Pushing India’s biggest tax reforms at a faster pace, the Union Cabinet headed by Prime Minister Narendra Modi on Monday approved four legislations — Central GST Bill, the Integrated GST Bill, the Union Territory GST Bill and the GST (Compensation to the States) Bill — with an aim to meet the July-1 deadline. The Bills will be tabled in Parliament this week.
The GST Council has already approved four-tier tax slabs of 5, 12, 18 and 28 per cent plus an additional cess on demerit goods like luxury cars, aerated drinks and tobacco products.
However, the Bills on compensating States for loss of revenue from GST rollout in first five years as well as those enabling levy of the new tax on intra/inter-State movement of goods and services will be brought in the on-going session of Parliament later this week.