Apr 05, 2017: Both the houses of Parliament will assemble today after the break of four days and in Rajya Sabha, the Goods and Services Tax Bills will be taken up for discussion. The four Bills related to Central GST, Integrated GST, GST Compensation and Union Territory GST were passed by the Lok Sabha last week.
In the Lok Sabha, Finance Minister Arun Jaitley will move the Taxation Laws (Amendment) Bill- 2017. The bill seeks to amend the Customs Act 1962, the Customs Tariff Act 1975, the Central Excise Act 1944 and to repeal certain enactments.
The Customs Act is proposed to be amended to include warehouse in the definition of customs area to ensure that an importer would not be required to pay the proposed integrated GST at the time of removal of goods from a customs station to a warehouse. The Bill also seeks to abolish certain cesses or surcharges which are levied or collected as duty of excise or service tax under various Acts.
