GST Bills passed by LS

a. 1-I, 2-ii, 3-iii

b. 1-ii, 2-i, 3-iii

c. 1-iii, 2-ii, 3-i

d. None of the above

 

The Lok Sabha on 29 March 2017 passed four Goods and Services Tax (GST) Bills:

• The Central Goods and Services Tax Bill, 2017 (The CGST Bill).
• The Integrated Goods and Services Tax Bill, 2017 (The IGST Bill).
• The Union Territory Goods and Services Tax Bill, 2017 (The UTGST Bill).
• The Goods and Services Tax (Compensation to the States) Bill, 2017 (The Compensation Bill)

These four Goods and Services Tax (GST) Bills will subsume all the indirect taxes currently levied such as the Value Added Tax (VAT), excise duty, service tax and central sales tax.

It empowers the centre to impose an additional tax of up to 1 per cent on the inter-state supply of goods for two years or more.

IGST

IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Union Government.

CGST

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods and services by the Union Government.

UTGST

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.

SGST

Union Territory GST is similar to States Goods and Services Tax (SGST), which shall be levied and collected by the States and Union Territories on intra-state supply of goods or services or both.

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