GST _ the Constitution (122nd Amendment) (GST) Bill, 2014

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GST BILL, 2014

Transcript of GST _ the Constitution (122nd Amendment) (GST) Bill, 2014

  • ConstitutionalAmendments

    TheConstitution(122ndAmendment)(GST)Bill,2014

    TheConstitution(OneHundredandTwentySecondAmendment)Bill,2014wasintroducedintheLokSabhaonDecember19,2014bytheMinisterofFinance,Mr.ArunJaitley.

    TheBillseekstoamendtheConstitutiontointroducethegoodsandservicestax(GST).Consequently,theGSTsubsumesvariouscentralindirecttaxesincludingtheCentralExciseDuty,CountervailingDuty,ServiceTax,etc.Italsosubsumesstatevalueaddedtax,octroiandentrytax,luxurytax,etc.

    ConcurrentpowersforGST:TheBillinsertsanewArticleintheConstitutiontogivethecentralandstategovernmentstheconcurrentpowertomakelawsonthetaxationofgoodsandservices.

    IntegratedGST(IGST):However,onlythecentremaylevyandcollectGSTonsuppliesinthecourseofinterstatetradeorcommerce.ThetaxcollectedwouldbedividedbetweenthecentreandthestatesinamannertobeprovidedbyParliament,bylaw,ontherecommendationsoftheGSTCouncil.

    GSTCouncil:ThePresidentmustconstituteaGoodsandServicesTaxCouncilwithinsixtydaysofthisActcomingintoforce.TheGSTCouncilaimtodevelopaharmonizednationalmarketofgoodsandservices.

    CompositionoftheGSTCouncil:TheGSTCouncilistoconsistofthefollowingthreemembers:(i)theUnionFinanceMinister(asChairman),(ii)theUnionMinisterofStateinchargeofRevenueorFinance,and(iii)theMinisterinchargeofFinanceorTaxationoranyother,nominatedbyeachstategovernment.

    FunctionsoftheGSTCouncil:Theseincludemakingrecommendationson:(i)taxes,cesses,andsurchargesleviedbythecentre,statesandlocalbodieswhichmaybesubsumedintheGST(ii)goodsandserviceswhichmaybesubjectedtoorexemptedfromGST(iii)modelGSTlaws,principlesoflevy,apportionmentofIGSTandprinciplesthatgoverntheplaceofsupply(iv)thethresholdlimitofturnoverbelowwhichgoodsandservicesmaybeexemptedfromGST(v)ratesincludingfloorrateswithbandsofGST(vi)specialratestoraiseadditionalresourcesduringanynaturalcalamity(vii)specialprovisionwithrespecttoArunachalPradesh,JammuandKashmir,Manipur,Meghalaya,Mizoram,Nagaland,Sikkim,Tripura,HimachalPradeshandUttarakhandand(viii)anyothermatters.

    Resolutionofdisputes:TheGSTCouncilmaydecideuponthemodalitiesfortheresolutionofdisputesarisingoutofitsrecommendations.

  • Restrictionsonimpositionoftax:TheConstitutionimposescertainrestrictionsonstatesontheimpositionoftaxonthesaleorpurchaseofgoods.TheBillamendsthisprovisiontorestricttheimpositionoftaxonthesupplyofgoodsandservicesandnotonitssale.

    AdditionalTaxonsupplyofgoods:Anadditionaltax(nottoexceed1%)onthesupplyofgoodsinthecourseofinterstatetradeorcommercewouldbeleviedandcollectedbythecentre.Suchadditionaltaxshallbeassignedtothestatesfortwoyears,orasrecommendedbytheGSTCouncil.

    Compensationtostates:Parliamentmay,bylaw,provideforcompensationtostatesforrevenuelossesarisingoutoftheimplementationoftheGST,ontheGSTCouncilsrecommendations.Thiswouldbeuptoafiveyearperiod.

    Goodsexempt:AlcoholicliquorforhumanconsumptionisexemptedfromthepurviewoftheGST.Further,theGSTCouncilistodecidewhenGSTwouldbeleviedon:(i)petroleumcrude,(ii)highspeeddiesel,(iii)motorspirit(petrol),(iv)naturalgas,and(v)aviationturbinefuel.


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