The Narendra Modi government is all set to table the GST Bill in Parliament today and the Rajya Sabha is expected to give its approval to the same bringing entire India under a single tax regime allowing logical levies to be imposed.
- The Bill amends the Constitution to introduce the goods and services tax (GST)
- Parliament and state legislatures will have concurrent powers to make laws on GST. Only the center may levy an integrated GST (IGST) on the interstate supply of goods and services and imports.
- Alcohol for human consumption has been exempted from the purview of GST. GST will apply to five petroleum products at a later date.
- The GST Council will recommend rates of tax, a period of levy of an additional tax, principles of supply, special provisions to certain states etc. The GST Council will consist of the Union Finance Minister, Union Minister of State for Revenue, and state Finance Ministers.
- The USIBC has encouraged a streamlined implementation of the GST, which will provide sufficient time for stakeholders to adjust their internal systems, needed to address the new GST infrastructure.