April 6, 2017 6:45 PM

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Exempted items will continue to be exempted under new tax regime: Jaitley

Finance Minister Arun Jaitley today assured the Rajya Sabha that all those items which are exempted today will continue to be exempted under the new indirect tax regime. <br/><br/>Replying to a debate on the consideration and return of all four GST related bill, Mr Jaitley said, under the present system, there is federal arrangement in which no party can unilaterally alter. He said, with the passage of the new law, free flow of goods and services will take place and the country as a whole will benefit. <br/><br/>Mr. Jaitley said, nine set of rules have to be made out of which five rules have been finalised and four others have been approved tentatively. He said, the work on fixing rates has started and GST council will take final decision in the next month. <br/><br/>The Minister said, the country started on the idea of a GST law in 2006, it looked very difficult but today it is a collective property of the nation. On GST network, Mr. Jaitley said the data is fully secured with an IT firewall. He said, besides IT firewall, making any information public, will have penal consequences.<br/><br/>Earlier, participating in the discussions, senior Congress leader Kapil Sibal said, the GST is not an ideal law. Mr Sibal said the bill excludes tobacco, petrol, turbine and real estate from its list. He asked the government how it can maintain secure data. He said the GST is anti-MSME, industry, agriculture.<br/><br/>Earlier, resuming the discussion, Surendra Singh Nagar of the Samajwadi Party wanted to know from the government what measures are being thought of in case inflation goes up and down as it has happened in some of the countries which introduced the GST concept. He said the government will face a big challenge due to GST effect on Foreign Direct Investments (FDI).<br/><br/>Mr Nagar said the government should ensure that the small businessmen in the country should not face any kind of problems. <br/>Satish Chandra Mishra of the BSP described GST as historic bill and said his party is supporting it. He suggested that people should also be acclimatized about the concept. <br/><br/>He said the small businessmen who commit offences in their business dealings should be given relaxation in the first year of the GST implementation. Sharad Yadav of JD(U) asked the government to make the system simple. Praful Patel of the NCP wanted tobacco, petrol and electricity should be added to the list of GST.

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