Finance Minister Arun Jaitley today tabled CGST, IGST, UT GST and GST Compensation Bills in Lok Sabha. The integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.
The compensation law has been prepared to give a legislative backing to the Centre’s promise to compensate the states for five years for any revenue loss arising out of GST implementation.
The government is looking at passage of the GST Bills in the Lower House by the end of this month. These Bills will then move to the Rajya Sabha. The current session of Parliament ends on April 12.
Government has set a target of first of July for rollout of GST, which will subsume excise, service tax, VAT and and other local levies.
Once these Bills are cleared by Parliament, the states will then take the state GST Bill to their respective assemblies. S-GST has been prepared as a model of the central GST, with each state incorporating state-specific exemptions.