Lok Sabha passes the GST Constitutional Amendment Bill with 2\/3 majority
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 8-5-2015<\/p>\n
Dear Professional Colleague,
\nLok Sabha passes the GST Constitutional Amendment Bill with 2\/3 majority
\nAmid 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.
\nThe 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.
\nAs the Lok Sabha took up discussion on the GST Constitutional Amendment Bill on Tuesday, Finance Mini<\/p>\n
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\nIn the Rajya Sabha, 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.
\nFollowing are the salient features of the GST Constitutional Amendment Bill:
\n * Insertion of new Article 246A conferring simultaneous power to the Union and the State legislatures to legislate on GST.
\n * 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.
\n * To do away with the concept of 'declared goods of special importance' under the Constitutional.
\n * Central Taxes like Central Excise Duty, Additional Excise Duties, Service Tax,<\/p>\n
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\n * Both Centre and States will simultaneously levy GST across the value chain. The Centre would 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.
\n * 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.
\n * GST is a destination-based tax. All SGST on the final product will ordinarily accrue to the consuming State.
\n * 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.
\n * It is proposed to levy a non-vatable Additional Tax of not more than 1% on supply of goods in the course of inter-<\/p>\n
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\nReaders are advised to consult the professional for understanding applicability of this newsletter in the respective scenarios. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. No part of this docum<\/p>\n
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