New Delhi: Government is hopeful of getting the supporting legislations of Goods and Services Tax (GST) passed by Parliament in the second phase of the Budget session for rolling out the new indirect tax regime by July.

Replying to a question on GST bill, Parliamentary Affairs Minister Ananth Kumar on Thursday said, “That is on the plate. GST council is meeting on 18th and it will be decided after that, but we are hopeful that supporting GST bills will be passed in the next phase of the session.”

The government is hopeful of getting Central GST (CGST) and Integrated GST (IGST) draft legislations approved at the next GST Council meeting on February 18 and bring them in the second half of the ongoing Budget Session along with GST Compensation Act.

While the CGST will subsume central taxes of excise, central sales tax and service tax, IGST is to be charged on movement of goods and services from one state to another.

States will also have to enact SGST or State Goods and Service Tax laws with minor variation incorporating state based exemptions.

Also, a GST Compensation Act needs to be approved by Parliament to provide for compensation to states that lose revenue because of implementation of GST in the first five years.

The GST bill was passed by the Rajya Sabha during the monsoon session last year.

PTI

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New Delhi: The Cabinet Committee on Parliamentary Affairs (CCPA) will meet tomorrow at 11 a.m. to decide on advancing the Budget Session of Parliament.

Union Home Minister Rajnath Singh will chair the meeting. Apart from Singh, Union Finance Minister Arun Jaitley, External Affairs Minister Sushma Swaraj and Parliamentary Affairs Minister Ananth Kumar will also be present at the CCPA meeting.

The budget is expected to be presented on February 1 by Jaitley.

The Budget Session is being advanced as the government wants early allocation of funds for various schemes– from April 1, the beginning of the financial year.

The 2017 Budget is going to a historic one as the government, for the first time in 92 years, will present a budget that would be merged with the rail budget.

ANI

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