Union Cabinet Clears Four GST Supplementary Legislations: The GST legislations were the only agenda in the Union Cabinet meeting, which was chaired by Prime Minister Narendra Modi.

Union Cabinet Clears Four GST Supplementary Legislations

The Union Cabinet on Monday approved four supporting Goods and Services Tax (GST) legislations in its bid. And 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 government is hoping the C-GST, I-GST, UT-GST and the GST Compensation laws will be approved in the current session of the Parliament.

The Council has already finalized a four-tier tax structure of 5, 12, 18 and 28 per cent. But the model GST law has kept the peak rate at 40 per cent (20 per cent to be levied on the Centre and an equal amount by the states). And to obviate the need for approaching Parliament for any change in rates in future.

The State-GST bill requires being 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. And as also the State-GST (S-GST) bill.

A composite GST will be charged on the sale of goods or rendering of services. And once the new indirect tax regime is introduced, while the revenue would be shared between the Centre nd the states in almost equal proportion. The GST will subsume central taxes like excise and service tax and state levies like VAT.

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