Press Release (ePRNews.com) - INDORE, India - Mar 20, 2017 - The Union Cabinet today, cleared four legislations to implement the Goods and Services Tax (GST), prior to their introduction in Parliament this week to enable implementation of the tax reform from July first.
The four supporting legislations consist of the Compensation Law, the Central Goods and Service Tax (CGST), Integrated Goods and Service Tax (IGST) and Union Territory GST (UTGST), would be introduced as Money Bill.
As per sources, the four legislations would be taken up for discussion together in Parliament. Once approved by Parliament, the states would initiate taking their SGST bill for discussion and passage in the respective state assemblies.
The GST Council has already approved 4-tier tax slabs of 5, 12, 18 and 28% plus an additional cess on demerit goods such as luxury cars, aerated drinks and tobacco products. The model GST law has kept the peak rate at 40% (20% to be levied by the Centre and 20% by the states) to obviate the need for approaching Parliament for any change in rates in future.
The cess to be levied on top of peak rate on selected demerit goods such as luxury cars for creation of a corpus that will be used for compensating states for any loss of revenue from GST roll out in the first five years, has been capped at 15%.
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