GST bill : Some quick points to note down
By Ajit Mitra (Admin)
The Goods & Services tax (GST) :
- The GST Bill is said to be THE CONSTITUTION (122nd AMENDMENT) Bill, 2014.
- The GST bill intends to create a uniform tax regime i.e. One Nation One Tax .
- Important Dates regarding GST Bill : (i) Passed in Lok Sabha – May 06, 2015 (ii) Passed in Rajya Sabha – Aug 03, 2016
- GST will be imposed on manufacture, sale and consumption of goods and services throughout India.
- It will eliminate all the direct & indirect taxes imposed by centre & state Govt. time to time.
- Eliminated tax includes (i) Central Excise Duty, Additional excise Duty, Service Tax etc (Central level) (ii) Value Added Tax (VAT), Entertainment Tax, Central Sales Tax and Luxury Tax (State level).
- The GST bill has been passed unanimously with ‘no’ negative Votes.
- However the bill has to be passed by more than half of the states to become an act.
- GST have two components: (i ) Central GST (CGST) – Centre would levy and collect CGST. (ii) State GST (SGST) – SGST would be levied & collected by states on all transaction within a state.
- A GST council would be set up to monitor tax collection. The council will consist of the Finance Minister (Union Govt ) as chairman.
- Alcohol for human consumption exempted from the purview of GST.
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