A day after introducing Goods and Services Tax (GST) Bills in the lok Sabha, Union Finance Minister Arun Jaitley said the Bills are based on the principle of ‘shared
sovereignty’ and that the Government wants to pass these landmark tax reforms, billed as the biggest reform since Independence, through consensus.
“The Finance Minister in detail briefed the party MPs about all the four GST Bills and said these legislations are based on the principle of shared sovereignty,” Parliamentary Affairs Minister Ananth Kumar said. The Minister said the Bills were drafted after detailed discussions at the GST council which comprises of all States.
Jaitley was briefing the party MPs after BJP’s parliamentary party meeting which was also attended by Prime Minister Narendra Modi and Parliamentary Affairs Minister.
The GST will be debated in lok Sabha on Wednesday. The Government proposes to roll-out GST from July 1.
Jaitley in detail explained the four bills — Central GST, Integrated GST, Union Territory GST and the Compensation law—to the MPs and how these legislations would be beneficial, Parliame-
ntary Affairs Minister said.
The meeting was also told that the new legislations will usher in a one-nation one-tax regime cutting through a maze of taxes.
The Prime Minister had earlier conveyed to all parties that the Government wants to pass GST Bill through consensus and these Bills will be beneficial for the common man, Kumar said.
Modi had said that the passage of these Bills would lead to one tax regime for the entire country.
Former Karnataka Chief Minister and Congress leader S M Krishna, who recently joined the BJP, was also present at the meeting.
Meanwhile. the meeting also discussed the Cabinet’s decision to set up a National Commission for Socially and Educationally Backward Classes with constitutional status. According to Union Minister M Venkaiah Naidu the new commission will have judicial powers to summon an accused to appear before it and will also have powers to question the States on implementation of policies for the Backward Classes.