SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 20 Mar, 2017  

gst-THMB.jpg Cabinet approves four GST-related bills

gst-parliament.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 20 Mar, 2017
The Union Cabinet on Monday approved four Goods and Services Tax (GST) related bills which have already been approved by the GST Council after detailed discussions.

The draft legislations include Central Goods and Services Tax (CGST) Bill 2017, Integrated Goods and Services Tax (IGST) Bill 2017, Union Territory Goods and Services Tax Bill (UTGST) 2017, and Goods and Services Tax (Compensation to the States) Bill 2017.

"The government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible," an official statement said.

All four bills were approved by the GST Council after thorough, clause-by-clause discussion over 12 meetings held in the last six months.

The draft bills now need to be tabled in Parliament's ongoing budget session.

Minister of State for Finance Santosh Kumar Gangwar said here on Monday that all the four draft legislations pertaining to the GST will be moved in Parliament within next 10 days.

"Within the next 10 days, we will place the bills in this Lok Sabha session," Gangwar told BTVi.

While the CGST Bill makes provisions for levy and collection of tax by the central government on intra-state supply of goods and services, the IGST Bill does so for inter-state supply.

Similarly, the UTGST Bill is for the union territories like the Andaman and Nicobar Islands, the Lakshadweep, Daman and Diu and Dadra and Nagar Haveli, which do not have their independent legislative assemblies.

The Compensation Bill provides for compensation to the states for a period of five years for loss of revenue due to implementation of the goods and services tax.

Meanwhile, the GST draft law will have to be approved by all the state legislative assemblies, including those of Delhi and Puducherry.

Abhishek Rastogi, Partner, Khaitan and Company, 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, he said, "the assesses will be better prepared for implementation. It is hoped that all the state assemblies clear SGST on time as well."

The GST Council has decided July 1 as the date for implementation of the GST.

The new indirect tax regime also has nine set of rules and regulations, of which the council has already approved five -- registration, payments, refunds, invoices and returns.

Four other rules -- composition, valuation, input tax credit and transitions -- require a formal approval of the council, which will be taken up at its next meeting on March 31.

After March 31, the council will take up the exercise of fitment of various commodities in the GST tax slabs -- 5 percent, 12 percent, 15 percent and 28 percent, he added.

The officials have already started the fitment process, which will be put up for discussion and approval before the council.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter