The Union Cabinet on Monday approved four GST related Bills - Central Goods and Services Tax (CGST) Bill 2017 (The CGST Bill); The Integrated Goods and Services Tax Bill 2017 (The iGST Bill); The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill) and The Goods and Sevices Tax (compensation to the States) Bill 2017 (The Compensation Bill).
Indications are that Finance Minister Arun Jaitley may introduce these Bills in the current session of Parliament as Money Bills. The Government hopes to get them passed to ensure that the tax plan is implemented from the targeted date of July 1, 2017.
The State GST Bill will be taken up by State Cabinets and introduced in each State Assembly.
The CGST Bill provides for levy and collection of tax on intra-state supply of goods or services for both by the Central Government.
On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government. The UTGST Bill makes provisions for a levy on the collection of tax on intra-UT supply of goods and services in the Union Territories without the legislature.
Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on the intra-state supply of goods or services or both.
The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.
With the Cabinet approval for these four Bills, the GST regime in India is in the final stages of culmination and the GST law will most likely be implemented from July 1, 2017.
These four Bills had been earlier approved by the GST council after clause-by-clause discussions over 12 meetings of the Council held in the last six months.
Cabinet clears GST bills
By IndianMandarins - 2017-03-21 08:06:37
The Union Cabinet on Monday approved four GST related Bills - Central Goods and Services Tax (CGST) Bill 2017 (The CGST Bill); The Integrated Goods and Services Tax Bill 2017 (The iGST Bill); The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill) and The Goods and Sevices Tax (compensation to the States) Bill 2017 (The Compensation Bill).
Indications are that Finance Minister Arun Jaitley may introduce these Bills in the current session of Parliament as Money Bills. The Government hopes to get them passed to ensure that the tax plan is implemented from the targeted date of July 1, 2017.
The State GST Bill will be taken up by State Cabinets and introduced in each State Assembly.
The CGST Bill provides for levy and collection of tax on intra-state supply of goods or services for both by the Central Government.
On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government. The UTGST Bill makes provisions for a levy on the collection of tax on intra-UT supply of goods and services in the Union Territories without the legislature.
Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on the intra-state supply of goods or services or both.
The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.
With the Cabinet approval for these four Bills, the GST regime in India is in the final stages of culmination and the GST law will most likely be implemented from July 1, 2017.
These four Bills had been earlier approved by the GST council after clause-by-clause discussions over 12 meetings of the Council held in the last six months.
