The GST Council in its Meeting agreed to extend the date for rollout of GST from 1st April 2017 to 1st July 2017.
Steps taken to ensure rollout of GST by 1st July 2017 include approval of the Draft GST Compensation Law by the GST Council.
Subsequently, the Draft CGST Law and Draft IGST Law were approved in the Council Meeting.
At the Central level, the following taxes are being subsumed in GST:
• Central Excise Duty,
• Additional Excise Duty,
• Service Tax,
• Additional Customs Duty commonly known as Countervailing Duty, and
• Special Additional Duty of Customs.
• Cesses and surcharges (Except Clean Energy Cess)
At the State level, the following taxes are being subsumed in GST:
• State Value Added Tax/Sales Tax,
• Central Sales Tax (levied by the Centre and collected by the States),
• Entertainment Tax (other than the tax levied by the local bodies),
• Octroi and Entry tax,
• Purchase Tax,
• Luxury tax, and
• Taxes on lottery, betting and gambling.
• State cesses and surcharges in so far as they relate to supply of goods and services.
The 122nd Constitution Amendment Bill, 2014 has been passed by the Parliament and after ratification by fifty percent of the States, the same has been enacted as 101st Constitution Amendment, Act, 2016.
The Central Goods and Services Tax (CGST) Bill, Integrated Goods and Services Tax (IGST) Bill and Union Territory Goods and Services Tax (UTGST) Bill will be passed by Parliament.
Each State, including Union territory with Legislature will pass its own State Goods and Services Tax (SGST) Bill.
