Earlier in March, Lok Sabha had passed the GST bill.
The Congress withdrew all the amendments it had moved against the Bill. The Bills are related to Central GST, Integrated GST, UT GST and GST Compensation.
Moreover, four key legislations - the Central GST, Integrated GST, Union Territory GST, and the Compensation GST, have already been passed by the Parliament. "The present status quo will continue", he said. We have not felt the need of altering the arrangement. "It is because multiple GST rates have been introduced", he said. He said, besides making any information public, will have penal consequences. The fact of the matter is that with the advantages of GST and the resultant free-flow of goods and services across the country, a lot of conveniences will come in. The IGST will be a tax to be levied by the Centre on inter-state movement of goods and services.
Jammu and Kashmir will have to legislate its own law and integrate with the GST regime, Jaitley said, adding the state government was working on this as it would benefit the people there.
Regarding concerns expressed by some members on the structure of GST Network, the IT brain of the GST, Jaitley said this had been thought over properly during the UPA government.
Ramesh said he was not moving this amendment at all in keeping with the spirit of consensus, to maintain the federal framework and to give respect to the GST council. "Even the Constitutional Amendment Bill was supported overwhelmingly", finance minister Arun Jaitley said while summing up the debate at the Upper House.
Experts believe the GST Bill is one of the most significant reforms since India opened its economy in the early 1990s.
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"This Bill, I have no hesitation in conceding, is a collective property", he said.
He asked the government to clarify on this provision.
Congress, the main opposition party, heeded Manmohan Singh's advice and did not press amendments.
Mr Nagar said the government should ensure that the small businessmen in the country should not face any kind of problems. He congratulated the nation on the historic passing of the GST.
A moderate rate would facilitate compliance, he said. Sharad Yadav of JD (U) asked the government to make the system simple. The GST proposes a lower 5%, two standard tax rates of 12 and 18%, and a peak rate of 28%.
Noting that both the central and state governments are pooling their sovereignty to have this tax regime, Jaitley noted that India, despite being one political entity, remained different economic entities with states having different taxes. The bills will now be sent to the President for his assent after which it will become a legislation.