New Delhi, March 27: Taking a step closer to the implementation of landmark tax reform, Finance minister Arun Jaitley on Monday introduced four bills on the Goods and Services Tax (GST) in the lower house of parliament.
The four bills, namely Central GST Bill (cGST), the Integrated GST Bill (iGST), the Union Territory GST Bill (utGST), and the GST (Compensation to States) Bill.
The government is keen to roll out GST from July 1 and the state assemblies are required to pass the State GST bill before the new tax system is out this year.
Earlier today Union Parliamentary Affairs Minister Ananth Kumar said Government is looking forward to have a consensus on the Goods and Services Tax (GST) Bill in the parliament and wants the legislation to be passed in the ongoing Budget Session of Parliament.
Pointing out all parties are consulted on the GST, Kumar said “Hope everyone will support the government on it. The government is committed to ensure the passage of GST in the ongoing Budget Session.”
The GST Council and Union Cabinet have already agreed upon the bills last week. Along with these four bills, amendments to the Excise and Customs Act to abolish various cess as well as furnishing bills for exports and imports under the new GST regime is placed in the Parliament.
The Business Advisory Committee of the Lok Sabha is likely to meet on Monday to decide on the duration of discussion on the Bills. States cabinet too will need to approve the State GST and then need the same to be passed by respective state assemblies to roll out the new tax regime.