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GST debate live: 7 hours allotted for landmark tax reform as Modi government eyes a July 1 launch




The big GST debate is on. The Modi government has tabled 4 Bills related to landmark tax reform before the Lok Sabha, eyeing a July 1 launch date for a unified tax regime. The move will subsume a slew of indirect taxes at the centre and in states. 

For GST, 7 hours have been allotted for today's debate, with union minister Arun Jaitley putting his argument first for this reform. Congress is likely to move amendments to the GST bills, but the leadership has advised its MPs that they should not come across as blocking the tax reform. 

Here's what the FM said in the Parliament: 
GST council was made under Article 279 A. 

GST consists of Central GST, State GST, Integrated GST and UT GST laws. 
There will be four tax rates, the highest being 28 percent. But luxury products and sin products like tobbacco products will attract extra amount. For five years, these will be considered as compensation cess and it will go to compensation fund. This money will go to states which sufferes loss. 

Read more at:
http://economictimes.indiatimes.com/articleshow/57888756.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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