Other than subsuming various Central indirect taxes and levies and State taxes, the Structure (122 Amendment) Invoice, launched in the Lok Sabha on Friday, confers simultaneous power to Union and State legislations to legislate on Goods and repair Tax (GST). All items and services, besides alcoholic liquor for human consumption, will likely be introduced beneath the purview of GST.
Petroleum and petroleum products have additionally been constitutionally brought underneath GST. Nonetheless, it has also been provided that petroleum products shall not be subject to the levy of GST until notified at a future date on the advice of the GST Council. The present taxes levied by the States and the Centre on petroleum and petroleum products, i.e., Gross sales Tax/VAT, CST and Excise obligation solely, will continue to be levied in the interim period.
Responding to the concerns aired by members, Union Finance Minister Arun Jaitley took them down memory lane to 2006 when it was mooted by the UPA in its Funds and likewise narrated efforts made by the present authorities to construct a consensus on what he has often billed as the ingle most important tax reform after 1947./p>
Stating that GST was riginally conceived by Vajpayeeji he identified that it was pushed by both the UPA Finance Ministers. he object behind the GST is to have a seamless transfer of products and services across the country. Let there be no tax on tax,Mr Jaitley mentioned.