the Indian government to ensure that any tax benefit caused by GST would be passed on to consumers through lower priced goods and services, and not serve to benefit companies.

Congress leader Shashi Tharoor raised some issues related to the bill and sought clarifications from the minister.

Four supplementary legislations to the GST bill were passed today by Rajya Sabha, paving the way for its rollout from July 1.

Finance Minister Arun Jaitley on Thursday reflected on the Goods and Service Tax bill being passed in the Rajya Sabha and said that the government will give a final approval to the rules and rates on May 17-18 and hoped that the law could be implemented as planned on July 1. "Even the Constitutional Amendment Bill was supported overwhelmingly", finance minister Arun Jaitley said while summing up the debate at the Upper House. They will now be presented before the President for his consent, following which, states will pass another legislation, readying the country for a uniform Goods and Services Tax (GST).

Four GST bills are expected to be voted on in the Rajya Sabha on Thursday.

Noting that both the central and state governments are pooling their sovereignty to have this tax regime, Jaitley noted that India, despite being one political entity, remained different economic entities with states having different taxes.

Experts believe the GST Bill is one of the most significant reforms since India opened its economy in the early 1990s.




Talking about liquor being left out of the purview of the GST, Tharoor quipped, "you have levied such high taxes on all other items which will drive people to liquor".

Under the GST, for one commodity there will be only one tax rate in the country.

"We can of course ask the Council to reconsider its suggestion". The aim of the GST is to unify India into a common market and eliminate several central and state levies.

The Centre owns 24.5 per cent stake in GSTN, state governments own another 24.5 per cent, while the HDFC, NSE Strategic Investment Corporation, HDFC Bank and ICICI Bank own 10 per cent each.

"Parliament can not be ignored", he said, suggesting that the GST should be audited by the comptroller and auditor general.

However, the Central GST (CGST) law has pegged the peak rate at 20 per cent and a similar rate has been prescribed in the State GST (SGST) law, which takes the peak rate to 40 per cent which will come into force only in financial exigencies.

Related news:

Hot News

isis-killer-beheading-video-story-top Russian Foreign Ministry poked fun at hacker scandal
Apr 07, 2017 - 02:45
A ministry officer confirmed to The Associated Press that the message was an official joke. On social media, most reacted to the Foreign Ministry's proposed prank with LOLs.

Scotland's minister, a Trump critic, says she would meet him
Apr 07, 2017 - 02:45
Ms Sturgeon was at the United Nations building in NY last night where she gave a speech on women's rights and peacekeeping. The joint agreement was signed when Scottish First Minister Nicola Sturgeon met with the Governor of California, Edmund G.

isis-killer-beheading-video-story-top Flyers' Neuvirth carted off ice after collapsing in crease
Apr 07, 2017 - 02:43
Michal Neuvirth got the start, but collapsed in the crease during a stoppage in play and left the arena to get to a hospital. In the second period of Saturday's feisty game, Radko Gudas left after taking a high hit from New Jersey's Dalton Prout .

isis-killer-beheading-video-story-top Celebrate spring with an Easter egg hunt and plant sale at Riverside
Apr 07, 2017 - 02:43
MANTUA - VFW Post 7679, 8 New York Ave.in Mantua will hold an Easter Egg Hunt and lunch with the Easter Bunny on April 8 at noon. Friday and Sunday, with a 2 p.m. matinee Saturday, in the sanctuary of the Ebenezer Reformed Church, 202 E.

isis-killer-beheading-video-story-top Simon Gotch Released By WWE
Apr 07, 2017 - 02:42
Poor booking choices and the nearly extinct division on Smackdown Live hurt any potential the two had as a team in the WWE . Upon making their debuts, they were a heel team and picked up a win over the Lucha Dragons in their first ever match.

isis-killer-beheading-video-story-top Apple Watch Series 3 Rumored For Second Half Of 2017
Apr 07, 2017 - 02:42
The information was revealed by DigiTimes , a publication which boasts of numerous sources within the supply chain of Apple. Thus, it's likely Apple will keep selling Series 2 devices right alongside Series 3 models.

isis-killer-beheading-video-story-top Hyundai teases new Kona B-segment SUV
Apr 07, 2017 - 02:40
The South Korean automobile manufacturer's newest addition derived its name from the Kona district in the Big Island of Hawaii. Plenty of subcompact crossovers look and feel more like hatchbacks, but Hyundai says the Kona has "true SUV genes".

isis-killer-beheading-video-story-top Duterte fires Cabinet member over alleged wrongdoing
Apr 07, 2017 - 02:40
Mr Sueno said he was being badmouthed by three junior ministers in the Department of the Interior and Local Government. Sueno said the President must have been misinformed. "So I said, 'You're fired.' I just simply said, "You're fired".

isis-killer-beheading-video-story-top Ikutaro Kakehashi: Japanese music legend, 808 creator dies
Apr 07, 2017 - 02:40
Share with Us - We'd love to hear eyewitness accounts, the history behind an article, and smart, constructive criticism. Despite the success and popularity of the instruments, Kakehashi never received any formal musical training.

isis-killer-beheading-video-story-top Tent City -- opened by Sheriff Joe Arpaio -- to shut down
Apr 06, 2017 - 03:00
For Arpaio's critics, the tent city symbolized disregard for human rights and dignity. "This decision was based off of data". Tent City, the jail facility set up in Arizona by controversial Maricopa County Sheriff Joe Arpaio , will soon be no more.

isis-killer-beheading-video-story-top Luis' goal helps cement Atletico Madrid in third place
Apr 06, 2017 - 02:58
Angel Correa should have finished La Real off late on when he fired wide from just inside the area, but it mattered little as Atletico held on.

Westbrook ties triple-double mark; Thunder top Bucks 110-79
Apr 06, 2017 - 02:58
The Oklahoma City Thunder and Memphis Grizzlies meet Wednesday in National Basketball Association action at the FedExForum. SALT LAKE CITY - Gordon Hayward scored 30 points while Rudy Gobert added 20 points and 11 rebounds to lead Utah.

Advertisers flee Bill O'Reilly's show but impact unclear
Apr 06, 2017 - 02:57
Lisa Bloom, the lawyer for one of O'Reilly's accusers, has called for an independent investigation of Fox News. Asked by AFP, US carmaker Ford said it was not an advertiser for the Fox News channel.

isis-killer-beheading-video-story-top Former Trump campaign adviser: Info given to Russian spies 'immaterial'
Apr 06, 2017 - 02:57
Podobnyy noted that Page wrote him emails in Russian "to practice", and said "he flies to Moscow more than I do". Page gained national attention in July when he traveled to Moscow to give a speech at a commencement ceremony.

Expectations different at Chelsea and Spurs, says Conte
Apr 06, 2017 - 02:56
City, fourth and 11 points adrift of the Blues, can not be discounted either if they win at Chelsea , Conte says . Guardiola said this match is a really big away game for the team.