Cabinet okays GST draft bills

Tags: News
Decks seem to be cleared for rollout of the goods and services tax (GST) from July 1 with cabinet on Monday clearing the four supporting bills for migration to the new indirect tax regime.

The four bills pertaining to levying of GST by Centre and Union Territories, inter-state sale of goods and compensating states for any revenue loss in the new regime would now be placed in Parliament for approval.

The states will pass state GST (SGST) bills in their respective assemblies before the biggest tax reform kicks in subsuming most indirect taxes, including central excise, VAT, service tax, entertainment tax and luxury tax.

Policymakers and experts claim the new tax regime, ba­s­ed on the principle of ‘one nation, one tax,’ would add up to 2 per cent to GDP.

“With the cabinet approval of these bills, the GST regime in India is in the final stages of culmination and GST law will most likely be implemented from July 1, 2017,” a finance ministry statement said.

The 4 GST related bills are central goods and services tax bill 2017, the integrated goods and services tax bill 2017, the UT goods and services tax bill 2017 and the goods and services tax (compensation to the states) bill 2017 (Compensation bill).

EDITORIAL OF THE DAY

  • A clean up of economy is an exercise that must have the widest-possible spread

    The noose appears to be tightening further on those that continue to dabble in black money or have made attempts to keep the tap open for black econom

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Cut & Thrust: A DANGEROUS NEW GREAT GAME

Push the enemy into an unreal world, one where he ...

Ananda Majumdar

Pitfalls of handing a walkover

Congress workers in Lucknow are said to be behind posters, ...

Zehra Naqvi

Creativity springs from being open to experimentation

When Albert Einstein published his first revolutionary paper on the ...