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POLICY & REGULATIONS
Four GST bills get nod and will be tabled as money bills in Parliament
Tuesday, 21 March, 2017, 08 : 00 AM [IST]
Ashwani Maindola, New Delhi
The government has approved four goods and service tax- (GST) related bills, which will be tabled as money bills in Parliament shortly. They will not need a vote in the Rajya Sabha.
The government will try to pass them with consensus. The GST Council has already approved four tax slabs (of 5, 12, 18 and 28 per cent), plus an additional cess on demerit goods like aerated drinks.
The four bills that got the cabinet’s nod were the Central Goods and Services Tax (CGST) Bill 2017, the Integrated Goods and Services Tax (IGST) Bill 2017, the Union Territory Goods and Services Tax (UTGST) Bill 2017 and the Goods and Services Tax (Compensation to the States) Bill 2017 (also known as the Compensation Bill).
The government stated that they were earlier approved by the GST Council after thorough, clause by clause, discussions at 12 meetings held over the last six months.
The statement elaborated that 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. And the 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 and collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to State Goods and Service Tax (SGST), which shall be levied and collected by the states on intra-state supply of goods or services, or both,” it added.
“The Compensation Bill provides for compensation to the states for the loss of revenue arising on account of the implementation of the goods and service tax for a period of five years, as per Section 18 of the Constitution (One Hundred and First Amendment) Act, 2016,” the statement concluded.
It is pertinent to mention here that the GST Council has decided that July 1 would be the date of commencement of GST. The finance minister, in his Budget speech, mentioned that countrywide outreach efforts will be made to explain the provisions of GST to the industry and trade.
The work for putting various goods and services in different slabs is slated to begin next month, and the food processing industry will keep an eye on the same.
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