ENA Economy 2017-03-27 09:08:28 <p><strong>New Delhi, Mar 27 (KNN)</strong> Union Finance Minister Arun Jaitley today introduced four landmark Bills on the Goods &amp; Services Tax (GST) in the Parliament. These Bills would pave way for introduction of GST in the country.</p> <p>These four Bills relate to Central GST; iGST; compensation to States; and GST implementation in Union Territories.</p> <p>On March 21, the Union Cabinet approved four draft laws on Goods and Services Tax (GST) needed to implement the countrys biggest reform from July 2017.</p> <p>The CGST Bill will allow the Centre to levy and collect GST on intra-state supply of goods or services. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the central government.</p> <p>The GST Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of GST for a period of five years as per the Constitution (One Hundred and First Amendment) Act, 2016.</p> <p>The GST Council has already cleared drafts of all legislations required to be passed by the Parliament and state assemblies for implementing the new indirect tax.</p> 16712 http://knnindia.co.in/news/newsdetails/economy/jaitley-introduces-four-key-gst-bills-in-parliament 2017-03-27 09:08:28 knnindia.co.in