Goods and Services Tax – GST – By: – Monarch Bhatt – Dated:- 10-8-2016 – Yes, I call it as the most popular constitutional amendment bill in the history of India since Independence and I think so it s popularity will not be beat by any future constitutional amendment bill unless constitutional amendment bill for reservation will get announced!!! Why is this so popular even amongst the general public? Because it has been in discussion since long? or because since it is delayed? or because of the drama taking place at lower house and upper house while passing the bill? or because it is about the introduction of major indirect tax reforms in India? Likewise we all have so many questions about it. But in my view it is in discussion as this will brought major indirect tax reforms in India which will have an indirect impact on each individual. The bill was passed in the lower house i.e. Lokshabha on 06/05/2015 and after more than a year it has been passed by the upper house i.e. Rajyasabha
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andatory by its replacement with the use of words parliament shall, by law, . Hence, Centre has given the assurance to states to compensate for the loss of revenue. 1% ADDITIONAL TAX SCRAPPED: The 1% additional levy has been scrapped. The clause 18 of the bill was providing for additional 1% tax on supply of goods and services and it was supposed to be used by the Centre to pay it to the states from where supply of goods and services were originated. The clause 18 has been completely omitted as Centre has already agreed to compensate the states for the loss incurred by them due to introduction of GST. Previously this clause was specifically kept for the states like Gujarat, Maharashtra, Tamil Nadu which were mainly manufacturing states where it is not necessary that consumption will also takes place within the states and introduction of destination based GST may lead to loss of revenue to such states. Now since, loss will be compensated by Centre to every states there is no need to lev
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to say for the GST rates to be announced. Further, I have not seen any bill wherein, rates has been specified in the constitution itself as if in future to meet the requirements of expenses it is to be increased, again one need to amend the constitution. Therefore, rates will be provided in the CGST, SGST and IGST bills itself. ASSESSEE BELOW 1.5 CRORE OF TURNOVER TO BE ADJUDICATED ONLY BY STATES: It was recommended to include that small assesse having turnover below 1.5 crore, to be adjudicated only by the states. However, it has not been included as it is constitutional amendment bill. The same will be taken care by the GST council and recommended accordingly in the CGST, SGST and IGST bills itself. It is yet to be seen that what GST councils recommends for each of the aspects and how such recommendations will be actually implemented while passing CGST, SGST and IGST bills? Further, it is also to be seen that whether it will be presented as money bill or as finance bill? – Articles –
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