GST Council approves the CGST Bill and IGST Bill

A State-wise single registration will be required for a taxpayer for filing returns, paying taxes and to fulfil other compliance requirements.

Created On: Mar 6, 2017 14:02 IST

The Goods and Services Tax (GST) Council on 4 March 2017 approved the draft Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill.

With this, the Union Government can now take these two Bills to the Parliament for their passage in the Budget Session.

CA eBook

Some Provisions of the Bills
• A State-wise single registration will be required for a taxpayer for filing returns, paying taxes and to fulfil other compliance requirements.
• A taxpayer needs to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them.
• A business entity with an annual turnover of up to Rs 20 lakhs will not be required to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain.
• A business entity with turnover up to Rs 50 lakhs can avail the benefit of a composition scheme under which a much lower rate of tax will be paid.
• In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course or furtherance of business, except on a few items listed in the Law.
• In the Services sector, the existing mechanism of Input Service Distributor (ISD) under the Service Tax law is retained to allow the flow of ITC in respect of input services within a legal entity.
• To prevent lock-in of capital of exporters, a provision has been made to refund within seven days of filing the application for refund by an exporter.
• An agriculturist, to the extent of supply of produce out of cultivation of land, will not be liable to take registration in the GST regime.
• In order to provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.
• Exhaustive provisions for Appellate mechanism have been made.
• An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप


Related Stories

Comment (0)

Post Comment

5 + 8 =
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all