The Union Cabinet on Monday approved four supporting Goods and Services Tax (GST) legislations in its bid to introduce them before Parliament as early as today. The approved legislations include the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST). According to PTI, these would be introduced as Money Bill.
The GST legislations were the only agenda in the Union Cabinet meeting, which was chaired by Prime Minister Narendra Modi. Passage of all the legislations is crucial for the introduction of GST, which is expected to be rolled out from July 1.
The State-GST bill requires to be passed by each of the state legislative assemblies, while the four other laws have to be approved by Parliament. In its previous two meetings, the GST Council had given its approval to the four legislations as also the State-GST (S-GST) bill.
A composite GST will be charged on sale of goods or rendering of services once the new indirect tax regime is introduced, while the revenue would be shared between the Centre and the states in almost equal proportion. The GST will subsume central taxes like excise and service tax and state levies like VAT.
With inputs from PTI