New Delhi [India], Mar. 29 : Union Finance Minister Arun Jaitley on Wednesday moved the four Goods and Services Tax (GST) Bill in the Lok Sabha for consideration.
Jaitley had earlier tabled the four GST related bills- the CGST, IGST, UT GST and GST Compensation Bills in Lok Sabha.
The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services, the integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.
The compensation bill has been drafted to give a legislative backing to the Centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation.
Once these Bills are cleared by Parliament, the states will then take up the state GST Bill in their assemblies.
S-GST bill has been prepared as a model of the central GST, with each state incorporating state-specific exemptions.
Jaitley 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.
He also briefed the party MPs after BJP's parliamentary party meeting today. The meeting was also told that the new legislations will usher in a one-nation one-tax regime. The government has set a target of first of July for rollout of GST, which will subsume excise, service tax, VAT and other local levies.