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Wednesday, 3 August 2016

GST Bill News Updates

Goods and Services Tax bill scheduled to be moved by Finance Minister Arun Jaitley in the Rajya Sabha on Wednesday are expected to sail through with the government scrapping the additional levy of 1 per cent proposed earlier.
Technically called the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, it has proposed to delete Clause 18 of the original bill that intended to compensate the manufacturing states with one per cent additional duty for a period of two years or more for revenue losses.
The additional levy was also among the main objections of the opposition Congress party, whose support is necessary for the bill's passage since the National Democratic Alliance government lacks a clear majority in the upper house of parliament.
Also Clause 19 dealing with compensation to states for a period of five years or more towards the losses they may suffer due to a shift to the new regime, has been made more specific. It now says parliament by law "shall" compensate states, as opposed to the word "may" that was used earlier.

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