GST Bill was passed in the year 2017 for implementing Goods and Services Tax in India. GST Bill was proposed and the process of approval is given in this article. Get more details on GST Bill, its dual system, advantages and comparison with previous taxes from the content in the article.
Information on GST BillGST stands for Goods and Services Tax which came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India. GST is the indirect tax imposed by Indian government on the sales of goods and services provided. Before GST came into existence the taxes were charged under different categories both by Central and State Government. VAT, Central Excise Tax, Services Tax, etc are all replaced y Single taxing system i.e. GST. Before GST could be implemented, number of discussions and amendments were made before finalising the GST rates. Now the GST broadly applied in two categories - State GST and Central GST. Under SGST and CGST, there are different tax rates implied for different products and services. A detailed note on both SGST rates and CGST rates are all given in the content below.
What are the Processing Stages of GST Bill?
- Goods and Services Tax was introduced in India from July 1, 2017 through One Hundred and Twenty Second Amendment Bill of the Constitution of India.
- GST was the tax levied on manufacture, sale and consumption of goods and also services at national level.
- The Constitution Bill, 2014 was introduced in Lok Sabha on December 19, 2014 by Finance Minister Arun Jaitley.
- The Bill was then passed on May 6, 2015.
- Then the Bill was referred to a Select Committee on May 14, 2015.
- A report was then submitted by Select Committee to Rajya Sabha on July 22, 2015.
- The Bill was then passed by Rajya Sabha on August 3, 2016 which then amended by Lok Sabha on August 8, 2016.
- The bill received approval from the President Pranab Mukherjee on September 8, 2016 after the approval was made by the States.
- The Bill was notified in The Gazette of India on September 8, 2016.
What are the Divisions of GST?GST Bill passed had various types of indirect taxes replaced by GST and is categorised under four categories. The four types are
- CGST - CGST is a Central Goods and services tax. It is applicable on suppliers dealing within the state. Taxes which are collected will be shared with the central authority body.
- SGST - SGST is a state Goods and services tax. It is applicable to suppliers who dealing within the state. Taxes which are collected will be shared to state authority body.
- IGST - IGST stands for an Integrated Goods and services tax. It is applicable to suppliers who dealing interstate business and import transaction. Taxes which are collected will be shared to central and state authority body.
- UTGST - If the transaction is related to any union territory.
e-Way BillThe discussions on eWay Bill on the 25th GST Council Meet the decision was made to hold the eWay Bill that was to be implemented from February 1, 2018. But on the 26th GST Council Meet decision was made to implement inter-state movement of goods from April 1, 2018 and the intra-state movement of goods was to be implemented in four phases from April 15, 2018 and all the states to be covered under within June 1, 2018. As per the implementation eWay Bill Fully came into existence.
What is e-Way Bill?eWay Bill is an electronic way bill for movement of goods which can be generated on the eWay Bill Portal. Transport of goods of more than Rs. 50,000 (Single Invoice/bill/delivery challan) in value in a vehicle cannot be made by a registered person without an eway bill. Alternatively, eWay Bill can also be generated or cancelled through SMS, Android App and by Site-to-Site Integration(through API). When an eway bill is generated a unique eWay Bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter.
What are the GST Rates for Goods?Goods and Services Taxes implemented in 2017 had separate taxing for Goods. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. GST on Goods are taxed under both State GST and Central GST. Check for Detailed GST rates for Goods - GST Rate Schedule for Goods.
What are the GST Rates for Services?Like Goods tax under GST, Services had different tax rates. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. Various Services GST rates charged are listed in the given link - GST Rates for Services.
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