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GST Constitutional Amendment Bill passed in RajyaSabha with Key amendments

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 19-8-2016 Last Replied Date:- 19-8-2016 - Dear Professional Colleague, The long-delayed Constitution (122nd Amendment) Bill, 2014 on GST ( 122nd CAB or GST Bill ) has finally got the nod of the Rajya Sabha on August 3,2016, with the Government successfully stitching together a political consensus on the GST Bill, to pave the way for much-awaited roll out of the landmark tax reform that will create a common market of 1.25 billion people.GS .....

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mendment to come in as early as possible with only ten days left for themonsoon session to end.The key to forging consensus was the amendments the National Democratic Alliance (NDA) effected in the GST Bill, a copy of which was circulated among Rajya Sabha members on August 2, 2016. The GST Bill after getting introduced in Lok Sabha on December 19, 2014, was approved by the Lok Sabha in May last year (May 6, 2015) and referred to a Select Committee of Rajya Sabha which had submitted its Report o .....

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oposed in the GST Bill to enable implementation of GST. These proposed amendments importantly includes dropping of 1% additional tax on Inter-State Sale of goods and a definite provision in the statute for 100% compensating the States for any revenue loss for 5 years, amongst others. With these official amendments, the Government partially met the demands of the Congress party which has been blocking the bill in the Rajya Sabha and this enabled the 122nd CAB to finally see the light of the day. .....

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ed and collected by the Union for a period of 2 years or such other period as the GST council may recommend, and be assigned to the State from where the supply originates. Recommendation of the Select Committee, 2015:The Committee felt that the provision of 1% Additional tax in its present form is likely to lead to cascading of taxes. Therefore, the Committee strongly recommended that following explanation should be added defining the word supply under Clause 18: Supply: All forms of supply made .....

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d which may extend to five years, based on the recommendations of the GST Council. This implies that Parliament may decide to provide compensation to States and may also decide the time period for which it can provide such compensation, which may extend to five years. Proposed amendment:The Parliament shall, by law, provide for compensation to States for any loss of revenues arising on account of GST, for a period which may extend to five years, based on the recommendations of the GST Council. T .....

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Council, provide for compensation to the States for the loss of revenue arising on account of implementation of the Goods and Services Tax for a period of five years. Dispute resolution Authority: Clause 12 of the GST Bill: The GST Council may decide upon the modalities to resolve disputes arising out of its recommendations. 2016 proposed amendment: The GST Council shall establish a mechanism to adjudicate any dispute between: (a) the Government of India and one or more States; or (b) the Govern .....

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ent) Bill, 2011. Other changes: Integrated Goods and Services Tax ( IGST ) Clause 9: Apportionment of IGST i.e. Article 269A: It has been clarified that the States share of the IGST shall not form a part of the Consolidated fund of India. Clause 12: IGST term to be replaced with GST on suppliesin the course of inter-state trade or commerce: Under Clause 12 of the GST Bill, it was mentioned that the GST Council would make recommendations on the apportionment of the IGST. Since, the term IGST was .....

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