GST Bills Introduced for Loksabha Approval: CBEC

GST Bills Introduced in Loksabha for approval in the Current Session

CBEC has shared pdf copies of GST Bills 2017, like CGST Bill, IGST Bill, UTGST Bill and States Compensation Bill, as introduced in Parliament/ Loksabha for approval in the Current Session. Further, ICAI has prepared a presentation on major Changes made in the CGST Bill 2017 and the IGST Bill 2017.

CGST Bill 2017

This bill deals with provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto.

Compensation Cess (GST Compensation to States) Bill 2017

This bill deals with provisions for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax in pursuance of the provisions of the Constitution (One Hundred and First Amendment) Act, 2016.

IGST Bill 2017

This bill deals with provision for levy and collection of tax on inter-State supply of goods or services or both by the Central Government and for matters connected therewith or incidental thereto.

UT GST Bill 2017

This bill deals with  provision for levy and collection of tax on intra-State supply of goods or services or both by the Union territories and the matter connected therewith or incidental thereto.

It may be noted that though the above bills have been prepared in accordance with recommendations of GST Council, however these are subject to some changes based on discussions in the Loksabha.

Major Changes made in the CGST Bill 2017/ IGST Bill 2017 as introduced in the Lok Sabha: A point by point Review by ICAI

The ICAI has prepared a presentation on major Changes made in the CGST Bill 2017 and the IGST Bill 2017 vis-a-vis the Model GST Law, as under:

Highlights of Major Changes in CGST / IGST Bill 2017

It may be noted that the ICAI had earlier submitted a “Memorandum containing Suggestions/ Comments on Draft/ Model GST Law to FinMin for consideration in Final Drafting of GST Law” as under:

ICAI’s suggestions on Model GST Law

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