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Lok Sabha passes four GST Bills

Mar 30, 2017 10:00 IST

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union cabinet modi gstThe Lok Sabha on 29 March 2017 passed four Goods and Services Tax (GST) Bills:
i. The Central Goods and Services Tax Bill, 2017 (The CGST Bill)
ii. The Integrated Goods and Services Tax Bill, 2017 (The IGST Bill)
iii. The Union Territory Goods and Services Tax Bill, 2017 (The UTGST Bill)
iv. The Goods and Services Tax (Compensation to the States) Bill, 2017 (The Compensation Bill)

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These GST Bills will subsume all the indirect taxes currently levied such as the Value Added Tax (VAT), excise duty, service tax and central sales tax. It empowers the centre to impose an additional tax of up to 1 per cent on the inter-state supply of goods for two years or more.

GST Council approves the CGST Bill and IGST Bill
Provisions of these four GST bills
• IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Union Government.
• The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods and services by the Union 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 similar to States Goods and Services Tax (SGST), which shall be levied and collected by the States and Union Territories on intra-state supply of goods or services or both.

Earlier in the beginning of March 2017, all the above four bills were approved by the Goods and Services Tax (GST) Council after thorough discussion. Following this, the Union Cabinet also approved these bills on 20 March 2017 for their presentation in the Budget Session.

 

Quick Digest

Who: Four GST Bills

What: Approved by Lok Sabha

When: 29 March 2017

Is this article important for exams ? Yes67 People Agreed
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