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GST KNOWLEDGE SERIES # 4: COMPARISON OF GST BILL 2014 AND RECOMMENDATIONS OF SELECT COMMITTEE OF RAJYA SABHA,2015

GST KNOWLEDGE SERIES # 4: COMPARISON OF GST BILL 2014 AND RECOMMENDATIONS OF SELECT COMMITTEE OF RAJYA SABHA,2015 - Goods and Service Tax - GST - By: - CA. Chitresh Gupta - Dated:- 5-8-2015 Last Replied Date:- 30-12-1899 - The Constitution (122nd Ame .....

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ous recommendations along with three Notes of Dissent submitted by Congress, AIADMK and CPI. The Table below compares the provisions of the 2014 Bill with the recommendations of the Select Committee and the Notes of Dissent. Constitution (122nd Amend .....

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tate trade or commerce. The tax will be assigned to the states from where the supply originates. This will be for two years, or longer, as recommended by GST Council. The 1% additional tax in its present form is likely to lead to cascading of taxes A .....

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al 1% tax, states should be permitted to retain 4% of centre s share of IGST on all inter-state supplies of goods. Compensation to states (Clause 19) Parliament may provide for compensation to states for a maximum period of five years 100% Compensati .....

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xempt from GST. GST is to be levied on petroleum crude, high speed diesel, motor spirit, natural gas, aviation turbine fuel at a later date. GST to be imposed on tobacco. Centre to impose additional levy on tobacco. No Changes Proposed Tobacco and to .....

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e resolution (Clause 12) GST Council to decide upon the modalities to resolve disputes. No changes proposed Separate GST Disputes Settlement Authority, as provided for in the 2011 Bill, must be included. GST Council (Clause 12) Functions to include: .....

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of GST rates (over the floor rate) within which CGST and SGST may be levied on specific goods or services or class of good or services. Voting: No changes proposed A statutory GST Council is not required. A body like Empowered Committee of state Fin .....

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