Business Economy 09 Mar 2017 Expect passage of GS ...

Expect passage of GST bills in second leg of Budget session: Modi

DECCAN CHRONICLE
Published Mar 9, 2017, 10:49 am IST
Updated Mar 10, 2017, 12:49 pm IST
GST Council has already given nod to key legislations, IGST, CGST and SGST at its last meeting.
Prime Minister Narendra Modi.
 Prime Minister Narendra Modi.

Mumbai: Prime Minister Narendra Modi ahead of start of second part of Budget session of Parliament said his government was hopeful that all supporting laws of GST will be passed by Parliament in second leg of Budget session.

The second part of Budget session is starting today that expects to pass among other laws a Finance Bill to pave way for clearance of funds for government spendings.

 

Modi said his government expected healthy discussions to focus on issues affecting the poor, according to ET Now.

The GST Council at its last meeting has already approved model GST laws; Central GST, Integrated GST and State GST. Earlier, it also gave nod to a Compensation (to States) legislation that sets parameters for sharing of revenue between the Centre and the States.

First part of Budget session that started on January 30 and ended on February 9 saw passage of Union Budget 2017 first time in India's Parliamentary history on February 1.

 

Besides, Specified Bank Notes (Cessation of Liabilities) Act 2017 that provides for a fine of Rs 10,000 and Rs 50,000 for possession of 'illegal' tenders was also cleared during that Budget session.

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