Lok Sabha passes The Constitution (122nd Amendment) (GST) Bill, 2014

Aug 9, 2016 11:03 IST

(GST) Bill, 2014The Lok Sabha on 8 August 2016 passed The Constitution (122nd Amendment) (GST) Bill, 2014. The bill was passed by two-third majority, with 443 members voting in its favour and none against in the final vote.

Introduced in Lok Sabha in May 2015, the Bill was passed by Rajya Sabha on 3 August 2016.

Provisions of the Bill
• The GST will have two components keeping in mind the federal structure of India: the Central GST (CGST) and the State GST (SGST).
• For goods and services that pass through several states, or imports, the Centre will levy another tax, the Integrated GST (IGST).
• Alcohol for human consumption has been kept out of the purview of GST.
• It empowers the centre to impose an additional tax of up to 1% on the inter-state supply of goods for two years or more. This tax will accrue to states from where the supply originates.
• Initially, GST will not apply to (a) petroleum crude, (b) high speed diesel, (c) motor spirit (petrol), (d) natural gas and (e) aviation turbine fuel. The GST Council will decide when GST will be levied on them.
• Tobacco and tobacco products will be subject to GST. The centre may also impose excise duty on tobacco.
• Parliament may provide for compensation to states for revenue losses arising out of the implementation of GST for up to 5 years, based on the recommendations of the GST Council.

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