INAUGURATION OF GST BHAVAN

· Inaugurated by – Finance minister Nirmala Sitharaman in Agartala, Tripura

· Gst Bhavan in Agartala, the newly established office complex will serve as the Headquarters of CGST, CX and customs for the agartala, Guhawati zone under EBIC.

GST

Gst is a value addex tax levied on most Goods and Services sold for Domestic consumption.

Main Features

1. Application on supply side

2. Destionation based taxation

3. Dual GST- CGST, SGST and IGST

4. GST rates to be mutually decided

5. Multiple slabs- 5%, 12%, 16%, 28%

6. Exemptions – Petroleum, Tobacco, and Liquour products .

Legislative Action

· 101^st Constitutional Amendment Act, 2016

· Article 246 A States have power to tax goods and services

GST council

· Article 279 A – GST council to be formed by the President to administrators and overn GST.

· Chairman - Union Finance minister

· Members – State Finance minister

· Voting power of centre 1/3 ^rd

· Voting power of state 2/3 ^rd

· The decisions are taken by ¾^thmajority.

Reforms by GST

· One Nation, One Tax

· Removed cascading effect of tax

· Encourage Indian products to be more productive

· Reduction tax burden

· Simplified tax structure.