The BJP is hoping to build a consensus and roll-out the GST by July 1. (File Photo) The BJP is hoping to build a consensus and roll-out the GST by July 1. (File Photo)

All four bills related to GST was on Wednesday passed in Lok Sabha with voice votes. Finance Minister Arun Jaitley, who tabled the bills on Monday, briefed the BJP MPs about GST’s impact at the party’s parliamentary board meeting on Tuesday. The Central GST, Integrated GST, Union Territory GST and the Compensation Law will be discussed in the House for around six hours. The BJP is hoping to build consensus and roll-out the GST by July 1.

Highlights:

8:54 pm: All four bills related to GST passed in Lok Sabha

8:41 pm: The CGST and Integrated GST (ICGST) Bill with amendments passed in Lok Sabha

8:31 pm Voting on GST underway. Clause by clause voting on GST bill.

8:11 pm Jaitley ends speech

8:09 pm Laws may change depending upon the political party in power. GST Council will thus protect the federal structure of the government: Jaitley

8:08 pm I have no illusions that smaller taxes like entry taxes will go after GST rollout: Jaitley

7:40 pm Jaitley says the new tax regime will place larger impetus on self assessment of taxes, it will do away with multiple levels taxation for citizens. He adds that the GST will aid free flow of goods and services across India and make Goods slightly cheaper.

7:39 pm “The objective of the new tax regime was to establish such a system that when goods and services flow across company, taxes are levied at a uniform rate and a single window,” Jaitley said.

7:37 pm I did not make the law. Seven members of the Congress made it: Jaitley

7:31 pm Arun Jaitley speaking in Lok Sabha amid protests by Opposition over GST. Veerappa Moily asks Jaitley who gave you the power to make changes. Moily asks if GST Council will have more say in fixing tax rates as Parliament will no longer have power to amend tax laws.

4:35 pm: Meanwhile, Arun Jaitley is speaking in the Rajya Sabha on the Finance Bill. He is addressing some of the concerns raised by opposition members.

3:45 pm: Surpiya Sule of the NCP is participating in the debate.

3:35 pm: You have such a huge mandate in Uttar Pradesh, you have to deliver. If you don’t deliver, people of UP will show you, says Mulayam.

As he strays off topic, Speaker tells him, “Please come back to GST.”

3:30 pm: As Mulayam Yadav speaks, someone in the background asks, ‘What did you whisper in Narendra Modi’s ear?” Yadav ignores obviously.

2:45 pm: We are sitting here to make history and I am happy to be a part of this historic occasion: Jaidev Galla, TDP MP from Guntur.

No power on earth can stop the implementation of this bill: Galla

He thanks Finance Minister Arun Jaitley for the step.

2:40 pm: Shiv Sena MP from Amravati is speaking now. He says the party supports the Centre on GST. He asks why alcohol and petroleum products have been excluded from the GST.

2:20 pm: Bhartruhari Mahtab of the BJD is making his statement in the debate. He represents Cuttack in Odisha.

1:55 pm: Kalyan Banerjee of the Trinamool Congress is the next to speak.

West Bengal fought uncompromisingly to protect the fiscal autonomy of all the states: Banerjee

Mamata Banerjee had given in-principle support to GST as early as 2009: Banerjee

Our state has always stood up for the marginalised and the needy: Banerjee

1:48 pm: Since India is an agrarian economy, GST does not affect agriculture as agriculture income is not subject to income tax. GST on fertilizer will be 25% which will be high. There is apprehension that GST will make the commercial tax department redundant, says AIADMK MP

Jayalalithaa had consistently raised many of these issues from 2014, he says.

1:44 pm: TN is concerned about the proposed impact GST will have on the fiscal autonomy of states, says TG Venkatesh Babu. He says the legislation jeopardises the fiscal decisions of the states.

It is true that a manufacturing state like Tamil Nadu will susbtantially lose revenue if GST is implemented: AIADMK MP

1:40 pm: AIADMK MP is now speaking on the debate.

12.50 pm: There are too many tax rates…one-nation, one-tax regime is only a myth, says Moily. “What you have brought today is not a game changer but only a baby step,” he said.

12.39 pm: Rs 12 lakh crore loss to the exchequer in last eight years over delay in rolling out GST, Moily claims.

12.35 pm: Congress MP from Karnataka Veerappa Moily rises to speak on GST, calls it a “historic reform”. “Of course, GST must have been implemented under the Congress but couldn’t pass it due to Opposition,” he said.

12.30 pm: It is a revolutionary bill which will benefit all. Twelve meetings of the GST council were held to make it a process based on consensus and recommendations: Jaitley in LS.

12.20 pm: Roll call: Prime Minister Narendra Modi and Congress President Sonia Gandhi are present in the House.

12.15 pm: Speaker Sumitra Mahajan suspends Question Hour and Finance Minister Arun Jaitley moves motion asking House to take GST-related bills into consideration.

11.50 am: Speaking to news channel NDTV, Arun Jaitley expressed confidence on achieving consensus in the House.

11.03 am: MJ Akbar replies to question on Amazon pulling out products featuring Indian flag. The e-commerce company created a preventive software to blacklist such products in the future, he says.

11.00 am: Question Hour underway in Lok Sabha.

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