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
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