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The integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.

The GST Council has already cleared drafts of all legislations required to be passed by the Parliament and state assemblies for implementing the new indirect tax.

One of the most important changes mentioned under this new Bill is making Aadhaar as a mandatory requirement for filing Income Tax.

GST is a proposed system of indirect taxation merging most of the existing taxes into single system of taxation. According to the proposal, partial withdrawals to the extent of 25 per cent of the contributions will not be taxed, which is in addition to the exemption of 40% of the corpus at the time of withdrawal.

The Business Advisory Committee of the Lok Sabha is likely to meet on Monday to decide on the duration of discussion on the Bills.

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

The unified tax will have four slabs of 5%, 12%, 18% and 28%.

A surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between Rs. 50 lakh and Rs 1 crore will be levied. A person convicted is punishable by up to five years of imprisonment plus a fine. "Studies show that this would have a boosting impact on economic growth". The four GST-related bills were introduced in the Lok Sabha or lower house amid protests by opposition parties who said they were sprung upon them without being listed in the day's agenda.

The Speaker, forced to give a ruling by the Opposition, dismissed their objections, saying that the Bills were circulated to all MPs on Saturday morning and that she had now permitted the government to introduce these. That was in response to junior Minister for Parliamentary Affairs SS Ahluwalia pointing out that the bills were uploaded on the government's website at midnight on Friday.


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