Special GST Bill presented to Parliament

By Yohan Perera and Ajith Siriwardana
The government yesterday presented to Parliament the Special Goods and Services Tax (SGST) Bill that is aimed at simplifying the existing tax structure.

The Bill was presented by Leader of the House Dinesh Gunawardena . 
The  Special GST will be  the new composite tax payable on a number of specified goods and services including  liquor, cigarettes and vehicles (inclusive of parts for assembling of vehicles), telecommunications services, betting and gaming etc.

 The rate of tax applicable, either ad valorem or specific, to the respective specified goods or services will be made by an order of Finance Minister and will come into immediate effect with parliamentary approval required within three months after such an order comes into effect.

The Bill empowers the Finance Minister to exempt certain goods or services from the Special GST.
The Secretary to the Treasury will set up a separate unit headed by a Deputy Treasury Secretary to administer the collection of the Special GST.

The Secretary to the Treasury will assign to the unit number of officers attached to the Ministry of Finance or any Department coming within the purview of the Ministry of Finance as may be deemed necessary. The debate on the Bill is likely next month.