New Delhi: Government is keen to have proper discussion on the three GST legislations in Parliament even as the Lok Sabha today pushed through the I-T Amendment Bill amid din without debate.
The government wants these Bills to be approved by the two Houses of Parliament with a consensus in the ongoing Winter Session so that the new tax regime could be rolled out from April 1 next year.
A top source in the government said the amendment to the Income Tax Act had to be passed by the Lok Sabha today without discussion as it was a necessity because of "law and politics".
"GST has broader ramifications for states and involves state revenues. We would prefer a discussion for passage of GST Bills," the source said.
The Centre and states are finalising three Goods and Services Tax (GST) legislations -- CGST, IGST and compensation law -- which are to be introduced in the ongoing Parliament session, which ends on December 16.
Explaining the urgency to pass the Income Tax Second Amendment Bill, the source said the purpose of it was to ensure the black money enters the formal banking system.
"The predominant purpose of the PMGKY scheme is to use the proceeds for benefit of the poor. The political purpose is to impose exemplary tax on black money and then bring it back into the system," the source added.
Amending the IT Act, the government has brought in a new scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY) under which black money will be taxed at 50 per cent. Besides, 25 per cent of the money will be kept locked in for 4 years without any interest.
If people do not disclose under PMGKY and do so with the IT department afterwards, the amendment to the Act provides that they will have to pay 75 per cent tax. But if the assessing officer catches the assessee holding back the money, then the penalty will go up to 85 per cent.
The government wants these Bills to be approved by the two Houses of Parliament with a consensus in the ongoing Winter Session so that the new tax regime could be rolled out from April 1 next year.
A top source in the government said the amendment to the Income Tax Act had to be passed by the Lok Sabha today without discussion as it was a necessity because of "law and politics".
"GST has broader ramifications for states and involves state revenues. We would prefer a discussion for passage of GST Bills," the source said.
The Centre and states are finalising three Goods and Services Tax (GST) legislations -- CGST, IGST and compensation law -- which are to be introduced in the ongoing Parliament session, which ends on December 16.
Explaining the urgency to pass the Income Tax Second Amendment Bill, the source said the purpose of it was to ensure the black money enters the formal banking system.
"The predominant purpose of the PMGKY scheme is to use the proceeds for benefit of the poor. The political purpose is to impose exemplary tax on black money and then bring it back into the system," the source added.
If people do not disclose under PMGKY and do so with the IT department afterwards, the amendment to the Act provides that they will have to pay 75 per cent tax. But if the assessing officer catches the assessee holding back the money, then the penalty will go up to 85 per cent.
COMMENTS
Advertisement
Income Tax Was Introduced On This Day: Celebrating India's Fiscal Milestone Up To 10 Years In Jail, Rs 1 Crore Fine: Government Gets Tough On Paper Leaks And Cheating President Prorogues Both Houses After Winter Session Of Parliament Parents Gave Names Of Interns, Doctors To CBI In Kolkata Horror: Sources Who Is Jasveen Sangha, "Ketamine Queen" Charged With Matthew Perry's Death How Extreme Weather Is Leading To Rise In Child Marriages In Pakistan Blinken Heading To Israel To Press Gaza Truce 'INDIA' Is with You Against "Injustice": Rahul Gandhi To Arvind Kejriwal "Strong Indications" Bangladesh Security Forces Used "Unnecessary" Force: UN Track Latest News Live on NDTV.com and get news updates from India and around the world.