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FICCI extends full support for smooth GST rollout in N-EDeemed exports benefits may be lost under GST regime: Commerce SecretaryWeather Portal for power sector launchedCBEC - IRS officers of 1981-82 batches get Apex Grade; become Pr CCsJ&K Deputy CM favours early implementation of GSTCus - Applicant seeking early hearing as he doesn't want any posthumous pardon from legal system - request granted: CESTATPIL filed before Bombay High Court for deferment of GST till next yearBanking Ombudsman - RBI expands scope to impose penalty for wrongly palming off third party products to customersIGI Airport Customs seizes gold worth Rs 1.1 Crore from different paxDomestic tourist visits take a leap of 12.7% in 2016EEPC India opens Technology Centre in BengaluruCyber crimes against children can now be reported at POCSO e-BoxCBEC to celebrate July 1 as GST Day every yearUnion Govt releases fresh list of 30 more Smart CitiesIndia-Malaysia Comprehensive Economic Cooperation Agreement (Bilateral Safeguard Measures) Rules, 2017 notifiedGST - Workshop for textiles - TCS software Adhigam earns appreciationTrade in wildlife articles - Dr Harsh Vardhan calls for continuation of harsh actionCabinet okays MoU with Portugal in public administration fieldCX - Debit notes caused deliberate under valuation - penalty is only remedial measure else it would be an incentive to lawlessness: CESTATI-T - Comparable sales instances of commercial properties is no deciding factor in determining valuation of residential flat: HCCX - Whether there is burning loss of 7.5% or even 15% that alone cannot be reason to demand the duty: CESTAT
 
Modi Cabinet gives nod to four GST Bills; Govt gears up to table Bills in House this week itself

By TIOL News Service

NEW DELHI, MAR 20, 2017: THE Union Cabinet chaired by the Prime Minister Mr Narendra Modi has approved the following four GST related bills:

1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. 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.

The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.

The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

Background:

The Government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible.  GST Council has decided 1 st July as the date of commencement of GST.  The Finance Minister in his Budget Speech has mentioned that country-wide outreach efforts will be made to explain the provisions of GST to Trade and Industry.

GST RO(W)AD AHEAD | Episode 8 | Panel Discussion | simply inTAXicating

GST RO(W)AD AHEAD | Episode 7 | Panel Discussion | simply inTAXicating

Also See : TIOL TUBE Videos on GST

 


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