FOUR GST BILL THAT WERE PASSED BY CABINET
By: – esha agrawal
Goods and Services Tax – GST
Dated:- 1-4-2017<\/p>\n
The Union Cabinet has cleared four bills related to the Goods and Services Tax (GST), ahead of their introduction in Parliament, to enable roll out of the tax reform from July 1.
\nApproval of the bills by Parliament and a separate one by all state Assemblies will complete the legislative process for roll out of the GST, the one-nation-one-tax system that merges central taxes like excise duty and service tax and state levies like VAT.
\nWhat is GST bill?
\n * Goods and Services Tax bill is India's biggest reform in India's indirect tax structure.
\n * The purpose of the bill is to introduce one single tax on supply of goods<\/p>\n
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\nGST Bill peak rate to be 40%, slabs intact for now
\n The GST levy may go up to 40 percent after the GST Council proposed raising the peak rate in the Bill to 20 percent, from the current 14 percent, to obviate the need for approaching Parliament for any change in rates in future.
\nThe change in the peak rate will not alter the 4-slab rate structure of 5, 12, 18 and 28 percent agreed upon last year for the moment, In addition, a cess will be levied on demerit goods like luxury cars, aerated drinks and tobacco products.
\nThe CGST Bill sets the tax regime for the levy of GST on intra-state supply of goods or services or both by the central government. IGST Bill deals levy of GST on inter-state supply of goods or services or both by th<\/p>\n
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