GST crosses last hurdle; Bill gets passed in Rajya Sabha

GST Bills to be tabled in Rajya Sabha today

What will cost more and what will be cheaper for you due to GST? Here's the list

Union Minister Piyush Goyal also reflected on the GST bills and said that they had become a reality now, whereas it was inconceivable a few months ago.

Manmohan Singh today prevailed upon the Congress not to try to score political points by pressing amendments to the GST bills in the Rajya Sabha, facilitating their return to the Lok Sabha unchanged.

The four Bills are the Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and Services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017.

Speaking with reporters after parliament passed the bills, Finance Minister Arun Jaitley said it was a "historic day".

Jaitley added that the government was still looking at July 1 as the roll out date for the new indirect tax regime.

In the backdrop of a reconciliatory mood, Rajya Sabha members showed consensus that the new indirect tax is the biggest reform since Independence and is the need of the hour.

The four GST Bills were passed after an eight-hour marathon debate in the Lower House. "It will become hard to implement", Jaitley said but O'Brien did not relent.

One more piece of legislation, the State GST Bill, will have to be passed by the legislative assemblies of States and Union Territories with legislature.

"If we are looking at one nation, one tax, than these issues should be looked into", he said.

Sharma urged Finance Minister Arun Jaitley and the GST Council to keep most of the goods, which are used by the common man, at the tax rate of 5 per cent.

On demand for real estate to be brought under GST, the minister said that some of the states started supporting it but the government will see the experience and in the first year will revisit the decision on real estate.

Sitaram Yechury of the Communist Party of India-Marxist expressed frustration that the GST was introduced to the Rajya Sabha as a finance bill.

Regarding audit by the CAG, he said the apex auditor draws powers from the Constitution and can scrutinise whether the respective departments are working according to the norms.

It has been set up primarily to provide IT infrastructure and services to central and state governments, tax payers and other stakeholders for implementation of the GST.

The balance 51 per cent equity is with non-government financial institutions - HDFC, HDFC Bank, ICICI Bank, NSE Strategic Investment Co and LIC Housing Finance Ltd.

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