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Hindi News

Hindi News

GST Bills


The IGST provides for the levy and collection of tax on supply of goods and services between states. The bill provides for a maximum tax of 40 per cent. A new clause has been introduced in the IGST bill to permit refund of taxes to foreign tourists for products bought during their stay in India. The tax refund will be on the lines of the VAT refund in England.
The Goods and Services Tax (Compensation to States) Bill provides for compensation to states for any loss of revenue from the implementation of GST. The Compensation Law provides for a levy of cess on top of the peak rate of approved tax (28 per cent presently) on paan masala, tobacco, aerated water, luxury cars and coal to create a non-lapsable fund for compensating states for five years after the launch of GST.
This cess has a ceiling of 135 per cent in case of paan masala, Rs. 4,170 per thousand cigarettes sticks or 290 per cent ad valorem, Rs. 400 per tonne on coal and 15 per cent on aerated water and luxury cars.

An anti-profiteering measure in the bill provides for setting up an authority to examine whether input tax credits availed by any registered taxable person, or the reduction in the price on account of any cut in tax rate, has resulted in a commensurate reduction in the price of goods or services supplied by the person.

he law provides for arrest, ordered by a Tax Commissioner, in case of suppression of any transaction or evasion of tax. A person convicted is punishable by up to five years in prison plus a fine.

The Union Territory Goods and Services Tax Bill, 2017, will enable levy and collection of tax on supply of goods and services or both within a union territory.

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