Council approves state and Union Territory GST laws

Council approves state and Union Territory GST laws

Following this, all the drafts will be sent to the Cabinet and later to the Parliament for final approval.

The GST council had so far approved the law related to legislation, payment, refunds, invoices, returns in their previous meeting. GST Council has kept the option open for levy of 15 per cent cess on "all other supplies" "If a luxury auto at present commands a total tax of 40 per cent, under the new indirect tax regime, a GST of 28 per cent plus 12 per cent cess would be levied to keep the tax incidence at the same level".

Cess capped at 15 percent for luxury cars and aerated drinks. Tobacco cess will be capped at a mixture of Rs 4,170 per 1,000 sticks or ad valorem of 290 per cent or a combination of both.

While Bidis have been kept out of the GST net, separate cess ceilings have been approved for pan masala and tobacco products, including chewing tobacco and cigarettes - keeping adequate room to raise the effective rate from their existing levels.

"The cess would be levied for five years and can be continued longer". This means that the council, at a later date, could decide to levy a cess over and above the 28% tax rate on non-luxury cars as well.

Sources said that the Council also decided that supplies made to special economic zones would be zero rated (a tax rate of zero) and considered as physical exports. In the earlier draft, SEZs would have had to pay the tax and then claim a refund.

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The GST Council also approved a proposal to cap the cess on sin goods and environmentally harmful goods at 15 per cent.

He said the four laws - CGST, IGST, UTGST and Compensation law - as approved by the Council will be taken to the Cabinet and after its approval these would be introduced in the Lok Sabha. Once it is in force, GST will replace at least 17 state and central taxes.

The National Democratic Alliance government is expected to table these bills in the ongoing budget session as money bills, ensuring their smooth passage in Parliament.

CGST will give administrative power to the Centre to levy GST on goods and services after Union levies like excise and service tax are subsumed; while the IGST will be levied on inter-state supplies.

The council now has to formalize nine sets of rules as well as complete the time-consuming task of fitting various goods and services into the different tax slabs.

Now among the pending agenda for the GST council is to approve four rules - composition, valuation, input tax credit and transitions. Subsequently, the council will take up the fitment of rates. It had last met on March 4 when it cleared the Central and Integrated GST Bills.

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