New Delhi March 20 (IANS) The Union Cabinet on Monday approved four Goods and Services Tax (GST) related bills which have already been approved by the GST Council after detailed discussions.
The draft legislations include Central Goods and Services Tax (CGST) Bill 2017 Integrated Goods and Services Tax (IGST) Bill 2017 Union Territory Goods and Services Tax Bill (UTGST) 2017 and Goods and Services Tax (Compensation to the States) Bill 2017.
The government is committed to early introduction of GST one of the biggest reforms in the country as early as possible an official statement said.
All four bills were approved by the GST Council after thorough clause-by-clause discussion over 12 meetings held in the last six months.
The draft bills now need to be tabled in Parliament s ongoing budget session.
Minister of State for Finance Santosh Kumar Gangwar said here on Monday that all the four draft legislations pertaining to the GST will be moved in Parliament within next 10 days.
Within the next 10 days we will place the bills in this Lok Sabha session Gangwar told BTVi.
While the CGST Bill makes provisions for levy and collection of tax by the central government on intra-state supply of goods and services the IGST Bill does so for inter-state supply.
Similarly the UTGST Bill is for the union territories like the Andaman and Nicobar Islands the Lakshadweep Daman and Diu and Dadra and Nagar Haveli which do not have their independent legislative assemblies.
The Compensation Bill provides for compensation to the states for a period of five years for loss of revenue due to implementation of the goods and services tax.
Meanwhile the GST draft law will have to be approved by all the state legislative assemblies including those of Delhi and Puducherry.
Abhishek Rastogi Partner Khaitan and Company said: The GST plan is well on time and July 1 looks realistic. The timely approval of the bills by the cabinet ensures that the industry would have reasonable time to peruse the details of the law impacting them.
As a corollary he said the assesses will be better prepared for implementation. It is hoped that all the state assemblies clear SGST on time as well.
The GST Council has decided July 1 as the date for implementation of the GST.
The new indirect tax regime also has nine set of rules and regulations of which the council has already approved five -- registration payments refunds invoices and returns.
Four other rules -- composition valuation input tax credit and transitions -- require a formal approval of the council which will be taken up at its next meeting on March 31.
After March 31 the council will take up the exercise of fitment of various commodities in the GST tax slabs -- 5 per cent 12 per cent 15 per cent and 28 per cent he added.
The officials have already started the fitment process which will be put up for discussion and approval before the council.
--IANS
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Cabinet approves four GST-related bills (Lead)
