Finance Minister Arun Jaitley on Wednesday moved four GST Bills for consideration in the Lok Sabha for discussion. Since the matter of the bills are same, the four bills have been taken together, Jaitley said while introducing the bills.
Finance Minister moved the Central Goods and Services Tax (CGST) Bill 2017 along with three other GST Bills for consideration in the lower house.
While the Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST, the CGST Bill will enable levy and collection of tax on intra-state supply of goods and services or both by the central government the Integrated Goods and Services Tax Bill 2017 which provides for the levy and collection of tax on inter-state supply. The Union Territory Goods and Services Tax Bill 2017 will enable levy and collection of tax on intra-state supply of goods and services or both by the union territories.
Jaitley has said the GST bills are based on the principle of shared sovereignty and that the government wants to pass these landmark tax reforms through consensus. The government intends to roll out GST from the 1st of July.
