Professional Documents
Culture Documents
Goods and Service Tax (GST) : S Munjal & Associates
Goods and Service Tax (GST) : S Munjal & Associates
Goods and Service Tax (GST) : S Munjal & Associates
HISTORY of GST
1. To address the issues, Constitution (115th Amendment) Bill was introduced in Lok
Sabha on 22.03.2011.
2. The bill was lapsed with the dissolution of the 15th Lok Sabha.
3. The Constitution (122nd Amendment) Bill has now been introduced in the 16th Lok
Sabha on 19-12-2014.
4. GST would apply to all goods and services except Alcohol for human consumption.
5. GST on petroleum products would be applicable from a date to be recommended by
Goods and Service Tax Council.
6. Tobacco and Tobacco products would be subject to GST. A common threshold
exemption would apply to both CGST and SGST.
7. Tax payers with a turnover below it would be exempted from GST.
8. The threshold exemption and compounding provision would be optional.
9. The list of exempted goods and services would be kept to a minimum.
10. Exports would be zero rated. Credit of CGST paid on inputs may be used only for
paying CGST on output.
11. Credit of SGST paid on inputs may be used only for paying SGST.
1. State VAT
2. Central Sales Tax
3. Purchase Tax
4. Luxury Tax
5. Entry Tax (All forms)
6. Entertainment Tax (not levied by the local bodies)
7. Taxes on advertisements
8. Taxes on lotteries, betting and gambling