Agencies, New Delhi
The Cabinet today gave its approval to four supporting GST legislations that include Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST).
The decision was taken by the Cabinet-headed by Prime Minister Narendra Modi. With this, the government has inched closer to implement the pan-India taxation regime from July 1 which is its revised deadline.
A government official said that the government now planned to introduce the key legislations approved by the Cabinet in Parliament during this week only.
The C-GST will give powers to the Centre to levy GST on goods and services after Union levies like excise and service tax are subsumed, the I-GST is to be levied on inter-state supplies. While the S-GST will allow states to levy the tax after VAT and other state levies are subsumed in the GST.
The UT-GST will also go to Parliament for approval. In its last two meetings, the GST Council had approved four legislations as also the State-GST (S-GST) bill.
While the S-GST has to be passed by each of the state legislative Assemblies, the other four laws have to be approved by Parliament. Once approved, levy of Goods and Services Tax (GST) will get legal backing.