Central Government is all set to roll out GST from July 1, 2017. Another revolutionary step has been taken. After Almost 7 hours, a day long discussion and crossing all the setbacks moved by the opposition parties, finally Lok Sabha managed to pass following four bills which were earlier passed by Union Cabinet on March 20, 2017:-
|Year||Bill No.||Short Title||As Introduced in Lok Sabha||As Passed in Lok Sabha|
|2017||60||The Goods and Services Tax (Compensation to States) Bill, 2017||Download||Download|
|2017||59||The Union Territory Goods and Services Tax Bill, 2017,||Download||Download|
|2017||58||The Integrated Goods and Services Tax Bill, 2017.||Download||Download|
|2017||57||The Central Goods and Services Tax Bill, 2017||Download||Download|
After the roll out of GST, dozens of Indirect Taxes will be subsumed to make the nation unified tax zone. The introduction of GST will restructure the complex tax structure and have a major impact on economic growth.
Let’s have a glimpse to these four bills which are recently passed in Lok Sabha, one by one:
1.Central Goods and Services Tax Bill, 2017 (CGST Bill, 2017)
2. Integrated Goods and Services Tax Bill, 2017 (IGST Bill, 2017)
3. GST (Compensation to States) Bill, 2017
4. Union Territory Goods and Services Tax Bill, 2017 (UTGST Bill, 2017)
|No Inflationary Impact- It is expected that the tax rates will be kept at the current levels only.|
|Maximum Rate of GST- Government sets the maximum GST rate at 40%.
|Boost on Economic growth – It is expected that after the launch of GST, the economic growth will be boost by near about 0.5 percentage points in its first year of implementation.|
|Slabs in the GST – The four slabs in the GST are 5%, 12%, 18% and 28%.|
All the four bills after a day long discussion, finally approved by the Lower House of Parliament, next would be presented before the upper house of Parliament.
Author: C S Ekta Maheshwari is the Author of this article and is Company Secretary by profession. The Author can be reached at firstname.lastname@example.org
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