Draft GST laws ready for Parliament, but 'money bill' route is problematic
21 March, 2017, 09:05 | Author: Valerie Burke
On Monday, the Union Cabinet, chaired by Prime Minister Modi, okayed four GST-related Bills and made a decision to introduce them in the Lok Sabha as "money Bills" this week itself to get them passed during the remainder of the budget session that ends on April 12.
The government stated that they were earlier approved by the GST Council after thorough, clause by clause, discussions at 12 meetings held over the last six months.
The most ambitious indirect tax reform, the Goods and Services Tax (GST) will soon be a reality.
The GST draft law will have to be approved by all the state legislative assemblies, including those of Delhi and Puducherry.With the state and union territory laws cleared by the GST council, the GST rollout is projected to begin from July 1.
The legislations approved are Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST). GST, or goods and ser vices tax, is a single indirect pan-India tax regime that is to be introduced on July 1.The state government will facilitate the move towards GST also by waiving off interest (to an extent) and penalty for those taxpayers who have not yet registered under VAT. At the moment, the state GST bill has been sent to all the states by their respective state legislatures for the approval.
The government is expected to table all the four legislations as money bills in Parliament to ensure their quick passage. 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.
There would be four tax slabs of 5, 12, 18 and 28 percent, plus a levy on taxes on items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years. The GST Council had given its nod for the Bills on Friday. In April, the council will decide which commodity and service will be taxed at what rate.
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