Important Highlights Of GST Bill 2016 - GST Bill Passed - Pdf Download IBPS PO -Bank Exams

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Rajya Sabha has passed a Bill for nationwide Goods and Service Tax(GST). "The GST regime will be a modern, better system that will help taxpayers, seamless transfer of goods and services across (the) country and check evasion. Some economists believe it will also give boost growth rate," Jaitley said.

Important Hightlights Of GST Bill 2016 - GST Bill Passed

After being subject to months of haggling and histrionics, the Goods & Services Tax (GST) finally had its historic day in the Rajya Sabha with the passage of the Bill to amend the Constitution, paving the way for what is popularly referred to as the concept of “one nation, one tax." 

India’s plan for a unified market under the goods and services tax (GST) moved closer to the finish line on Wednesday as the Rajya Sabha passed the 122nd Constitutional 
Amendment Bill, even as a few disputes remained unsettled.

The constitutional amendment will enable both the Centre and the States to simultaneously levy the GST, which will subsume all indirect taxes currently levied,
including excise duties and service tax. It will be levied on consumption rather than production. 

The GST will have two components keeping in mind the federal structure of India: 
the Central GST (CGST) and the State GST (SGST).

Here are the Highlights of the GST BILL 2016 : 

1. The Bill amends the Constitution to introduce the goods and services tax (GST).

2. Parliament and state legislatures will have concurrent powers to make laws on GST. Only the centre may levy an integrated GST (IGST) on the interstate supply of goods and services, and imports.

3. Alcohol for human consumption has been exempted from the purview of GST. GST will apply to five petroleum products at a later date.

4. The GST Council will recommend rates of tax, period of levy of additional tax, principles of supply, special provisions to certain states etc. The GST Council will consist of the Union Finance Minister, Union Minister of State for Revenue, and state Finance Ministers.

5. The Bill empowers the centre to impose an additional tax of up to 1%, on the inter-state supply of goods for two years or more. This tax will accrue to states from where the supply originates.

6. Parliament may, by law, provide compensation to states for any loss of revenue from the introduction of GST, up to a five year period.

Credits : FinancialExpress
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