Lok Sabha to discuss GST bills on Wednesday

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The GST Council and Union Cabinet have already given their nod to the Central GST, Integrated GST, Union Territory GST and Compensation Bill.

The government is keen to bring in GST from July 1, and other aspects like bringing petroleum and land under its ambit will be considered after the first year of implementation of the new indirect tax, he had said in the Rajya Sabha.

The 40 per cent would be apportioned equally between the Centre and the states.

He elaborated the fact that there have been no new provisions to provide "arbitrary powers" to the officials of Income Tax, and farmers' income would remain tax-free.

The GST is consumption based tax levied on the supply of Goods and Services which means it would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. A 2.5 per cent tax is prescribed for suppliers.

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The compensation would be met through levy of a cess called "GST Compensation Cess" on luxury items and sin goods like tobacco, for the first five years.

In a bid to give a boost to the National Pension System (NPS), Finance Minister Arun Jaitley in the Budget 2017 offered tax sops on the partial withdrawal of the contribution made by a salaried person. The minister on Friday passed the motion on government business for the coming week.

During the meeting, progress of different flagship schemes and development initiatives taken by the government are expected to come up for discussion.

Lok Sabha Speaker Sumitra Mahajan said: "It (four Bills) was circulated (on Saturday), but not listed in today's (Monday) list of business". The council will meet again on March 31, and will likely approve the items in each tax category. PwC India Indirect Tax Leader Pratik Jain said "a few important changes have been proposed in the GST bills which include zero rating of supplies to SEZs, introduction of "duty drawback" and exclusion of J&K from the definition of "India" for GST purposes".