Earlier, Congress, AIADMK and left parties have filed dissent notes on the report of Rajya Sabha Select Committee citing several reasons for not supporting the Constitution Amendment Bill for rolling out GST in its current form. The committee has suggested that the provision in the bill that provided Centre “may” compensate states for a period up to five years for any revenue loss to be substituted by a commitment for compensation for five years.
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The Select Committee headed by BJP member Bhupendra Yadav met here on Friday to deliberate on the bill.
The Centre hopes to roll out GST by April 1, next year.
Mr. Jaitley said Congress has given its dissent note against the wish of traders who are demanding implementation of GST due to which the country’s GDP will increase.
It advisable that an evidence ought to be given in Clause 18 that the phrase “provide” would imply “Supply: All types of provide made for a consideration”. The BJP and its allies have 67 members in the 245-strong upper House, with Congress and its allies having 78.
The GST bill proposes compensation to states for five years for their revenue losses, but the Congress wants a GST Compensation Fund under the supervision of GST Council should be set up. “Keep the compliance process simple considering the low threshold limits envisaged and ensure robust transitional provisions are put in place so the assesses are able to transition their existing credits to the new tax regime”, he said.
This was one of the key demands of various parties, including the Congress.
The committee, which submitted its report to the Rajya Sabha chairman on Wednesday, has recommended that the government clarify while drafting the GST law that the additional 1% tax will be applicable only when the supply of goods is in exchange for money.
New Delhi, Jul 22 (IBNS) In a jolt to the opposition unity Congress-ally Nationalist Congress Party (NCP) has said that it will support the GTS bill, reports said.
The party also demanded that petroleum and petroleum products should be totally kept outside GST and states should also be empowered to levy higher taxes on tobacco and tobacco products. The proposal was included at the behest of states, such as Gujarat, which were playing hardball in joining the GST net. Congress, however, is yet to give up its opposition to the bill and on Monday moved dissent on the panel’s report, arguing that it was based on compromises and exclusions.
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The GST Council is entrusted with the task of overseeing its implementation, besides deciding on rates and exemptions.
