GST

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi in March  approved the following four Goods and Services Tax (GST) related bills: 

1.    The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2.    The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3.    The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4.    The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The passage of these four GST related bills will pave the way for the biggest reform in the area of Indirect Taxes in the history of independent India. The Union Government has taken up the implementation of GST with utmost priority and has passed the legislations on a fast track basis as it was pending for over a decade. With the Cabinet approval of these four bills, the GST regime in India is in the final stages of culmination and the GST law will most likely be implemented from 01st July, 2017. The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.