TNPSC Current Affairs March 2017
Union Cabinet approves four GST bills
Union Cabinet has approved the four supporting Good and Service Tax (GST) bills and will be introduce in the current budget session of Parliament.
Union Cabinet was chaired by Prime minister has approved the following four GST related Bills
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.