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GST Bill


GST Bill

There are four bills that were approved by the Union Cabinet

Central GST Bill(CGST): The CGST Bill sets the tax regime for levying and collection of GST on supply of goods and/or services that are happening within the boundaries of a state by the Central Government.
Integrated GST Bill(IGST): The IGST bill decides the tax regime for levy and collection of GST on supply of goods and/or services carried out between different states by the Central Government.
Union Territory GST Bill( UTGST ): The UTGST fixes the tax regime for levying and collection of GST on supply of goods and services in the Union Territories without legislature.
The Compensation Bill: The Compensation bill will compensate the states for loss of revenue which will occur due to the implementation of GST for a period of five years.

The four bills need an approval from the parliament to be implemented as laws. It is expected the government will table them as money bills in the parliament to ensure its smooth passage.

Roadblocks for GST bill
The state GST bill has to be approved by every state government, before its introduction in Parliament for approval. At the moment, the state GST bill has been sent to all the states by their respective state legislatures for the approval.