New Delhi: Lok Sabha on Wednesday passed four Key Bills related to GST. The bills were passed after a right-hour-long debate. The bills are -- Central GST, Integrated GST, UT GST and GST Compensation Bills.
The Central GST deals with taxation related to Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories. The compensation law has been prepared to give a legislative backing to the Centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation. Replying to around eight hour long debate, Finance Minister ArunJaitley said, the GST will replace various indirect taxes with a new tax regime which will ensure free flow of goods and services across the country. He said, the goods will become slightly cheaper after multiplicity of taxes is removed. He said, the object of GST is to have one tax and each assessee with one assessing officer. Responding to members’ questions, the Minister said under the GST, for one commodity there will be only one tax rate in the country.