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GOODS AND SERVICE TAX AS PROPOSED

Goods and Service Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 24-6-2015 - We are going to have a dual GST model. The Center and the States both, will levy GST on supply of goods and services. On Supply of goods and services in the course of Inter-state only Center will levy and collect taxes (IGST) which will be apportioned between Centre and States based on the recommendation of GST Council. The Center will have power to make place of supply rules in this regard. On supply of goods and servi .....

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oint to be noted here is that this tax is to be levied on goods only, thus the differentiation between goods and services would again resume significance. The proposed amendment in Article 271 restricts the power of the Central Government to levy any surcharge on the GST. We may therefore, be in a better situation wherein GST will be not be subjected to any surcharge. (cess -we may still have) Further, tax on petroleum products will be covered in GST except for crude petroleum, high speed diesel .....

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cation, after enactment. For enactment, it has to be passed by two-third majority by both houses of the Parliament of those present and simple majority of total membership of both houses. It has to be then approved by one-half of the state Governments, i.e. atleast 15 states. The said Bill has been passed Lok Sabha on 06.05.2015 but could not be passed by Rajya Sabha. The same has now been referred to the Select Committee of the Rajya Sabha. For GST network, a special purpose company has been in .....

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gulators and revenue allocation mechanism for inter-state transactions, will be the key for implementing a successful GST. All interactions with GSTN would be electronic and once the Constitutional Amendment Bill is passed, GST Council will take over the responsibility of every matter concerning GST. The challenge for trade, industry and professionals is soon going to be - how to be GST ready. Empowered Committee is preparing the ground for the GST Council so that as soon as the GST Bill is pass .....

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