GST Bills may be introduced in Lok Sabha on Monday
- Author: Zachary Reyes Mar 25, 2017,
Mar 25, 2017, 2:24
Finance Minister Arun Jaitley has said that on the back of tax buoyancy in the country for the last two years, the Government is targeting Rs 19 lakh crore tax revenue in 2017-18 while the upwardly revised target of Rs 17 lakh crore tax receipts would be achieved this fiscal.
Real estate, which does not form a part of Goods and Services Tax, may soon come under its ambit as most of the black money is parked in this sector, Finance Minister Arun Jaitley said on Thursday.Petroleum products, a contentious issue between the Centre and states, however, form part of the GST but the Centre will not impose the tax until all states agree on it, Jaitley said. "The GST Council has made a decision to let the implementation of GST begin (July 1) and then take up the land issue during the first year", Jaitley said.
On Aadhaar being made mandatory for filing income tax returns, Gowda said it was a "brazen attempt" to undermine the Supreme Court's directives.
Also, Article 110 (2) of the Constitution says that a Bill shall not be deemed to be a Money Bill if it is only aimed at the imposition of fines or other pecuniary penalties; demand or payment of fees for licences or fees for services rendered. The amendment had to be introduced to lower the limit from the budget proposal of Rs 3 lakh.
He said GST is a "political package" that had been drawn up after discussions between the Centre and the states. "That is the reason, keeping in view that govern 219 does not particularly bar incorporation of non-tax assessment recommendations in a Finance Bill, I rule out the Point of Order", she said while dismissing objection moved by N K Premachandran (RSP), which were upheld by the Trinamool Congress (TMC) and the Biju Janata Dal (BJD). It will also be hard to prove that an auction has taken place at all, making it possible for the government to award contracts without proving that any competitive process has taken place to earn the job.
Rakesh Singh (BJP) said the government is working towards overall development of the women, the children, the poor, the youth and the farmers.
While income tax on individuals earning less than Rs 2.5 lakh per annum is nil, the government has also halved the tax on workers with an annual income of less than Rs 5 lakh.
Jaitley said India has "hugely" a non-tax compliant society and the government banned higher denomination notes to curb the tendency of people to deal in cash that lead to tax evasion as well as terror financing.
The government is also promoting digital transactions to reduce corruption and increase transparency in the system. "Till all the states, the GST Coun cil agree, we won't start imposing tax on these", he said.
He also said that Tamil Nadu should be adequately compensated during the GST implementation till the break-even is reached.
"Must we keep adding to the cash flow when alternative methods were available", he said.