TNPSC Current Affairs March 2017
Four GST Bill Passed in Lokh Sabha.
Lokh Sabha has passed the 4 Goods and service tax (GST) which will subsume a host of indirect taxes levied by state and central government. It was introduced in parliament in 2000 and get passed after 17 long years.
The four Goods and Service Taxes are
1 Central GST (CGST Bill)
2.The Integrated GST (IGST Bill )
3.The Union Territory GST (UTGST Bill)
4.the Compensation to the States Law Bill .
About the GST Bills(official Release):
- The GST Council has already finalised the 4 tier tax structure 5,12,18 and 28 Per cent and overall cap of 40 Per cent.
- Central GST bill makes provisions for levy and collection of tax on intra-state supply of goods or services or both by the central government
- 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 (101th Amendment) Act, 2016.