President Pranab Mukherjee gives assent to four supporting legislations on GST

NEW DELHI (INDIA): President Pranab Mukherjee has given assent to four key legislations on Goods and Services Tax (GST), paving the way for the roll out of one-nation-one- tax regime from July 1.nnThe legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 2017, and The Union Territory GST Act, 2017, officials said today.nnThese bills were passed in Rajya Sabha on April 6 and by Lok Sabha on March 29.nnThe GST, the biggest taxation reform since Independence, will subsume central excise, service tax, Value Added Tax (VAT) and other local levies to create an uniform market.nnThe Central Goods and Services Tax Act, 2017, provides for the levy of the Central Goods and Services Tax by the Centre on the supply of goods and services within the boundary of a state.nnWhereas, the Integrated GST Act deals with the levy of Integrated Goods and Services Tax by the Centre on inter-state supply of goods and services.nnThe Goods and Services Tax (Compensation to States) Act, provides for compensation to the states for the loss of revenue arising on account of implementation of the Goods and Services Tax.nnThe Union Territory GST Act makes a provision for levy and collection of tax on intra-state supply of goods, services or both by the Union Territories.nnThe GST rates are to be discussed by the GST Council headed by Finance Minister Arun Jaitley on May 18-19.nnJaitley had in Rajya Sabha last week said that the GST Council, comprising finance ministers of Union and states, had agreed to take a decision on bringing real estate within the ambit of the new tax regime within a year of its roll out.nnThe GST Council will also take decisions regarding inclusion of petroleum products and alcohol in the GST network, one by one, in the foreseeable future.nnAs regards Jammu and Kashmir, the Finance Minister had said the law will not apply there because of Article 370 that gives special status to the state.nnJammu and Kashmir will have to legislate its own law and integrate with the GST regime, Jaitley had said.nnSource: Press Trust of India