Assam becomes first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014
Posted on:12 Aug 2016 18:18:44
12 August 2016 Current Affairs GK: The Assam Assembly has passed a resolution to become the first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014 on 12 August 2016.The bill was passed by the Lok Sabha on 8 August 2016 and by the Rajya Sabha on 3 August 2016.
Provisions of the Bill : The GST will have two components keeping in mind the federal structure of India: the Central GST (CGST) and the State GST (SGST).For goods and services that pass through several states, or imports, the Centre will levy another tax, the Integrated GST (IGST).Alcohol for human consumption has been kept out of the purview of GST.
It empowers the centre to impose an additional tax of up to 1% on the inter-state supply of goods for two years or more. This tax will accrue to states from where the supply originates.
Initially, GST will not apply to (a) petroleum crude, (b) high speed diesel, (c) motor spirit (petrol), (d) natural gas and (e) aviation turbine fuel. The GST Council will decide when GST will be levied on them.Tobacco and tobacco products will be subject to GST. The centre may also impose excise duty on tobacco.
Parliament may provide for compensation to states for revenue losses arising out of the implementation of GST for up to 5 years, based on the recommendations of the GST Council.
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