9911796707
TMI BlogStatement of Objects and ReasonsX X X X Extracts X X X X X X X X Extracts X X X X ..... th Legislature to make laws for levying goods and services tax on every transaction of supply of goods or services or both. The goods and services tax shall replace a number of indirect taxes being levied by the Union and the State Governments and is intended to remove cascading effect of taxes and provide for a common national market for goods and services. The proposed Central and State goods an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Sales Tax (levied by the Centre and collected by the States), Octroi and Entry tax, Purchase Tax, Luxury tax, Taxes on lottery, betting and gambling; and State cesses and surcharges in so far as they relate to supply of goods and services; (c) dispensing with the concept of 'declared goods of special importance' under the Constitution; (d) levy of Integrated Goods and Services Tax on inter- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e States for loss of revenue arising on account of implementation of the Goods and Services Tax for a period which may extend to five years; (i) creation of Goods and Services Tax Council to examine issues relating to goods and services tax and make recommendations to the Union and the States on parameters like rates, exemption list and threshold limits. The Council shall function under the Chai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... members present and voting" in favour of a proposal in the Goods and Services Tax Council shall be determined as under:-- WT = WC+WS Where, Wherein-- WT = Total weighted votes of all members in favour of a proposal. WC = Weighted vote of the Union = ⅓ i.e., 33.33% if the Union is in favour of the proposal and be taken as "0" if, Union is not in favour of a proposal. WS = Weighte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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