Lok Sabha passes Taxation Laws Bill to repeal several tax laws

Lok Sabha passes Taxation Laws Bill to repeal several tax laws

It was Ramesh who then spilled the beans. "This is the reason the amendments in taxation law have been necessitated", the minister added.

Amid demands by industry and stakeholders to delay implementation of the Goods and Services Tax (GST) system, Union finance minister Arun Jaitley on Thursday said the government is still looking at July 1 as the date for rolling out the new indirect tax regime.

Also, the GST Council has included a peak rate of 40%, only as an enabling provision.

"The former Prime Minister is a statesman and the present Prime Minister is a politician", Ramesh said without elaborating.

"The broad approach of every member has been to support the legislation". It has started discussion on the GST Bills, which is being expected to be completed today.

With several members raising concerns about the uniform tax regime leading to rising in prices of the essential commodity, Finance Minister Arun Jaitley said that it will not lead to inflation and there will be one rate for a commodity in the entire country.

"The moment we set this practice, we can forget GST.Let us not unilaterally upset the federal arrangement".

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"Overall, it is a positive step toward implementation of GST, as without rules, it was hard to plan ahead", Jain said, adding that the industry hopes several issues around valuation and input credits will be revisited. The amendments moved by Trinamool Congress and the CPI (M) were put to vote and defeated by the House. There were 9 abstentions.

The GST, which has widely been regarded as a One Nation, One Tax regime would create a single nationwide market.

"There will be pitfalls".

He also raised concerns about the government's preparedness to implement the GST in the midst of the financial year, saying there is hardly any time left now as the Government is keen to roll out the indirect tax reform from July 1.

Asked whether he felt disappointed that it could not happen during his tenure, the former Prime Minister said, "well I think, let bygones be bygones".

"It could be a game changer but can't assume there will be no difficulties on the way", the former PM said.

Swamy said a Select Committee of the House headed by Bhupinder Yadav in its report had recommended that the government should take immediate steps to ensure that non-governmental shareholding in GSTN is limited to state- owned banks or public sector financial institutions.

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