(HT)
The Union Territory Goods and Services Tax (GST) Bill has got the assent of President of India. The Act is a replica of the Central GST law and is likely to take effect from July 1.With this, Chandigarh becomes first in region to have GST Act as the states are yet to pass their Act.
The maximum rate proposed under the UT GST Act 2017 is 20%. If a registered person supplies goods or services or both within Chandigarh he will be charging the Central GST and the UT GST. When goods are sold to another state, the Integrated GST will be levied.GST will give the seamless flow of credit of tax.
“It is expected that GST will reduce the prices of goods and services. Post-GST all the indirect taxes like service tax, excise duty, value added tax, entertainment tax, luxury tax, octroi, road tax, toll tax, stamp duty, electricity duty will become one tax — GST,” said Keshav Garg, a local taxation expert, who has authored a book on GST.
