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Title : GST - The CGST Bill Explained
link : GST - The CGST Bill Explained

GST - The CGST Bill Explained

The CGST Bill will allow the levy and collection of tax on supply of goods and services or both by the central government within a state. Actual tax rates will be based on a four-tier rate structure of 5, 12, 18 and 28 per cent, approved by the all-powerful GST Council that is headed by Finance Minister Arun Jaitley and has as members finance ministers of all states. The peak rate of 40 per cent is only an enabling provision in case of financial emergencies.

The CGST Bill also provides for e-commerce companies to collect tax at source at a rate not exceeding 1 per cent of net value of taxable supplies, out of payments to suppliers supplying goods or services through their portals.

For small businesses, the CGST Bill provides for a tax of no more than 1 per cent of turnover for manufacturers with annual turnover of up to Rs. 50 lakh. A 2.5 per cent tax is prescribed for suppliers.

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