Jaitley calls GST revolutionary; no relief for tax payers, says Moily


tax11The Goods and Services Tax (GST) bill as revolutionary, Union Finance Minister Arun Jaitley had hoped all related bills would be passed with a consensus in the present Budget session of Parliament.

While tabling the constitutional bill for a seven-hour discussion in the Lok Sabha, Jaitley said no extra tax will be imposed so as to provide compensation to the states. The respective states will be paid compensation within the existing mechanism.

As many as 12 meetings of the GST Council have been held so far to make the bill a process based on consensus and recommendations.

Jaitley in detail briefed the party MPs about all the four Goods and Service (GST) Bills in Tuesday’s Parliamentary party move.

Congress leader Veerappa Moily begins debate on the GST bill in the Lok Sabha after Jaitley tabled it. He said tax payers won’t get any relief under the GST regime. It will breed corruption and harassment. IT is not a game changer, he added.

Prime Minister Narendra Modi was also present in the House, as it took up the constitutional bill for discussion.

Meanwhile, the Congress wants to call for more amendments to the bill. Congress Vice-President Rahul Gandhi at a meeting with senior leaders chalked out an action plan not to let the bill pass in the its original form. The party has told its members not to block the bill’s passage.

The biggest tax reform since Independence, the GST bill will include taxes such as octroi, excise duty, service tax and Value Added Tax (VAT) among others.