GST: Manipur assembly passes GST Bill

'One nation-one tax' is the soul of GST, he said adding it is a destination-based consumption tax which will flow to the state where goods and services are consumed. So states like Manipur which are consumer states will benefit from GST, he added.

GST, he said, would bring in uniform taxation in the country and will curb the imbalance in tax variation and price variation in different states of the country.

Implementation of GST will not push up prices of goods and services and people should not panic about its implementation in the State.

He said that tax on alcoholic liquor for human consumption would be exempted under GST bill. Not all business dealers or shops are required to register for GST but only those whose annual revenue turnover is more than Rs 10 lakhs.

For those entrepreneurs whose annual turnover is less than Rs 1.5 crore, 90 per cent of them should vest under state GST and the remaining 10 percent under central GST. If the taxpayers annual turnover is above Rs 1.5 crore, then it would be divided equally between central and state GST, he added.

The union government would provide compensation for a period of five years from the date of GST implementation. Ruling BJP MLA P Sharatchandra and from the opposition bench Congress MLAs P Brojen Singh, O Surjakumar, K Ranjit Singh, Kh Joykishan Singh, K Meghachandra Singh, Kumari Ak Mirabai Devi, Th Lokeshwar Singh participated in the two hour long discussion.

Later, Speaker Shri Y. Khemchand adjourned the House sine die.