New Delhi, Apr 6: The Rajya Sabha passed all the four GST bills on Thursday paving the way for the long-pending Goods and Services Tax (GST) regime from July 1.
The four supplementary bills include 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 Lok Sabha had cleared these bills on March 29.
Now all the state assemblies will have ti pass the States GST Bill following which the new direct tax regime can come into existence.
Replying to 8-hour long debate on the bills Finance Minister Arun Jaitley said that that GST will not lead to inflation as doubted by some sections. He added that this reform will usher in a uniform tax regime in the country.
The Finance Minister further said that with the implementation of GST the businessmen in India can operate peacefully and at ease as they will be freed from harassment in the hands of different authorities.
The GST Council, which comprises of Centre and states, has recommended a four-tier tax structure – 5, 12, 18 and 28 per cent. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation.