Lok Sabha passed the Goods and Services Tax Bill, 2014 [ Current Affairs ]
The Goods and Services Tax (GST) Bill, 2014 was passed in Lok Sabha on 6 May 2015 and this bill also called Constitution (122nd Amendment) Bill seeks to introduce GST regime in India. GST Bill, 2014 will allow India into a common market, harmonizing myriads of state and central levies into a national goods and services tax and with the help of this bill will reduce corruption and boost manufacturing in India.
Main Highlights of The Goods and Services Tax (GST) Bill, 2014:
- Provides for constitution of a Goods and Services Tax (GST) Council by inserting Article 279A in the Constitution.
- Additional tax on supply of goods, not exceeding one percent, in the course of inter-State trade will be levied and
- Collected by the Union for a period of two years and apportioned to the States.
- Provides for the compensation to the States for loss of revenue arising on account of implementation of GST for a period of five years.
- All the Central indirect taxes, levies and Central Sales Tax and State Value Added Tax and Sales Tax.
- Covers all goods and services except alcoholic liquor for human consumption for the levy of GST.
With the passing of GST bill at every stage than the whole country would become a single market and would give a necessary fillip as far as the trade is concerned.
- Published on: May 7, 2015