19th April 2017
GST a trending topic in taxation system in India .Since the GST has been by the two houses of parliament and also by the President of India. Jharkhand Assembly will hold a special session on April 27 for the passage of the State Goods and Services Tax (SGST) bill
There will be some prerequisite that all states must follow before the implementation of a uniform GST nationwide likely from July 1.
Cabinet and Coordination department has been informed by the parliamentary affairs ministry. There has been a clear sign from the cabinet about the customary approval of the governor.
State GST law has to be passed by the legislative assemblies of all the states in order to switch over from the current system of levying multiple indirect taxes at the state and central level. According to the proposed state legislation, it would confer power on the state government to levy GST on the supply of goods and services or both which take place within the state.
GST (Compensation to States) Bill, 2017, Central GST Bill, 2017, Integrated GST Bill, 2017, and Union Territory Goods and Services Tax Bill, 2017. It is expected that the Centre will give final approval to rules and rates till the next month.
There has been a declaration by the parliament affairs minister of state, Jharkhand that the special session was planned on April 28 but it has been advanced by a day in view of chief minister Raghubar Das’s busy schedule that day.
BJP-ruled Jharkhand is likely to be the second state to hold a special session on SGST after Telangana.
The Centre will compensate the loss for the next five years in case the state fails to reap the expected benefit. Since GST is expected to jack up the state’s revenue.
Jharkhand Mukti Morcha indicated that they want a debate this will clarify all the treasury bench on the state’s share and likely losses and gains from the GST regime
There have been around 80,000 dealers and traders are registered with the state commercial department and only 55,000 dealers and traders have migrated to the GST fold.
FJCCI (the Federation of Jharkhand Chamber of Commerce) and Industries wrote to the Union minister of state for finance urging that no action should be taken against traders for one year, as it is a new system and the possibility of mistakes cannot be ruled out.
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