Passing GST Bills in current Parliament session vital: FM : The Tribune India

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Passing GST Bills in current Parliament session vital: FM

NEW DELHI: Finance Minister Arun Jaitley has stressed the importance of passing the GST laws during the current session of Parliament, saying the Centre and the states would otherwise lose their right to collect indirect taxes after September 15.



Tribune News Service

New Delhi, March 23

Finance Minister Arun Jaitley has stressed the importance of passing the GST laws during the current session of Parliament, saying the Centre and the states would otherwise lose their right to collect indirect taxes after September 15.

The Finance Minister said in the Rajya Sabha that the government is keen to roll out the GST on July 1 and issues like bringing petroleum and land under its ambit will be considered after the first year of implementation of the new system.

He added that under the GST there will be hardly any interface between the tax officers and the taxpayer as the information technology backbone will be matching the transactions and only around 5% of cases will come up for scrutiny only after red flags are raised in the IT system.

Replying to a debate on the Budget, he said four Bills supporting the Constitution amendment law on GST enacted last year will be introduced in the Lok Sabha shortly.

These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said. The ongoing Budget session ends on April 12.

He said the GST Constitutional Amendment Bill does not provide for extension of the deadline beyond September 15 this year for transition to GST regime and the alternative system has to be in place before that.

On petroleum products and alcohol, the Finance Minister said these will come under GST once the states and the GST Council arrive at a consensus on the rates to be imposed. He said these are a part of GST “but till all the states, the GST Council agree, we won’t start imposing tax on these”. Till then, the states will continue to impose their own taxes.

On land aspect, Jaitley said the Chief Economic Adviser and the Delhi government have favoured its inclusion in the GST because there is “enormous use of black money in it”.

This view, he said, has “logic” and therefore the GST Council decided that these aspects will be considered after one year of GST implementation.

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