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New Central Goods and Services Tax Bill seeks to broaden tax base: Govt

New Central Goods and Services Tax Bill seeks to broaden tax base: Govt
New Delhi, Mar 27 (UNI) The Central Goods and Services Tax Bill, 2017 moved in the Lok Sabha today among other things provides for measures to "levy tax" on all intra-state supplies for goods or services except supply of alcoholic liquor and also broad base the input tax credit. In the statement of objects and reasons for the Bill, Finance Minister Arun Jaitley said, "Any tax that is presently being levied by the Central Government or the State Government on the supply of goods or services is going to be converged in goods and service tax." "The proposed legislation will confer power upon the Central Government for levying goods and services tax on the supply of goods or services or both which takes place within a state. The proposed legislation will simplify and harmonise the indirect tax regime in the country," the statement said. Mr Jaitley said, the proposed goods and service tax will "broaden the tax base" and result in better tax compliance due to a "robust information technology infrastructure". The Bill seeks to establish the Goods and Services Tax Appellate Tribunal by the Centre for hearing appeals against the orders passed by the Appellate Authority or the Revisional Authority. The statement also said, "it is expected to reduce cost of production and inflation in the economy, thereby making the Indian trade and commerce more competitive". Earlier in the day, the much-awaited GST legislation, including the Central GST, the Compensation Law and Integrated GST were introduced in the Lok Sabha amid objections from Opposition Members over procedural matters. The draft legislation was introduced by Mr Jaitley as the Government included the GST matters in the supplementary agenda of the day's business. Opposition Members KC Venugopal (Congress) and Saugata Roy (Trinamool) sought a ruling from Speaker Sumitra Mahajan alleging that the Government was depriving the members of enough time to study the Bill. The Speaker, however, said the draft legislation were circulated on Saturday morning and she has given the permission to introduce the Bills. More UNI DEVN AE SNU 1520
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