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Lok Sabha passes the GST Constitutional Amendment Bill with 2/3 majority

Goods and Service Tax - GST - By: - Bimal jain - Dated:- 8-5-2015 - Dear Professional Colleague, Amid stiff resistance followed by walk out by the Congress Members, the Lok Sabha today, on May 6, 2015 has passed the much awaited Constitutional (122nd Amendment) Bill, 2014 on Goods and Services Tax ( GST ) with 2/3rd majority. The Hon ble Finance Minister, Mr Arun Jaitley, has indeed been working hard for the smooth passage of the GST Constitutional Amendment Bill tabled in the last session of th .....

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GST from April 1, 2016 will be delayed by another fiscal. Meanwhile, Mr. Arun Jaitley said that GST will reduce prices in the long run and will boost economic growth. He further added that the Central and State Governments are not interested in imposing higher GST rates that could hurt people. I don't forsee any state losing revenue after roll out of GST, Mr. Arun Jaitley added. The GST Constitutional Amendment Bill paves the way for a pan-India Tax regime and a unified market across the Co .....

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t on sending the Bill to a Parliamentary committee for review. Thus, the GST Constitutional Amendment Bill is likely to face stiff opposition at the Rajya Sabha and may be routed to the Standing Committee. Following are the salient features of the GST Constitutional Amendment Bill: Insertion of new Article 246A conferring simultaneous power to the Union and the State legislatures to legislate on GST. Insertion of new Article 279A for the creation of a Goods and Services Tax Council, which will .....

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roi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST. The Centre will compensate States for loss of revenue arising on account of implementation of the GST for a period up to five years (The compensation will be on a tapering basis, i.e., 100% for first three years, 75% in the fourth year and 50% in the fifth year). All Goods and services, except alcoholic liquor for human consumption, will be brought under the purview of GST. However, it has also been provided that pe .....

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evy and collect the State Goods and Services Tax (SGST) on all transactions within a State. The Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of Goods and Services. There will be seamless flow of input tax credit from one State to another. Proceeds of IGST will be apportioned among the States. GST is a destination-based tax. All SGST on the final product will ordinarily accrue to the consuming State. GST rates will be uniform across the C .....

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