The much-awaited GST (Goods and Services Tax) bill is finally presented in Lok Sabha by Finance Minister Mr Arun Jaitley. This bill is divided as following:
The State GST or S-GST will represent the state specific sections of the Central GST (C-GST).
For inter-state business, there will be the integrated GST (I-GST).
For taxation in the Union Territories, there will be the UT-GST.
The centre has promised to compensate the states for the next five years for any kind of revenue loss as a result of the implementation of GST; compensation laws have been drafted for that.
After the GST bill is passed by the Parliament, the states will represent the State-GST bills in the consecutive assemblies. In all probability, the GST will be applied from July 1 and it will bring an end to a series of taxes like Service Tax, VAT, Excise and other local taxes. It will make tax calculation much easier.
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