GST BILLS TABLED – TO BE A REALITY NOW
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 29-3-2017
The Union Government has introduced the four GST related Bills in the Parliament (Lok Sabha or lower house) on 27th March, 2017. These four bills moved in the lower house of Parliament are the Central Goods and Services Tax (CGST) Bill, Integrated Goods and Services Tax (IGST) Bill, the Goods and Services Tax (Compensation to States) Bill and the Union Territory Goods and Services Tax (UT-GST) Bill.
These Bills are crucial to implement the goods and services tax in India which is most likely to be from July, 2017. The draft of these Bills were approved by the Union Cabinet on 21st March, 2016 after all hurdles wer
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of legislations:
Law
To be passed by
For
Central GST Bill, 2017
Parliament
To authorize and administer levy of CGST in country
Integrated GST Bill 2017
Parliament
To authorize and administer levy of IGST on inter-state movement of goods and services
UT-GST Bill 2017
Parliament
To authorize and administer levy of GST in the jurisdiction of Union Territory
State GST Bill 2017
Legislative assemblies of States
To authorize and administer levy of SGST in the States for intra-state movement of goods and services
GST (Compensation to States) Bill, 2017
Parliament
To authorize Union Government to compensate the States / UTs for any revenue loss arising from introduction of GST in India for 5 years.
It is expected that State Gove
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e percent
* Services imported into India will be taxed on reverse charge basis
* Shopping vouchers to be taxed at the time of redemption
* Alcoholic liquor and specified petroleum products are out of GST
* Online services (OIDAR) will be taxed under IGST
* Balance in Compensation Fund after 5 year will be shared between the Centre and States
* States to receive provisional compensation on bimonthly basis from centre for loss of revenue from implementation
* Financial year 2015-16 to be the base year for computing compensation.
In the meantime, GST Council shall decide on the following issues and close them before GST is introduced:
* Fitment of goods and services in the GST rate slabs
* Exemptions and abatements
* GST r
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