Finance Minister Conveys Importance of GST Legislation in Current Budget Session

The Union Finance Minister Arun Jaitley has given an unusual hint towards the legislation process and directed the budget session currently active to pass the goods and service related drafts and legislatures in reference to garner the benefits and revenue of indirect taxes as it will discard the rights of centre and states to collect the taxes after the deadline of September 15. As asked about the previous discussion on the budget held in Rajya sabha, the Union minister said that all the four bills which very well supports the constitution amendment law on Goods and service tax in India progressed previous year will make their way in the Lok sabha as soon as possible.

The authority and the government also wants to roll-out GST from the preferred date of July 1, but will have to cross over the additional linked laws and regulations, but the revelation has also sourced the information that the budget session will dissolve on April 12 and also the information regarding the constitutional amendment law for GST was notified on 16 September previous year. And the reason being the same that it has a fixed tenure of one year to transfer to the new tax regime as the finance minister said in his words that, “After September 15 this year, the legal entitlement for the collection of taxes will end. So, the alternative system has to come in place before September 15.”

In its downtime, the ruling government has been lacking in the majority in Rajya sabha so in order to gain the momentum, it will need support and cooperation from the opposition. Even the finance minister was seen supporting the financial institutions by saying that if needed, the banks will be given extra capital. Talking about some other issues, the minister said that the petroleum products and aerated drinks will be held under GST after the states and GST council comes at the same point.