New Delhi: Union Finance Minister Arun Jaitley on Wednesday moved Goods and Services Tax (GST) Bill in the Rajya Sabha. Terming the bill as the most reformative tax reform, he said that the bill will empower the states and will increase revenue of states as well as Centre.
P Chidambaram, Congress Leader:
- I want an assurance from Finance Minister that GST is brought as a financial bill and not a money bill.
- Tax rate of this importance must only be changed with the approval of the Parliament.
- Please now, on basis of your own report –‘Cap the tax rate’. We mean it cannot be changed with whim of Executive.
- Any indirect tax falls equally on rich & poor.Indirect taxes being regressive in nature,trend is to keep it as low as possible.
- Standard rate must be 18% which will make #GST non-inflationary & acceptable to public.
The GST rate must only be changed by the approval of the parliament.
- Hope the Finance Minister will pass GST bill not on strength of numbers but in strength of his arguments.
- Today, if we pass this GST bill, it will be on basis of serious discussions, serious debate and negotiations.
- Not a matter between Union Finance Minister & state FMs, it concerns people of the country also.
- I would still urge FM to amend a provision to say GST council shall by regulation establish a dispute resolution mechanism.
- Also the mechanism should also include disputes arising otherwise than out of the recommendations made by GST Council.
- The heart of the bill is what will the rate of tax be? We must remember that we are dealing with indirect tax.
- Standard rate must be 18percent which will make GST non-inflationary & acceptable to public.
- In last 18 months Government tried to pass GST without support of principal opposition & I'm glad you also failed.
- We tried to pass GST bill with support of principal opposition party but we failed.
- There were too many flaws in the bill, which could be fixed and hence we didn't support the bill.
- Let me make it clear, Congress was never opposed to the idea of GST.
- If Finance Minister Arun Jaitely looks carefully, he will find pieces of clumsy drafting in the GST Bill.
Arun Jaitley, Union Finance Minister:
- Three enabling laws, two by the Parliament and one by the State Legislature would have to be passed.
- As a part of consensus, states felt that consumable alcohol had to be kept out. "The concept of GST council is Indian federalism at play. Two-thirds of voting power in the council belongs to the states."
- A legislation of this kind can't be based on partisan considerations.
Also read: GST Bill Moved In Rajya Sabha, Arun Jaitely Terms It As Most Reformative
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