Page 10 - MSME April-May 2017
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Special Article has approved the four GST related bills: The Central the States/Union Territories on intra-state supply of Goods and Services Tax Bill 2017 (The CGST Bill); goods or services or both. The Integrated Goods and Services Tax Bill 2017 The Compensation Bill provides for (The IGST Bill); The Union Territory Goods and compensation to the states for loss of revenue Services Tax Bill 2017 (The UTGST Bill; The Goods arising on account of implementation of the goods and Services Tax (Compensation to the States) Bill and services tax for a period of five years as per 2017 (The Compensation Bill). These four Bills section 18 of the Constitution (One Hundred and have been earlier approved by the GST Council First Amendment) Act, 2016. after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months. According to official sources, The Government is committed to early introduction of GST, one of the The CGST Bill makes provisions for levy and biggest reforms, in the country as early as possible. collection of tax on intra-state supply of goods or GST Council has decided 1 July as the date of st services for both by the Central Government. On commencement of GST. The Finance Minister in the other hand, IGST Bill makes provisions for levy his Budget Speech has mentioned that country- and collection of tax on inter-state supply of goods wide outreach efforts will be made to explain the or services or both by the Central Government. The provisions of GST to Trade and Industry. UTGST Bill makes provisions for levy on collection The MSME sector is also gearing up for the of tax on intra-UT supply of goods and services in new regime and many players in the sector say the Union Territories without legislature. Union the GST will be a bouquet of mixed fortunes Territory GST is akin to States Goods and Services and real assessment will be made only after its Tax (SGST) which shall be levied and collected by implementation. Illustration by: Neeraj Bajpai 8 Laghu Udyog Samachar
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