The GST is one of the biggest reforms
GN Bureau | March 20, 2017
The cabinet on Monday approved four Good and Services Tax (GST) related bills.
The four GST related bills are:
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
The election of the vice president will take place on August 5, said the Election Commission of India on Thursday. The term of vice president Hamid Ansari ends on August 11. "The date of polling will be August 5. Counting will be done on
It was big. It was energetic. It was emotional and soul awakening. It was the need of the hour. Its message was loud and clear. But #NotInMyName cannot be in my name. The #NotInMyName protest is a demonstration that was scheduled in Delhi and in some 21 cities across the country on June 28
Darjeeling and the neighbouring areas are burning once again after the fire of the demand for Gorkhaland state was ignited by the West Bengal government’s provocative action in trying to impose Bengali language on the Gorkhali speaking majority in the hill districts in the north of the state. Three p
India is increasingly turning to defence diplomacy to gain strategic depth in its neighbourhood and beyond, a move that is expected to checkmate China’s muscular domination. Defence as a tool of diplomacy is helping India to win over friendly countries who are currently witnessing a lot of
The Bharatiya Janata Party is today going to town over the Goods and Services Tax (GST). But, there was a time in the recent past when the party opposed it tooth and nail, with the Gujarat government, then led by Narendra Modi, describing it as “retrograde in nature and completely against the tenet
There is not even a drop of water in Cholavaram reservoir, says an officer from Chennai metropolitan water supply and sewerage board. The Cholavaram reservoir, one of the main water sources to Chennai, currently has zero million cubic feet (mcft) of water, according to data provided by Chennai me