In additional to the above salient features of the Bill are as under:-
1. New Article 246A is proposed which will confer simultaneous power to Union and State legislatures to legislate on GST
2. New Article 279A is proposed for the creation of a Goods & Services Tax Council which will be a joint forum of the Centre and the States.
3. Proposed the establishment of GST Council in which State Governments will have two-third vote share.
4. GST rates will be uniform across the country.
5. GST will be a destination-based tax.
7. Loss of revenue to the State will be compensated by the Centre arising on account of implementation of the GST for a period up to five years. The compensation will be on a tapering basis, i.e.
100% for first three years,
75% in the fourth year and
50% in the fifth year
8. All goods and services, except alcoholic liquor for human consumption, will be brought under the purview of GST.
9. The Central Government has proposed that petroleum products not to be taxed under GST till notified at a future date on the recommendation of GST Council.
10. Both Central and States will simultaneously levy GST across the value chain. Central would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.
10. The Central would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of goods and services. There will be seamless flow of input tax credit from one State to another.