On the last day of the three-day special session called for GST, the state assembly unanimously approved the third and most important GST Bill No. 33 on Monday morning. GST will come into effect from 1 July.
Under the bill, The BMC which is the only municipal corporation in the country to still levy octroi and will have to be compensated for the loss of revenue as octroi will be subsumed under GST.
In the goods and services tax system, the central and state's total 17 taxes will be merged. Central taxes and Central taxes on Central excise duty, additional excise duty, excise duty, excise duty (textile and products), additional excise duty, additional customs duty, special additional customs duty, service tax, goods and services. State Value Added Tax, Central Sales Tax, Earnings Tax, Entrance Tax, (Octroi, LBT, Vehicles on Vehicles) Taxes and cess pertaining to the supply of goods, services and entertainment tax, tax on advertising, purchasing, tax on forest tax, lottery, betting, tax on gambling, goods and services.
Also Read - State Assembly Clears Two Bills Under GST
GST has four classifications such as Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Interstate and Service Tax (IGST) and the Union Goods and Services Tax (UTGST).
Only 10% taxpayers who have a turnover below Rs 1.50 crores will remain with the central government.
Taxpayers with a turnover of more than Rs 1.50 crore will have the same division as the Central Tax Administration and State Tax Administration.
E-Way billing will be required to handle goods worth 50 thousand or more.
There is a provision of tax deduction (TDS) of 1% on the taxable amount of more than Rs 2.5 lakhs for government departments, local bodies and government agencies.The e-portal will be required to reduce the tax deduction of not more than 1% of the price paid on the e-portal.
Independent workshops have been organised for the industrialists in the state, providing information related to goods and services tax for officials. So far 5100 officials have been trained in GST law. This includes 17 chief officers and 100 executives. In Maharashtra, 240 public awareness programs and 33 workshops have been organised in Mumbai to inform about GST.
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