RS approves GST legislations
Q. Which of the following is not among the 4 supporting legislations of the Goods and Services Tax?- Published on 10 Apr 17a. CGST
b. IGST
c. Compensation
d. None of the above
ANSWER: None of the above
Rajya Sabha on 6 April 2017 passed all four supporting legislations of the Goods and Services Tax Bill, GST rollout 2017.
The four bills were passed by the Rajya Sabha by a voice vote as all parties were on board.
The four legislations are:
i. The Central Goods and Services Tax Bill, 2017 (The CGST Bill).
ii. The Integrated Goods and Services Tax Bill, 2017. (The IGST Bill).
iii. The Union Territory Goods and Services Tax Bill, 2017 (The UTGST Bill).
iv. The Goods and Services Tax (Compensation to the States) Bill, 2017 (The Compensation Bill).
The passage in the upper house of the Parliament has cleared the decks for the rollout of the historic GST Bill from 1 July 2017 and usher the one-nation-one-tax regime.
With this passage in Rajya Sabha, the Bill will be sent to President Pranab Mukherjee for the final nod. The bills will become the law after the President gives his assent to them.
The Bill was earlier passed by the Lok Sabha on 29 March 2017.
Now, the States can pass the State GST Bill in their assemblies.
Parliament passed all the four bills related to GST rollout unanimously.
The agricultural produce will not be taxed under the new indirect tax regime. All those items which are exempted as of now will continue to be so.
