FM tables four supporting GST legislations in Lok Sabha; peg peak rate at 40 per cent

28 Mar 2017 Evaluate

With an effort to meet the deadline of rolling out GST from July 1, Union finance minister Arun Jaitley has introduced four supporting GST legislations—the Compensation Law, the central GST (CGST), Integrated GST (IGST) and Union Territory GST (UTGST) in the Lok Sabha. The four crucial bills provide for a maximum tax rate of 40 per cent, an anti-profiteering authority and arrests for evading taxes. The peak rate of 40 per cent is only an enabling provision for financial emergencies.

The Central Goods and Service Tax (CGST) bill will amalgamate all the indirect central government levies like sales tax, service tax, excise duty, additional customs duty (Countervailing Duty), special additional duty of customs, surcharges and cesses. It provides for a maximum tax of 20 per cent. The same way, State-GST will amalgamate all state taxes like VAT, will be levied by states and has to be approved by all state legislatures. CGST and SGST together will enable the GST incidence of 40 per cent. However, actual rates would be a four-tier tax structure of 5, 12, 18 and 28 per cent as approved by the GST Council.

On similar lines, a Union Territory GST Bill will take care of taxation in UTs of Chandigarh, Andaman and Nicobar Islands, Lakshadweep, Dadra and Nagar Haveli and Daman and Diu. Further, a Bill on Integrated-GST to be levied and collected by the Centre on inter-state supply of goods and services, was also introduced in the Lok Sabha. The IGST law provides for a maximum tax of 40 per cent. Besides, a fourth legislation called GST (Compensation to States) Bill, 2017 that provides for mechanism for making good any loss of revenue of states from introduction of GST in first five years of rollout.

With this, the roll out of GST has entered the last lap and its passage by Parliament will pave the way for integrating India as one market with one rate of tax replacing multiple state and central levies. Meanwhile, the GST Council will meet again on March 31 and will finalize the rules and formats for the new indirect tax regime.

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