Par panel readies report on GST, govt gives in on major demand

As per the schedule, the report is to be submitted to the Rajya Sabha by July 24, within days of commencement of the Monsoon Session of Parliament.

There are some bills like the Nuclear Safety Regulatory Authority Bill, 2011 which were introduced by the then UPA government but are yet to be passed by the Parliament.

The earlier version said the compensation would be paid for “up to five years”, the source said.

A Parliamentary Committee, which scrutinised the crucial GST Bill, has prepared a draft report, the report will be considered by the Select Committee of Rajya Sabha when it is expected to be adopted for presentation in Parliament.

The eight-point note of dissent given by Congress members in the panel -Madhusudan Mistry, Mani Shankar Aiyar and Bhalchandra Mungekar – says the party will not support the bill unless it incorporates the amendments the party proposes.

The GST bill seeks to transform the country into a common market, harmonising a slew of state and central levies into a national sales tax.

Sources said the Congress members said they are unable to support a GST Bill that excludes indefinitely from the purview of the GST tobacco and tobacco products, alcohol for human consumption, and electricity supply and consumption, while proposing that all three be included in Clause 12 of the bill with the condition that the GST Council take a decision for their inclusion in the GST within five years.

Various stakeholders had argued that such an additional tax is against the spirit of the GST.

“The report on GST has been finalised”.

They also said the share of the states in voting in the GST Council must be enhanced to 75 per cent and the share of the Centre brought down 25 per cent in the interest of “cooperative federalism”.

This was one of many key calls for of varied events, together with Congress.

The committee has taken the view that States should protect the taxing rights and revenues of local bodies.

According to sources, the government will move an official amendment to the Goods and Services Tax (GST) Bill, a Constitution amendment legislation that is aimed at overhauling the tax structure in the country. The mandate of GSTN is to provide shared IT infrastructure and services to Central and State governments and taxpayers for implementation of GST.