GST KNOWLEDGE SERIES # 4: COMPARISON OF GST BILL 2014 AND RECOMMENDATIONS OF SELECT COMMITTEE OF RAJYA SABHA,2015 – Goods and Service Tax – GST – By: – CA. Chitresh Gupta – Dated:- 5-8-2015 Last Replied Date:- 30-12-1899 – The Constitution (122nd Amendment) Bill, 2014 was introduced in Lok Sabha on December 19, 2014 and was passed by it on May 6, 2015. The Bill was referred to a Select Committee of Rajya Sabha for examination which submitted its Report on July 22, 2015. The Report contained various recommendations along with three Notes of Dissent submitted by Congress, AIADMK and CPI. The Table below compares the provisions of the 2014 Bill with the recommendations of the Select Committee and the Notes of Dissent. Constitution (122nd Amend
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al 1% tax, states should be permitted to retain 4% of centre s share of IGST on all inter-state supplies of goods. Compensation to states (Clause 19) Parliament may provide for compensation to states for a maximum period of five years 100% Compensation to be for a five year period. 100% compensation to be provided for five years. Compensation must be deposited in a GST Compensation Fund, under the GST Council. Coverage of GST (Clauses 12, 14 and 17) Alcoholic liquor for human consumption to be exempt from GST. GST is to be levied on petroleum crude, high speed diesel, motor spirit, natural gas, aviation turbine fuel at a later date. GST to be imposed on tobacco. Centre to impose additional levy on tobacco. No Changes Proposed Tobacco and to
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of GST rates (over the floor rate) within which CGST and SGST may be levied on specific goods or services or class of good or services. Voting: No changes proposed A statutory GST Council is not required. A body like Empowered Committee of state Finance Ministers is adequate. A ceiling of 18% must be imposed on GST rates. Special consideration to be given to states or Union Territories whose population does not exceed 20 lakh, (ex. Goa or Puducherry). Voting: States must have 3/4 of the weighted votes, and the centre must have 1/4. GST is by far one of the most important and voluminous Indirect Taxation reform in India which has far reaching effects. GST Knowledge Series is an attempt to spread awareness of the Proposed GST Regime in clear
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