Cabinet approves four GST related bills

The GST is one of the biggest reforms

GN Bureau | March 20, 2017


#GST   #Goods and Services Tax   #Cabinet   #GST Bill  
Representational image
Representational image

The cabinet on Monday approved four Good and Services Tax (GST) related bills.

The four GST related bills are:
 

  • The Central Goods and Services Tax 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)
  •  The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The bills have been earlier approved by the GST Council after discussions over 12 meetings of the Council held in the last six months.

Read: GST bill passed: India looks set for its biggest ever tax reform


The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services or 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 levy on collection of tax on intra-UT supply of goods and services in the Union Territories without 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 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.

The government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible.  GST Council has decided July 1 as the date of commencement of GST.

Read: Getting India GST ready


 

Comments

 

Other News

“Parents need to be taught that each child is special”

It has been a year since you took charge of the new ministry. What is your biggest worry as in charge of education in India? My first priority – and that reflects my worry as well – is to improve the quality of government schools. It’s a tough job. Unfortunately,

Should National List of Essential Medicines be expanded?

Should National List of Essential Medicines be expanded?

First cargo of IndianOil’s crude oil imports from US shipped

 In a big leap aimed at diversifying its crude oil sources and boosting the country’s energy security, IndianOil Corporation has begun crude oil imports from the US. The first cargo of high-sulphur ‘Mars’ crude oil was loaded recently from St. James Port on ‘Bergitta`

Modi keeps his word: Turns up heat on benami properties

When prime minister Narendra Modi spoke about action against benami properties while delivering the I-Day address from the Red Fort ramparts, he was in fact fulfilling a promise he made during the last Mann ki Baat of 2016.   “The law against benami property was lying i

REC posts profit of Rs 1,890 crore

 Rural Electrification Corporation (REC) Limited’s, total income, as on June 30, has risen to Rs 34,614 crore as against Rs 29,952 crore in the previous corresponding quarter. The profit before tax (PBT) for the quarter is Rs 1,890 crore. The enterprise is focused on financing power pr

IRCTC unveils international tour packages

 Indian Railway Catering and Tourism Corporation Ltd. (IRCTC), an Indian Railways’ PSU, has come up with an International tour package based on leisure and pilgrimage theme. IRCTC is one of the biggest e-commerce website across Asia.   There is Ramayana Yat



Video

Modi govt. imposes 1.7k penalty on RIL

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter