GST Bill tabled at Rajya Sabha today, here’s all you need to know

Mumbai: The government has taken the much-awaited bill on GST for passage in the Rajya Sabha on August 11. Here is all that you must know about the Goods and Services Tax Bill.

• The GST seeks to replace all indirect taxes, with a uniform levy. It will subsume various levies like excise duty, service tax, entry tax and octroi
• The select committee of the Rajya Sabha has approved the 122nd Constitution Amendment Bill that would enable the government to introduce the Goods and Services Tax (GST)
• The select committee also reportedly suggested that the one per cent tax over and above the GST be replaced by a one per cent tax only in case of inter-state supply of goods for a consideration
• The GST Bill is aimed to help manufacturing states, like Gujarat and Tamil Nadu
• It suggests that items like tobacco and tobacco products, alcohol and electricity supply and consumption be brought under GST
• GST can boost India's GDP by 1-2 per cent
• The panel did not take any decision on the GST rate, leaving it to the committee chaired by the chief economic adviser to the government, Mr Arvind Subramanian
• The GST Constitution Amendment Bill is waiting nod of Rajya Sabha, as it could not be passed with the Opposition parties opposing it along with the insurance bill
• While the amendment cleared by the Rajya Sabha panel is more or less the same as the earlier bill, it made one important change that is expected to soften the opposition from the states: the provision of compensation for a full five years to the states for any losses suffered by them due to the GST
• The current monsoon session of Parliament ends on August 13