New Delhi, Finance Minister Arun Jaitley on Wednesday moved four GST Bills for consideration and passage in the Lok Sabha, which then took them up for discussion.
“The four bills are being taken together because the matter of the bills are same,” Jaitley said while introducing the bills.
“Before the constitutional amendment, under the indirect tax regime Centre had right for implementing some taxes…. The discussion had been on for long for uniform tax system under which states and the Centre will share the tax collection,” he said.
The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills were moved for consideration in the lower house.
The CGST Bill will enable levy and collection of tax on intra-state supply of goods and services or both by the central government, the Integrated Goods and Services Tax Bill, 2017, which provides for the levy and collection of tax on inter-state supply.
The Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST.
The Union Territory Goods and Services Tax Bill, 2017, will enable levy and collection of tax on intra-state supply of goods and services or both by the union territories.