Under GST, the states and the Centre will collect identical rates of taxes on goods and services.
Earlier this year, Finance Minister Arun Jaitley, while presenting the Union Budget 2017-18, stated that efforts are underway to explain the provisions of the GST to various sections of the society.
The new tax regime is all set to debut in the later half of this year and before that the state assemblies will also pass the State GST Bill.
The government is keen to bring in GST from July 1, and other aspects like bringing petroleum and land under its ambit will be considered after the first year of implementation of the new indirect tax, he had said in the Rajya Sabha.
Along with these four bills, amendments to the Excise and Customs Act to abolish various cess as well as furnishing bills for exports and imports under the new GST regime will be placed before the Parliament.More news: GOP Leaders Promise Dissenters That Senate Will Gut Essential Health Benefits
As per the draft bills, CGST and IGST will be applicable to whole of India except Jammu and Kashmir. The government is aiming to introduce the most important indirect tax reform from July 1.
The Compensation Law provides for levy of cess on top of the peak rate of approved tax (28 per cent presently) on paan masala, tobacco, aerated waters, luxury cars and coal to create a non-lapsable fund for compensating states. It is estimated that rolling out of the GST can add up to 2 per cent to India's economic growth. The surcharge will be capped at 15 percent. The GST Council may also extend the duration of compensation received by the states.
The Opposition MPs, however, took strong objection saying how could the government expect the members to check the website at midnight and why the issue was not discussed at the meeting of Business Advisory Committee last week.
Lok Sabha Speaker Sumitra Mahajan said: "It (four Bills) was circulated (on Saturday), but not listed in today's (Monday) list of business". These Bills would pave way for introduction of GST in the country. They have been passed in the Inter-State Council and the cabinet has taken a decision.