Goods and Services Tax Alert
Constitution Amendment Bill 2014 for ushering in GST passed in Lok Sabha
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- Four tax brackets have been prescribed for services under GST. Reverse charge transactions have also been notified.
- Rates for taxation of most commodities under GST finalised. Certain rules such as registration, invoicing, payment, refund, input tax credit, valuation and composition updated.
- GST Council finalizes rules related to registration, returns, refunds, payment and invoice. Tentative nod also provided to certain other rules, which shall be finalized post industry feedback.
- The Taxation Laws (Amendment) Bill as introduced in the Lok Sabha.
- GST Bills (CGST, IGST, UT-GST and Compensation) passed in the Lok Sabha.
- Goods and Services Tax (‘GST’) Council meeting held on 16 March 2017 ended with the approval of draft State GST bill and Union Territory GST bill. The cess on demerit goods has been capped at 15 per cent. Final draft rules relating to composition, valuation, input tax credit and transition will be taken up in next Council meeting on 31 March 2017.
- Goods and Services tax (‘GST’) Council meeting held on 04 March 2017 ends with the approval of draft Central GST bill and Integrated GST bill, while State GST bill and Union territory GST bill is scheduled for clearance in the next meeting on 16 March 2017.
- In a significant development which signals the onset of this radical reform, on May 6 2015 the Lok Sabha passed the Constitution Amendment (One Hundred Twenty Second) Bill, 2014 (‘The Bill’) to enable the introduction of Goods and Service Tax (GST).