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GST KNOWLEDGE SERIES # 4 COMPARISON OF GST BILL 2014 AND RECOMMENDATIONS OF SELECT COMMITTEE OF RAJYA SABHA2015

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 Amendment) Bill, 2014 was introduced in Lok Sabha on December 19, 2014 and was passed by it on May 6, 2015. The Bill was referred to a Select Committee of Rajya Sabha for examination which submitted its Report on July 22, 2015. The Report contained vari .....

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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 Add an explanation to the clause to define supply to mean all forms of supply made for a consideration . The 1% additional tax is market distorting, especially since 100% compensation for five years to states has been proposed. Instead of the addition .....

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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 tobacco products, alcohol for human consumption, and electricity supply and consumption must be brought within the purview of GST within five years. States must also be permitted to levy taxes on tobacco. Petroleum products to be kept out of GST Disput .....

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