Bills Related To GST
Bills Related To GST
Bills Related to GST: The Cabinet chaired by Prime Minister Narendra Modi approved the Central Goods and Services Tax Bill 2017 (the CGST Bill), the Integrated Goods and Services Tax Bill 2017 (the IGST Bill), the Union Territory Goods and Services Tax Bill 2017 (the UTGST Bill) and the Goods and Services Tax (compensation to the states) Bill 2017 (The Compensation Bill). To make the Customs Act and Excise Act compliant with GST, Lok Sabha has passed The Taxation (Amendment) Bill 2017 on 6th April 2017.
(1) Central GST Bill: The CGST Bill sets the tax regime for levying and collection of GST on supply of goods and/or services that are happening within the boundaries of a state by the Central Government.
(2) Integrated GST Bill: The IGST bill decides the tax regime for levy and collection of GST on supply of goods and/or services carried out between different states by the Central Government.
(3) Union Territory GST Bill: The UTGST fixes the tax regime for levying and collection of GST on supply of goods and services in the Union Territories without legislature.
(4) The Compensation Bill: The Compensation bill will compensate the states for loss of revenue, which may occur due to the implementation of GST, for a period of five years.GST Constitutional Amendment Bill omits entries 92 and 92C from the Union List and entries 52 and 55 from the State List of the Seventh Schedule.
Differential treatment for alcohol, tobacco and petroleum products:
(1) Alcoholic liquor, for human consumption, has been excluded from the purview of GST. The definition of goods and services tax in the proposed clause (12A) to be inserted in Article 366 of the Constitution is "tax on the supply of goods or services or both (except tax on the supply of alcoholie liquor for human consumption)." The manufacture and sale of the product will continue to be taxed by states.
(2) Tobacco and tobacco products will be subject to central excise duty in addition to GST. While not excluded from GST, it is retained in entry 84 of List I (union list).
(3) Petroleum products are excluded from GST for the present, and will continue to be taxed in the present mode - central excise duty on manufacture and VAT/CST on sale. However, the proposed Constitutional amendment requires the GST Council to fix the date by which these products will be brought into the purview of GST. This is in clause (5) of the proposed Article 279A, Goods and Services Tax Council (GSTC), inserted by the Constitution (1014 Amendment) Act.
Students / Parents Reviews [10]
My experience with Abhyas academy is very good. I did not think that my every subject coming here will be so strong. The main thing is that the online tests had made me learn here more things.
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