Finance Minister Arun Jaitley tables crucial GST bills in Lok Sabha
New Delhi, March 27: Taking another step to implement the biggest tax reform on time, Union Finance Minister Arun Jaitley has presented four supporting bills in Parliament that will allow it to meet its July deadline.
The bills — Central Goods and Services Tax, Integrated Goods and Services Tax, Union Territories Goods and Services Tax and the compensation law — were approved by the cabinet earlier this month. Once these get Parliament’s approval, state Goods and Services Tax bill will be presented in state assemblies.
The Central Cabinet approval came after the powerful Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley and featuring state finance ministers as members, cleared the five draft laws, ironing out the remaining differences between the states and the Centre on how to implement the national tax that will replace a slew of indirect taxes.
Goods and Services Tax (GST), the biggest tax reform in India since Independence, is expected to boost the rate of economic growth by about 0.5 percentage points, broaden the revenue base and cut compliance cost for firms.