The Goods and Services
Tax (GST) Council has approved the draft Central GST (CGST) and State
GST (SGST) laws along with Compensation Bill to bring the GST into
implementation, country’s biggest indirect tax reform.
The CGST and SGST laws contains total of 197 provisions and five
schedules. They were approved at the seventh GST Council meeting
presided by Union Finance Minister Arun Jaitley in New Delhi.
GST Council agreed upon
The draft CGST and SGST laws do not include division of administrative
turf between states and the centre. The gst-coucil-meetingCompensation
Bill will have 2015-16 as base year and compensation to States for the
loss of revenue from the GST rollout will be paid every two months. It
provides legal backing to the centre’s promise to compensate states if
their revenue growth rate were to fall below 14% in the first five years
of GST. However few issues were left to be settled, such as source of
compensation fund.
Next meeting
The next meeting of the Council scheduled early January 2017 will try to
resolve the issue of dividing the administrative powers between the
Centre and states. It will also take up the Integrated GST (IGST) Bill.
It will also discuss the most contentious issue of ‘dual control’ or
‘cross empowerment’.
About GST Council
As per Article 279A of the Constitution, GST Council is joint forum
of the Centre and the States.
Composition: Union Finance Minister (Chairperson), Union Minister of
State (MoS) in-charge of Revenue of finance (Member) and Minister
In-charge of taxation or finance or any other Minister nominated by each
State Government (Members).
Functions: They are mention in Article 279A (4) of the Constitution.
It will make recommendations on important issues related to GST, like
(i) Goods and services that may be subjected or exempted from GST. (ii)
Model GST Laws. (iii) Principles that govern Place of Supply, threshold
limits, GST rates. (iv) GST rates will including the floor rates with
bands and (v) Special rates for raising additional resources during
natural disasters/ calamities, special provisions for certain States,
etc.
Read more at: http://currentaffairs.gktoday.in/month/current-affairs-december-2016/page/3
Read more at: http://currentaffairs.gktoday.in/month/current-affairs-december-2016/page/3
The Goods and Services
Tax (GST) Council has approved the draft Central GST (CGST) and State
GST (SGST) laws along with Compensation Bill to bring the GST into
implementation, country’s biggest indirect tax reform.
The CGST and SGST laws contains total of 197 provisions and five
schedules. They were approved at the seventh GST Council meeting
presided by Union Finance Minister Arun Jaitley in New Delhi.
GST Council agreed upon
The draft CGST and SGST laws do not include division of administrative
turf between states and the centre. The gst-coucil-meetingCompensation
Bill will have 2015-16 as base year and compensation to States for the
loss of revenue from the GST rollout will be paid every two months. It
provides legal backing to the centre’s promise to compensate states if
their revenue growth rate were to fall below 14% in the first five years
of GST. However few issues were left to be settled, such as source of
compensation fund.
Next meeting
The next meeting of the Council scheduled early January 2017 will try to
resolve the issue of dividing the administrative powers between the
Centre and states. It will also take up the Integrated GST (IGST) Bill.
It will also discuss the most contentious issue of ‘dual control’ or
‘cross empowerment’.
About GST Council
As per Article 279A of the Constitution, GST Council is joint forum
of the Centre and the States.
Composition: Union Finance Minister (Chairperson), Union Minister of
State (MoS) in-charge of Revenue of finance (Member) and Minister
In-charge of taxation or finance or any other Minister nominated by each
State Government (Members).
Functions: They are mention in Article 279A (4) of the Constitution.
It will make recommendations on important issues related to GST, like
(i) Goods and services that may be subjected or exempted from GST. (ii)
Model GST Laws. (iii) Principles that govern Place of Supply, threshold
limits, GST rates. (iv) GST rates will including the floor rates with
bands and (v) Special rates for raising additional resources during
natural disasters/ calamities, special provisions for certain States,
etc.
Read more at: http://currentaffairs.gktoday.in/month/current-affairs-december-2016/page/3
Read more at: http://currentaffairs.gktoday.in/month/current-affairs-december-2016/page/3
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