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President Pranab Mukherjee approves 4 GST legislations
14
Apr '17
President Pranab Mukherjee has approved four key legislations of the Goods and Services Tax (GST) bill, that were recently passed by the Rajya Sabha and the Lok Sabha. The legislations include Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and compensation bill. President's nod has paved the way for July 1 roll out of the bill.

The State GST (SGST) legislation needs to be approved by state legislatures. The bill will be ready to be rolled out once the SGST is cleared.

The CGST bill makes provisions for levy and collection of tax on intra-state supply of goods or services 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 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. UTGST is akin to States GST (SGST) which shall be levied and collected by the states/union territories on intra-state supply of goods or services.

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 next GST Council meeting will be held on May 18-19 to discuss the GST rates. It will be headed by finance minister Arun Jaitley. (KD)

Fibre2Fashion News Desk – India


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