24 March,2017 09:56 AM IST | | Agencies
The government yesterday emphasized the urgency to pass the GST laws during the current session of Parliament, saying the Centre and the states would otherwise lose their right to collect indirect taxes after September 15
Arun Jaitley speaks in the Rajya Sabha. Pic/PTI
New Delhi: The government yesterday emphasized the urgency to pass the GST laws during the current session of Parliament, saying the Centre and the states would otherwise lose their right to collect indirect taxes after September 15.
Finance Minister Arun Jaitley said in the Rajya Sabha that the government is keen to roll out the GST on July 1 and other aspects like bringing petroleum and land under its ambit will be considered after the first year of implementation of the new system of indirect tax collection.
Replying to a debate on the Budget which was approved by the House later, he said four bills supporting the Constitution amendment law on GST enacted last year will be introduced in the Lok Sabha shortly. These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said. The ongoing Budget session ends on April 12.
He said the GST Constitutional Amendment Bill does not provide for extension of the deadline beyond September 15 this year for transition to GST regime. If Goods and Services Tax (GST) is not implemented by September 15, the government's legal entitlement for collection of taxes will.
