GST live in Parliament: TMC urges Centre to defer rollout to September 1

inance Minister Arun Jaitley has already introduced the Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST bills in the Lok Sabha.

Finance Minister Arun Jaitley on Wednesday moved the four GST Bills for consideration and passage in the Lok Sabha. The debate is said to be continuously for seven hours without a lunch break.

The Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills were moved for consideration in the lower house.

The CGST Bill will enable levy and collection of tax on intra-state supply of goods and services or both by the central government, the Integrated Goods and Services Tax Bill, 2017, which provides for the levy and collection of tax on inter-state supply.

The Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST.

The Union Territory Goods and Services Tax Bill, 2017, will enable levy and collection of tax on intra-state supply of goods and services or both by the union territories.

Here are the live updates:

02:42 pm: West Bengal MP Kalyan Banerjee lauds FM Amit Mitra, who is the chairman of the GST Council for urging government to consider deferring its launch to September 1.

02:34 pm: Biju Janata Dal leader Bhartruhari Mahtab echoes TMC's concerns against "over expectations" from GST.

02:10 pm: In GST era, every state will have to file 31 returns every year, which goes against the 'One nation one tax' claim: BJD

01:20 pm: Udit Raj defends the legislation, says GST is not "draconian" as Veerappa Moily said. "We are talking about corruption-free India, not Congress-free India (Congress-mukt Bharat)."

01:15 pm: Meanwhile, Finance Secretary Ashok Lavasa said that we should work towards GST deadline of 1 July, it will be a landmark.

01:12 pm: Congress has proposed amendments so the country does not face problems after GST, Moily says in his closing statement.

12: 54 pm: The anti-profiteering clause of GST is far too draconian: Veerappa Moily, Congress in Lok Sabha

12: 39 pm: States have pooled in their sovereignty into the GST council, and Centre has done the same

12:38 pm: It is a revolutionary bill which will benefit all: FM Jaitley in Lok Sabha

12: 30 pm: 12 meetings of the #GST council were held to make it a process based on consensus and recommendations: Jaitley

12: 26 pm: Finance Minister Arun Jaitley has moved four GST bills for consideration in Lok Sabha

OneIndia News (with PTI inputs)