The unified tax will have four slabs of 5%, 12%, 18% and 28%.
Both CGST and SGST provide for a peak tax rate of 20 percent, an enabling provision for financial emergencies.
The fifth law - State GST ( SGST) Bill - will be taken by the state government through the Cabinet to their respective state assemblies.
The 40 per cent would be apportioned equally between the Centre and the states.
Besides, those taxpayers whose annual taxable income is Rs 3.5 lakh, they will now pay income tax of Rs 2575, which was Rs 5150 earlier. A 2.5 per cent tax is prescribed for suppliers.
Four bills aimed at rolling out the much-awaited Goods and Services Tax (GST) and usher in landmark tax reforms in the country were tabled in the Lok Sabha today.
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- Central GST will be levied on all intra-state supply of goods and services except liquor.
The compensation would be met through levy of a cess called "GST Compensation Cess" on luxury items and sin goods like tobacco, for the first five years. He said the revised list of business could have included this but Saturday and Sunday were holidays. However, he added that he was not opposing the bill's introduction. The Rajya Sabha can't reject money bills as it only has powers to make recommendations on such legislation, which the Lok Sabha can choose to accept or reject. That was in response to junior Minister for Parliamentary Affairs SS Ahluwalia pointing out that the bills were uploaded on the government's website at midnight on Friday.
"I'm not speaking on the merits of the bills".
- Central government will be able to levy GST on supply of goods and services for inter-trade of commerce.
Partner Indirect Tax at KPMG in India Santosh Dalvi said in a statement: "Hope the other key pending aspects as classification of goods and services, various rules, grandfathering of tax exemption schemes etcetera are also finalised soon so that industry gets enough time to implement GST readiness from IT and business perspective".