STATEMENT OF OBJECTS AND REASONS

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....a common national market for goods and services.  The  proposed  Central  and  State  goods  and  services  tax  will  be  levied  on  all transactions involving supply of goods and services, except those which are kept out of the purview of the goods and services tax. 2. The proposed Bill, which seeks further to amend the Constitution, inter alia, provides for- (a) subsuming of various Central indirect taxes and levies such as Central Excise Duty, Additional Excise Duties, Excise Duty levied under the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, Service Tax, Additional Customs Duty commonly known as Countervailing Duty, Special Additional Duty of Cu....

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....bsp; to  the  States  for  loss  of  revenue  arising  on  account  of implementation of the Goods and Services Tax for a period which may extend to five years; (i) 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, exemption list and threshold limits. The Council shall function under the Chairmanship of the Union Finance Minister and will have the Union Minister of State in charge of Revenue or Finance as member, along with the Minister in-charge of Finance or Taxation or any other Minister nominated by each State Government. It is further provided that every decisi....

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....ons of the Constitution as amended by this Act within a period of one year. 3. the Bill seeks to achieve the above objects.     NEW DELHI;                                                                                     ARUN  JAITLEY The 18th December, 2014     PRESIDENT'S&nbsp....