Presidential Assent to the GST Bills
With the assent of the President on 12 April 2017, the following Goods and Services Tax (GST) Bills have become Acts:
These Acts will be enforced from a date to be notified by the government in the future.
Action on State GST Law
The State of Telangana became the first State to introduce and pass the Telangana State Goods and Services Tax Bill, 2017 on 17 April 2017 during the special session of the state Legislative Assembly.
The Taxation Laws Amendment Bill, 2017 (Amendment Bill, 2017) passed by the Lok Sabha
The Amendment Bill, 2017 has been passed by the Lok Sabha which seeks to repeal certain laws and amend certain laws to make them compliant with GST. The significant changes in relation to the key enactments are
The Customs Act, 1962
The scope of the definition of a customs area has been extended to include a warehouse to ensure that an importer will not be liable to pay Integrated GST (IGST) at the time of removal of goods from a customs station to a warehouse.
The Customs Tariff Act, 1975
In order to provide a level playing field for the domestic industry, IGST and GST Compensation Cess has been proposed to be levied on imported products.
The Central Excise Act, 1944 (Excise Act)
Consequent to the proposed repeal of this Act, a new Schedule, namely the Fourth Schedule, has been proposed to be inserted to provide for classification and duty rates for petroleum and tobacco products which have been kept outside the GST ambit, few of which are:
The abovementioned excisable goods will continue to attract Central Excise Duty even after the proposed repeal of the other Schedules in the Excise Act.
Furthermore, the following enactments have also been amended suitably to accommodate GST changes/would be repealed:
Release of the draft Electronic Way (E-way) Bill Rules
The CBEC released the draft E-way Bill Rules. The E-Way Bill will be required to be carried along with the goods that are being transported, either physically or mapped to a Radio Frequency Identification Device (RFID) embedded onto the conveyance, as may be prescribed. Some important points in relation to the E-way Bill Rules are:
The CBEC released the draft Assessment and Audit Rules which provide various forms and procedures in relation to: