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Sunday , 24 September 2017
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GST cleared by Rajya Sabha; roll out on July 1

Four supplementary legislations to the GST bill were passed today by Rajya Sabha, paving the way for its rollout from July 1. The four supplementary bills approved by Rajya Sabha are the Central GST Bill, 2017, the Integrated GST Bill, 2017, the GST (Compensation to States) Bill, 2017 and the Union Territory GST Bill, 2017. It may be recalled that Lok Sabha had approved these bills on March 29. Now, the only hurdle that remains involves the approval of States GST Bill by various states.

During a lengthy 8-hour debate in the Rajya Sabha, Finance Minister Arun Jaitley assured everyone that GST will not lead to inflation, as was being feared by some people. He also said that GST will pave the way for a uniform indirect tax regime in the country. Jaitley added that after GST is implemented, businesses will be able to operate without fear, as harassment on part of various authorities will end completely. However, it may be recalled that the applicable rates are yet to be finalized, discussions for which are scheduled to be held on May 18-19.

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