All you have to know about the four new GST bills
After a long wait about a decade, finally the GST (Goods and Service Tax) bill is about to get passed in the upper house. If it gets passed successfully means it will be the 122th amendment in the Indian constitutional and it will be the biggest economical reformation taken by the Indian governments. In fact, this will leads to the single authority to control the entire in-direct taxation process.
Here are the four bills which are approved by the Union Cabinet recently on GST
- CGST Bill: The CGST (Central GST Bill) is set to collect and levy the uniformed taxation for the supply of goods and services in all the states under the governance of the central government. This gives the full authority to central to control the entire taxes amounts.
- IGST Bill: IGST (Integrated GST Bill) holds the authority ship of collecting GST taxation among the goods and services handled in-between the states in the nation.
- UTGST Bill: The UTGST (Union Territory GST Bill) gives the power to the central government on handling the tax regime over the GST on the supply for goods and services carried in the union territory region.
Image source: thelogicalindian.com
The above mentioned four bills are recently gets approved by the Union cabinet recently and it expected to become a new law after getting passed in both houses. This system of innovative taxation process will remove the all the hidden charges collected as the tax amount during the trade.