The Union Cabinet has approved changes to the Goods and Services Tax Constitutional Amendment Bill, dropping the extra 1% levy on sales made between states. It provides the guarantee to compensate states for any revenue loss in first 5 years of rollout of the proposed indirect tax regime. The Bill could come up in Rajya Sabha next week.
The GST Bill seeks to bring in a single tax rate to replace India’s complicated current rules, which include Central excise duty, service tax, additional customs duties, value added tax, entertainment tax and so on. The Centre believes this will help create a unified market in the country, avoiding double taxation and increase compliance.
So let’s do:
1. Name the bill, which has approved by Union Cabinet, recently?
Source – The Hindu