Parliamentary Standing Committee on Finance finalised GST Report
GST report finalised by the Standing Committee on Finance. The GST Bill sent for scrutiny in 2010, the time when it was tabled in the Parliament.
The Parliamentary Standing Committee on Finance on 20 July 2013 finalised its GST (Goods and Services Tax) report. The report would be tabled in the parliament during its Monsoon season that is scheduled to begin from 5 August 2013.
The GST Bill was introduced in the Parliament in 2010 and since then was being examined by the Standing Committee on Finance. The proposed GST aims towards bringing in a common tax regime for goods and services by including most of the indirect taxes and would be beneficial in increasing the revenue collection.
Earlier, several deadlines were missed-out by the standing committee in submission of the report due to the differences between the central and the state governments. The governments at the two levels had issues of central sales tax, compensation to states and design of GST structure.
About Parliamentary Committee and its types
Parliamentary Committee means a Committee, which is appointed or elected by the House or nominated by the Speaker and which works under the direction of the Speaker and presents its report to the House or to the Speaker and the Secretariat for which is provided by the Lok Sabha Secretariat.
By their nature, Parliamentary Committees are of two kinds: Standing Committees and Ad hoc Committees. Standing Committees are permanent and regular committees which are constituted from time to time in pursuance of the provisions of an Act of Parliament or Rules of Procedure and Conduct of Business in Lok Sabha. The work of these Committees is of continuous nature. The Financial Committees, DRSCs and some other Committees come under the category of Standing Committees. Ad hoc Committees are appointed for a specific purpose and they cease to exist when they finish the task assigned to them and submit a report. The principal Ad hoc Committees are the Select and Joint Committees on Bills. Railway Convention Committee, Joint Committee on Food Management in Parliament House Complex etc also come under the category of ad hoc Committees.