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The salient features of the Bill are as follows:
g. Conferring simultaneous power upon Parliament and the State
Legislatures to make laws governing goods and services tax;
h. Subsuming of various Central indirect taxes and levies such as
Central Excise Duty, Additional Excise Duties, Service Tax,
Additional Customs Duty commonly known as Countervailing
Duty, and Special Additional Duty of Customs;
i. Subsuming of State Value Added Tax/Sales Tax, Entertainment
Tax (other than the tax levied by the local bodies), Central Sales
Tax (levied by the Centre and collected by the States), Octroi and
Entry tax, Purchase Tax, Luxury tax, and Taxes on lottery, betting
and gambling;
j. Dispensing with the concept of ‘declared goods of special
importance’ under the Constitution;
k. Levy of Integrated Goods and Services Tax on inter-State
transactions of goods and services;
l. GST to be levied on all goods and services, except alcoholic liquor
for human consumption. Petroleum and petroleum products shall
be subject to the levy of GST on a later date notified on the
recommendation of the Goods and Services Tax Council;
m. Compensation to the States for loss of revenue arising on account
of implementation of the Goods and Services Tax for a period of
five years;
n. Creation of Goods and Services Tax Council to examine issues
relating to goods and services tax and make recommendations to
the Union and the States on parameters like rates, taxes, cesses
and surcharges to be subsumed, exemption list and threshold
limits, Model GST laws, etc. The Council shall function under the
Chairmanship of the Union Finance Minister and will have all the
State Governments as Members.
