Centre to take up GST Bill in winter session
Union Minister of State for Finance (Revenue) J D Seelam on Wednesday indicated that the much-awaited Goods and Services Tax (GST) Bill would be taken...
Hyderabad: Union Minister of State for Finance (Revenue) J D Seelam on Wednesday indicated that the much-awaited Goods and Services Tax (GST) Bill would be taken up in the winter session of Parliament. However, the Finance Ministry would fine-tune the Bill in the wake of certain recommendations from the Standing Committee before sending to the Parliament.
“The Parliamentary Standing Committee on Finance has come out with some changes which we are processing now. We will incorporate requisite changes in the Bill and see to it that the Bill gets Parliament nod during the winter session,” the Minister told media on the sidelines of the interactive meeting organized by Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci) here.
The Minister further explained that some sub-groups were studying the changes suggested by the Standing Committee.
Introduced in Parliament in 2010, the GST Bill has been delayed several times in the wake of differences between the Union and state governments. The Bill which proposes to bring in common tax regime across the country will now come before the Parliament after Centre finalises it in consultation with various state governments.
Asked whether there was any move to sell gold owned by temples to improve economic situation, he replied in negative. "I cannot speak on that issue without proper information. Situation is improving. No need to sell or borrow the gold of temples. RBI and Finance Ministry have explained this. As of now, there is nothing to worry," he said.
Replying to a query on tax collection, Seelam said: "Normally first quarter figures will be low. It will improve. We are reviewing it. Now the upward trend has started. We will achieve our targets. First quarter is generally low because there will be refunds. Second quarter onwards it will improve.” On disinvestment issue, he said the Government is confident of achieving Rs 40,000 crore-target by the end of the current fiscal.