Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 26-8-2016 Last Replied Date:- 31-8-2016 – The GST Bill – The Constitution (One Hundred and Twenty-second Amendment) Bill, 2014 has been discussed and passed by Rajya Sabha on 3rd August, 2016 after a 7 hours long debate by members of Rajya Sabha. The discussion on the GST bill came after months of discussions between the ruling party and the opposition – with both sides meeting multiple times to negotiate amendments. The momentous Bill, which marks the first parliamentary step towards implementation of a one country, one market, one tax framework, was cleared by a two-thirds majority, which is required for any Constitution Amendment Bill, following a division of votes. In th
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xes collected by Union shall be distributed between Union and States The lower house (Rajya Sabha) too approved the revised Bill on 8 August, 2016 after changes were approved by Rajya Sabha. The Bill has been passed unanimously and the journey to GST from now onwards will inter alia, involve the following steps – At least half the state assemblies, that is 15, would need to ratify the Bill by two-thirds majority. It will then go for presidential assent before being notified in the gazette After all these legal procedures, Parliament would take up the actual CGST and IGST Bills (possibly in the winter session). Passage of SGST law by State Legislative Assemblies Formulation of GST rules by Union and States and notification thereof GSTN Netwo
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ial to success of GST. Moreover, lot of fine-tuning is required in the provisions of model law in respect of compounding, thresholds, aggregate turnover, supply, place of supply, valuation, input tax credit etc. – Reply By Ganeshan Kalyani – The Reply = Nice article thanks. – Reply By Dr. Sanjiv Agarwal – The Reply = Your nice words are always an encouragement and motivation – Reply By satbir singh wahi – The Reply = Nice Sir . THks ,Keeping us update on GST. – Reply By Manoj Kasture – The Reply = Thanks Sir. Can someone challenge Constituional Amendment ? If yes, what basis? RegardsManoj – Reply By shankar narayanan – The Reply = Very Nice Article. Written in simple language for the benefit of all (including Non Tax Person) also can unders
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