Four GST bills introduced in Lok Sabha

Four GST (Goods and Services Tax) Bills were introduced by Finance Minister Arun Jaitley in the Lok Sabha on Monday. 

The bills introduced are the Central GST Bill, the Integrated GST Bill, the Union Territory GST Bill, and the GST (Compensation to States) Bill, Reuters said, adding, "The state assemblies will also have to pass the State GST bill before the new tax system can be rolled out later this year."

Government aims to roll out much awaited Goods and Service Tax bill from July 1, 2017. 

Finance Minister Arun Jaitley emphasised the urgency to pass the GST laws during the current session of Parliament, saying the Centre and the states will otherwise lose their right to collect indirect taxes after September 15, PTI reported. 

Jaitley said in Rajya Sabha that the government is keen to bring in GST from July 1, and other aspects like bringing petroleum and land under its ambit will be considered after the first year of implementation of the new indirect tax.

He had said the GST Constitutional Amendment Bill did not provide for extension of the deadline beyond September 15 this year.