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Union Cabinet approves four GST Bills

Monday, March 20, 2017, 15:09 Hrs  [IST]
HBI Staff |New Delhi

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved four GST related bills today. These include the Central GST Bill 2017, the Integrated GST Bill 2017, The Union Territory GST Bill 2017, and the GST Compensation to the States Bill 2017.

The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months. The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both 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 or both 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.

Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.

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.

GST Council has decided July , 2017 as the date of commencement of GST. The Finance Minister in his Budget Speech has mentioned that country-wide outreach efforts will be made to explain the provisions of GST to Trade and Industry.

 
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