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Cabinet approves four GST Bills to pave way for early introduction of reform measure

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The Union Cabinet today approved four Goods and Service Tax (GST)-related Bills as part of its efforts for introduction of GST, one of the biggest economic reforms, in the country as early as possible.
 
The Bills are the Central Goods and Services Tax (CGST) Bill 2017; the Integrated Goods and Services Tax (IGST) Bill 2017; the Union Territory Goods and Services Tax (UTGST) Bill 2017; and the Goods and Services Tax (Compensation to the States) Bill 2017.
 
The four Bills had been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.
 
An official press release said the CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government.
 
The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.
 
The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.
 
The GST Council has decided on July 1 this year as the date of commencement of GST. Finance Minister Arun Jaitley had, in his Budget Speech, said that countrywide outreach efforts would be made to explain the provisions of GST to trade and industry, the release added.
 
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