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One step closer to July deadline: Cabinet approves 4 GST bills

The new tax is expected to boost the rate of economic growth by about 0.5 percentage points

Reuters  |  New Delhi 

Govt sanguine about GST passage minus Cong leg-up

The Cabinet has approved four bills to implement a planned Goods and Services Tax (GST) bills, a government official said on Monday, paving the way for Prime Minister to implement the landmark tax reform from July.

The four bills are likely to be taken up by Parliament this week, and a separate state bill in state assemblies later, the official also said, requesting anonymity ahead of a planned briefing.

The Council, comprising central and state finance ministers, has already cleared all five draft laws - the Central GST, Integrated GST, state GST, Union territory and rules on compensating states for revenue losses.

There would be four tax slabs of 5, 12, 18 and 28 per cent, plus a levy on taxes on items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years.

The new tax, biggest tax reform since India got independence, is expected to boost the rate of economic growth by about 0.5 percentage points, broaden the revenue base and cut compliance cost for firms.

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One step closer to July deadline: Cabinet approves 4 GST bills

The new tax is expected to boost the rate of economic growth by about 0.5 percentage points

The new tax is expected to boost the rate of economic growth by about 0.5 percentage points
The Cabinet has approved four bills to implement a planned Goods and Services Tax (GST) bills, a government official said on Monday, paving the way for Prime Minister to implement the landmark tax reform from July.

The four bills are likely to be taken up by Parliament this week, and a separate state bill in state assemblies later, the official also said, requesting anonymity ahead of a planned briefing.

The Council, comprising central and state finance ministers, has already cleared all five draft laws - the Central GST, Integrated GST, state GST, Union territory and rules on compensating states for revenue losses.

There would be four tax slabs of 5, 12, 18 and 28 per cent, plus a levy on taxes on items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years.

The new tax, biggest tax reform since India got independence, is expected to boost the rate of economic growth by about 0.5 percentage points, broaden the revenue base and cut compliance cost for firms.
image
Business Standard
177 22

One step closer to July deadline: Cabinet approves 4 GST bills

The new tax is expected to boost the rate of economic growth by about 0.5 percentage points

The Cabinet has approved four bills to implement a planned Goods and Services Tax (GST) bills, a government official said on Monday, paving the way for Prime Minister to implement the landmark tax reform from July.

The four bills are likely to be taken up by Parliament this week, and a separate state bill in state assemblies later, the official also said, requesting anonymity ahead of a planned briefing.

The Council, comprising central and state finance ministers, has already cleared all five draft laws - the Central GST, Integrated GST, state GST, Union territory and rules on compensating states for revenue losses.

There would be four tax slabs of 5, 12, 18 and 28 per cent, plus a levy on taxes on items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years.

The new tax, biggest tax reform since India got independence, is expected to boost the rate of economic growth by about 0.5 percentage points, broaden the revenue base and cut compliance cost for firms.

image
Business Standard
177 22