current affairs 6 May 2015

Lok Sabha passed the Goods and Services Tax Bill, 2014

Main Highlights of the Bill

• It provides for constitution of a Goods and Services Tax (GST) Council by inserting Article 279A in the Constitution. 
• The Council will recommend to the Union and States on the inclusion and exclusion of goods and services.
• It proposes an additional tax on supply of goods, not exceeding one percent, in the course of inter-State trade will be levied and collected by the Union for a period of two years and apportioned to the States.
• The net proceeds of additional tax on supply of goods, except the proceeds from Union Territories, will not form the part of Consolidated Fund of India.
• It provides for the compensation to the States for loss of revenue arising on account of implementation of GST for a period of five years.
• It subsumes all the Central indirect taxes, levies and Central Sales Tax and State Value Added Tax and Sales Tax.
• It covers all goods and services except alcoholic liquor for human consumption for the levy of GST.

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