"The timely approval of the Bills by the Cabinet ensures that the industry would have reasonable time to peruse the details of the law impacting them.The GST plan is well on time and July 1 looks realistic", said Abhishek Rastogi, partner at law firm Khaitan & Co.
The Union cabinet on Monday gave its nod to the supporting legislations for the implementation of the goods and services tax (GST) paving the way for the bills to be tabled in the Lok Sabha this week.
Central GST Bill: The CGST Bill sets the tax regime for levying and collection of GST on supply of goods and/or services that are happening within the boundaries of a state by the Central Government.
Goods and Services Tax bill is India's biggest reform in India's indirect tax structure.
Jaitley arrives for the cabinet meeting in New Delhi on Monday. And the IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services, or both, by the Central Government.
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The GST Council, in its previous two meetings, had given approval to the four legislations as also the State-GST (S-GST) bill.
The legislations approved are Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST).
The statement elaborated that the CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services, or both, by the Central Government. Separately, States are expected to ratify the State GST Bills approved by the GST Council after getting them passed in the respective Assemblies. The cess on demerit goods, the sin cess, such as cigarettes, alcohol, colas and cars, has been capped at 15 per cent. In April, the council will decide which commodity and service will be taxed at what rate. "This in turn will lead to the creation of more employment and increase in productivity", it said.
"The Compensation Bill provides for compensation to the states for the loss of revenue arising on account of the implementation of the goods and service tax for a period of five years, as per Section 18 of the Constitution (One Hundred and First Amendment) Act, 2016", the statement concluded.