GST Bill May Pass But Can Again Face Parliament As Finance Bill
Finally,a healthy debate occurred in Rajya Sabha on 3rd August 2016, for the first time, after GST Bill was passed in Lok Sabha.It can pave a way for passing of GST Bill.
The Congress and some parties demanded that it should be passed as Finance Bill rather than a Money Bill. They also demanded that it should come back to both the houses of Parliament after being passed in respective State Legislative Assemblies for further debate.
GST Bill May Pass
It is pertinent to understand that there are 3 kinds of Financial Bills as below :
b.Financial Bills category-I &
c.Financial Bill category-II.
Whereas,Money Bills are those billswhichare related to exclusive provisions as listed in Article 110 of the constitution.
But, Financial Bills are those billswhichare related to fiscal matters.Hence, the demand of such parties cannot be brushed aside.
If the Central Governement agrees to it, then implementation of GST will be delayed and the new deadline of 1st April 2017 will be in doldrums.The entire process will delay for enactment of GST Act,2016 as well.
The way to GST regime is not that easy as is being perceived. Let's hope for the best.
by Anandaday Misshra,Advocate
He is an eminent High Court advocate with expertise in GST model of different countries.He practices in Indirect Taxes, Corporate laws, Arbitration, IPR, Contract laws etc,.He can be contacted on firstname.lastname@example.org