Goods and Service Tax – GST – By: – Bimal jain – Dated:- 8-5-2015 – Dear Professional Colleague, Lok Sabha passes the GST Constitutional Amendment Bill with 2/3 majority Amid stiff resistance followed by walk out by the Congress Members, the Lok Sabha today, on May 6, 2015 has passed the much awaited Constitutional (122nd Amendment) Bill, 2014 on Goods and Services Tax ( GST ) with 2/3rd majority. The Hon ble Finance Minister, Mr Arun Jaitley, has indeed been working hard for the smooth passage of the GST Constitutional Amendment Bill tabled in the last session of the Parliament in December, 2014 [calling it the Single biggest tax reform since Independence ], but he was taken aback by the sudden vociferous stand coupled with aggressive and brisk walk-out from the House by the main Opposition Party. As the Lok Sabha took up discussion on the GST Constitutional Amendment Bill on Tuesday, Finance Minister Mr. Arun Jaitley requested the Opposition to help clear the Bill and not to insist
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
where the ruling BJP is in a minority, the Congress has said it will insist on sending the Bill to a Parliamentary committee for review. Thus, the GST Constitutional Amendment Bill is likely to face stiff opposition at the Rajya Sabha and may be routed to the Standing Committee. Following are the salient features of the GST Constitutional Amendment Bill: Insertion of new Article 246A conferring simultaneous power to the Union and the State legislatures to legislate on GST. Insertion of new Article 279A for the creation of a Goods and Services Tax Council, which will be a joint forum of the Centre and the States. This Council would function under the Chairmanship of the Union Finance Minister. To do away with the concept of declared goods of special importance under the Constitutional. Central Taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the State l
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State. The Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of Goods and Services. There will be seamless flow of input tax credit from one State to another. Proceeds of IGST will be apportioned among the States. GST is a destination-based tax. All SGST on the final product will ordinarily accrue to the consuming State. GST rates will be uniform across the Country. However, to give some fiscal autonomy to the Centre and States, there will a provision of a narrow tax band over and above the floor rates of CGST and SGST. It is proposed to levy a non-vatable Additional Tax of not more than 1% on supply of goods in the course of inter-State trade or commerce for a period not exceeding 2 years, or further such period as recommended by the GST Council. This Additional Tax on suppl
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =