Jaitley introduces four key GST bills in Parliament

New Delhi, Mar 27 (KNN) Union Finance Minister Arun Jaitley today introduced four landmark Bills on the Goods & Services Tax (GST) in the Parliament. These Bills would pave way for introduction of GST in the country.

These four Bills relate to Central GST; iGST; compensation to States; and GST implementation in Union Territories.

On March 21, the Union Cabinet approved four draft laws on Goods and Services Tax (GST) needed to implement the country’s biggest reform from July 2017.

The CGST Bill will allow the Centre to levy and collect GST on intra-state supply of goods or services. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the central government.

The GST Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of GST for a period of five years as per the Constitution (One Hundred and First Amendment) Act, 2016.

The GST Council has already cleared drafts of all legislations required to be passed by the Parliament and state assemblies for implementing the new indirect tax.