union cabinet clears gst supplementary legislations
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Union Cabinet clears GST supplementary legislations

Arab Today, arab today

Arab Today, arab today Union Cabinet clears GST supplementary legislations

Indian Finance Minister Arun Jaitley speaks in the Lok Sabha in New Delhi. The Union Cabinet on
New Delhi - Arab today

The Union Cabinet on Monday approved four legislations to implement the Goods and Services Tax (GST), ahead of their introduction in Parliament this week to enable roll out of the tax reform from July 1.

Approval of the bills by Parliament and a separate one by all state assemblies will complete the legislative process for roll out of one-nation-one-tax regime by merging central taxes like excise duty and service tax and state levies like VAT. 

The GST Council has already approved four-tier tax slabs of 5, 12, 18 and 28 per cent plus an additional cess on demerit goods like luxury cars, aerated drinks and tobacco products. The work on for putting various goods and services in different slabs is slated to begin next month.

"The Union Cabinet chaired by Prime Minister Narendra Modi has approved the four GST related bills -- 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)," an official statement said.

"These bills would be introduced as Money Bills in Parliament this week, could be even today," a source said, adding that discussion on the four legislations could happen together. The GST legislations were the only agenda in Monday's meeting of the Union Cabinet.

"The government is committed to introduction of GST, one of the biggest reforms, in the country as early as possible. GST Council has decided July 1 as the date of commencement of GST," the statement said.

These four legislations had been cleared by the council in its last two meetings this month."The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services or 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 statement said.

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 GST for a period of five years.

While the four bills approved by the Cabinet on Monday have to be passed by Parliament, the SGST law has to be approved by each of the state assemblies.

Finance Minister Arun Jaitley in his Budget for 2017-18 mentioned that country-wide outreach efforts will be made to explain the provisions of GST to trade and industry.

The biggest tax reform since independence is expected to boost the rate of economic growth by at least 0.5 percentage points, broaden the revenue base and cut compliance cost for firms.

Commenting on the development, Abhishek Rastogi, Partner, Khaitan & Co, said: "The GST plan is well on time and July 1 looks realistic!"

"The timely approval of the Bills by the Cabinet ensures that the industry would have reasonable time to peruse the details of the law impacting them. As a corollary, the assesses will be better prepared for implementation. It is hoped that all the State Assemblies clear SGST on time as well," he added.

Source: Timesofoman

 

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

union cabinet clears gst supplementary legislations union cabinet clears gst supplementary legislations

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

union cabinet clears gst supplementary legislations union cabinet clears gst supplementary legislations

 



GMT 12:49 2017 Wednesday ,06 September

Senegal wants to buy 10 units of ship from PT PAL Indonesia

GMT 22:57 2017 Wednesday ,01 March

Trump lays out his vision of America to Congress

GMT 21:08 2017 Sunday ,17 September

OIC condemns suicide attack in Cameroon

GMT 00:59 2017 Sunday ,10 December

hmad Zahid's Visit To Rohingya Camp

GMT 02:25 2017 Friday ,24 February

Pope in emotion-charged visit to Italy quake zone

GMT 22:26 2016 Thursday ,22 September

Indian market closes higher

GMT 05:52 2016 Wednesday ,05 October

Robin Williams’ widow details actor’s final days

GMT 18:42 2017 Saturday ,07 October

Education, Works ministries discuss cooperation

GMT 03:11 2017 Friday ,14 April

5 Sudanese soldiers killed in Yemen

GMT 15:35 2017 Saturday ,25 February

United Nations chief arrives in Saudi

GMT 20:47 2017 Saturday ,07 October

PM asserts to bolster relations with Egypt

GMT 07:09 2017 Wednesday ,29 March

Ellie Goulding to Open Mawazine Festival

GMT 05:01 2017 Friday ,05 May

Arab Media Forum begins in Dubai

GMT 01:12 2017 Wednesday ,18 October

Fights against climate change, terrorism linked

GMT 06:59 2017 Monday ,13 February

Disney parks in US increases prices again

GMT 14:36 2017 Wednesday ,04 January

Record-chasing Chelsea face test

GMT 14:34 2016 Sunday ,14 August

United States wins 1000th Olympic gold medal
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday