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Lok Sabha passed the Taxation Laws (Amendment) Bill, 2017. It seeks to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Finance Act, 2001, the Finance Act, 2005, and repeal provisions of few Acts. You can take a look at our bill summary to understand these changes. The Lower House also took up the discussion on the Constitution (One Hundred and Twenty-Third Amendment) Bill, 2017 and the National Commission for Backward Classes (Repeal) Bill, 2017. The Bills seek to provide constitutional status to the National Commission for Backward Classes, and repeal the National Commission for Backward Classes Act of 1993. Rajya Sabha completed discussion on the four bills related to the levy of the Goods and Services Tax (GST). During discussion members in the Upper House highlighted their concerns on a few issues. The classification of goods in the various tax slabs, limiting the tax rate, protection of data in the GST Network, effect of GST on FDI were some of the concerns expressed. Members also urged that the implementation of GST be audited by the CAG. The Minister of Finance replied to the debate. The Minister informed the House that the model laws were formulated with consensus after 14 meetings of the GST Council. Replying to the concern on classification of goods and services, the Minister stated that products will be classified in the tax slab which is nearest to the current tax. With regard to including real estate within the purview of GST, the Minister replied that some states have disagreed to this and the matter shall be taken up in the GST Council. Both houses were sitting at the time of sending this report.
The Motor Vehicles (Amendment) Bill, 2016 has been listed for consideration and passage in the current Budget Session of Parliament. India, as a signatory to the Brasilia Declaration, intends to reduce road accidents and traffic fatalities by 50% by 2022. |
