4 GST bills to be taken up Rajya Sabha for consideration
Author: Desk April 5, 2017
Four crucial bills related to GST are scheduled to be taken up Rajya Sabha for consideration and return today.
Finance minister Arun Jaitley will present the Central GST Bill, 2017; the Integrated GST Bill, 2017; the GST (Compensation to States) Bill, 2017; and the Union Territory GST Bill, 2017.
The four supplementary Goods and Services Tax (GST) legislations were passed by Lok Sabha last week. Both BJP and Congress have issued whips to their members to be present in the Upper House.
Touted as the biggest taxation reform since Independence, GST will subsume central excise, service tax, VAT and other local levies to create a uniform market.
GST is expected to boost GDP growth by about 2 per cent and check tax evasion.
The GST Council has recommended a four-tier tax structure – 5, 12, 18 and 28 per cent.