We are pleased to release the GST News Alert
providing an insightful coverage of the latest GST updates and the key
developments that are likely to impact trade.
This News Alert summarizes the following updates –
• The Centre has compromised and agreed on two key demands of the states namely;
(i) Keeping petroleum products outside the purview of Goods and Services Tax (GST), but only for the initial few years.
(ii) Inclusion of compensation for revenue loss post GST rollout, in the Constitution Amendment Bill.
• States may however agree on the proposal to subsume all the entry taxes under GST.
• Based on the compromise on some of the key issues, the Constitution Amendment Bill for GST is most likely to be tabled in the ongoing winter session of the Parliament, after the Cabinet approval expected today.
This News Alert summarizes the following updates –
• The Centre has compromised and agreed on two key demands of the states namely;
(i) Keeping petroleum products outside the purview of Goods and Services Tax (GST), but only for the initial few years.
(ii) Inclusion of compensation for revenue loss post GST rollout, in the Constitution Amendment Bill.
• States may however agree on the proposal to subsume all the entry taxes under GST.
• Based on the compromise on some of the key issues, the Constitution Amendment Bill for GST is most likely to be tabled in the ongoing winter session of the Parliament, after the Cabinet approval expected today.
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