GST Bill to be tabled in Rajya Sabha today
The government has set July 1, 2017 target for the roll out of GST. Photograph: (AFP)
The GST bill, which was passed by the Lok Sabha on March 29, will be tabled in the Rajya Sabha today.
Finance Minister Arun Jaitley will table the bill in Rajya Sabha.
Although, the Rajya Sabha cannot make any changes to the bill as it has been classified as a money bill, it still can send recommendations to the lower house. The lower house can either accept or reject those recomendations.
The GST regime, which will replace the existing indirect tax structure in the country, is expected to further boost the business sentiment and aid economic growth.
It will subsume all the existing indirect taxes levied by the centre and states under one single tax.
The new tax regime will help in making India a single market as it scraps a number of different taxes and uses one tax for goods and services.
The GST regime will further the agenda of coopeartive federalsim as it makes the states and the centre equal partners represented in the GST Council, which is headed by the Finance Minister.
The lower house, Lok Sabha, passed the four GST bills -- central GST, integrated GST, the union territory GST, and the GST (compensation to states) bill -- on March 29.
The government has set July 1, 2017 target for the roll out of the GST regime.
(WION with inputs from agencies)