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  3. Govt likely to table four supporting GST legislations in Lok Sabha

Govt likely to table four supporting GST legislations in Lok Sabha

27 Mar 2017 Evaluate

The government is likely to table four supporting GST legislations—the Compensation Law, the central GST (CGST), Integrated GST (IGST) and Union Territory GST (UTGST) in the Lok Sabha on March 27 and could be taken up for discussion as early as March 28. The four crucial bills have already been cleared by the Union Cabinet for introduction and passage in the current session of Parliament that ends on April 12. 

Besides, the Union Cabinet has approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate the GST rollout and these too will be taken up in Parliament in due course. In order to decide on the duration of discussion on the Bills, the Business Advisory Committee of the Lok Sabha is likely to meet on March 27. The government is looking at passage of the GST Bills in the Lower House by March 29 or latest by March 30. Then, these will move to the Rajya Sabha, giving the government sufficient time to bring back any amendment adopted by the Upper House to the Lok Sabha. The amendments can either be rejected or incorporated by the Lok Sabha.

Once these Bills are cleared by Parliament, the states will then take the state GST (S-GST) Bill to their respective assemblies. S-GST has been prepared as a model of the central GST (C-GST), with each state incorporating state-specific exemptions. The integrated GST (I-GST) deals in taxation of inter-state movement of goods and services, while the Union Territory GST (UT-GST) Bill covers taxation in UTs. Besides, the compensation law has been prepared to give a legislative backing to the Centre's promise to compensate the states for 5 years for any revenue loss arising out of GST implementation. Meanwhile, the government has set a target of July 1 for rollout of GST, which will create one of the world's biggest single markets and make commodities cheaper and tax evasion difficult.

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