Assam becomes first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014

Posted on:12 Aug 2016 18:18:44
Assam becomes first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014
12 August 2016 Current Affairs: 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.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs November 2017

22 NOVEMBER
NEWS
21 NOVEMBER
NEWS
20 NOVEMBER
NEWS
19 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS

Current Affairs September 2017

30 SEPTEMBER
NEWS
28 SEPTEMBER
NEWS
27 SEPTEMBER
NEWS
26 SEPTEMBER
NEWS