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GST Bill: 8 things you must know

 

NEW DELHI: It is still not sure if the government would be able to pass the debatable Goods and Service Tax (GST) Bill in the Rajya Sabha even in its last leg of the Monsoon Session or not. Opposition Congress continues to disrupt the session demanding Prime Minister Narendra Modi’s response on the Vyapam scam and Lalit Modi issue, while the ruling NDA awaits the passage of the Bill.

First argued by the UP government in 2006, the GST is likely to rationalize the taxation system and cut down the array of compliance and dropping effect of taxes.

However, if the Constitution Amendment Bill is passed this session, it will ensure the implementation of GST by April 2016.

The GST comprises of several indirect taxes such as the central excise duty, countervailing duty, service tax, etc along with state value added tax, octroi and entry tax, luxury tax, etc.

Let’s take a look on some key factors that are must for every individual to know about the GST:

•The Bill inserts a fresh Article in the Constitution that will give the central and the state governments the coexisting powers to make laws on the taxation of goods and services

The implementation of the GST will change the entire country to an integrated ‘market’ and will replace all the indirect taxes to a uniform levy.

•The Constitution so far has been imposing few restrictions on states on the imposition of tax on the sale or purchase of goods. The implementation of this Bill changes this provision to restrict the obligation of tax on the supply of goods and services and not on its sale.

•Considering from a consumer’s perspective, reduction in the overall tax burden on goods, which is currently estimated at 25%-30% would be the biggest advantage of the Bill.

•The introduction of the GST Bill will not only make Indian products competitive in the domestic market but also in the international market.

•The President is subjected to constitute a Goods and Services Tax Council within two months of the bill as soon as coming into power that has three members including Union Finance Minister who will act as Chairman, the Union Minister of State in charge of Revenue or Finance, the Minister in charge of Finance or Taxation or any other nominated by each state government.

•Alcoholic liquor used for human consumption will be out from the purview of the GST.

•It is for the GST Council to decide when the GST would be levied on oil items including petroleum crude, high speed diesel, motor spirit (petrol), natural gas, and aviation turbine fuel.

 

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