Finance Minister Arun Jaitley spoke about GST saying that it will bring uniformity in tax across the country
The Lok Sabha passed the Goods and Service Tax Constitutional Amendment Bill on Wednesday, with Union Finance Minister Arun Jaitley assuring the states that the Centre would compensate any tax losses suffered by them over the next five years.
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Lok Sabha passes GST Bill
Speaking in the Lok Sabha, Jaitley told the members that GST will bring a uniform tax structure across the country, adding that certain products like petroleum and alcohol have been kept out of the purview of the bill and have been kept under the domain of the states.
However, even as the voting for the bill was on, the Congress party staged a walkout. Ultimately, the bill received the two-third majority needed for it to pass.
12:10 IST Wednesday, 6 May 2015
Sonia Gandhi spoke about Right to Information Act in the Lok Sabha. She said that PM Narendra Modi had made many promises to the people on transperancy and good governance. But in a 'blatant U-turn', his government, through absence of CIC has made sure that highest offices aren't accountable under RTI Act. "Information delayed is information denied. This is simply not acceptable.
"Government has shown a deplorable lack of interest in punishing people responsible for delays in public services. Government is setting out to systematically subvert the functioning of the RTI Act', she charged at the Modi-led government.
She said that the PMO, Ministry of Defence should be brought under the RTI. "PMO, ministry of defence etc are not accountable for violations under RTI act, are protected from public scrutiny. This does not allow transparency."
She demanded that the Centre should fulfil its promise of fighting corruption through their actions.
12:40 IST Wednesday, 6 May 2015
Finance Minister Arun Jaitley spoke about GST saying that it will bring uniformity in tax across the country. "There will be no tax on tax. Today different layers of taxation exist. There will be uniformity of taxation across the country; there’ll be seamless transfer of goods and services."
Stressing on the benefits of the act, he said that the GST Act will provide a 'fillip to trade'. He said, "GST will make India, which has a sixth of the world's population, a single market."
The NDA government wants to roll out GST by April, 2016. Jaitley emphasised the givernment's desire to pass the bill soon. "GST Bill is not a dancing instrument which will go jumping from Standing Committee to Standing Committee."
I don't forsee any state losing revenue after roll out of GST. Cooperative federalism means strong states but does not mean a weak Centre
Revenue-neutral GST rate of 27% suggested by a panel is too high; actual figure is going to be much diluted
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