Goods and Services Tax

Section 43 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 43 – 43. Tax Return Preparers (1) The appropriate Government may, by rules, prescribe the manner of approval of Tax Return Preparers, their eligibility conditions, duties and obligations, manner of removal and such other conditions as may be relevant for their functioning as a Tax Return Preparer. (2) A registered taxable person may, in the manner p

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Section 44 – Draft-Bills-Reports – PAYMENT OF TAX – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 44 – CHAPTER-IX PAYMENT OF TAX 44. Payment of tax, interest, penalty and other amounts (1) Every deposit made towards tax, interest, penalty, fee or any other amount by a taxable person by internet banking or by using credit/debit cards or National Electronic Fund Transfer or Real Time Gross Settlement or by any other mode, subject to such conditions and restrictions as may be prescribed in this behalf, shall be credited to the electronic cash ledger of such person to be maintained in the manner as may be prescribed. Explanation.- The date of credit to the account of the appropriate Gove

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ovisions of the Act or the rules made thereunder in such manner and subject to such conditions and within such time as may be prescribed. (5) (a) The amount of input tax credit on account of IGST available in the electronic credit ledger shall first be utilized towards payment of IGST and the amount remaining, if any, may be utilized towards the payment of CGST and SGST, in that order. (b) The amount of input tax credit on account of CGST available in the electronic credit ledger shall first be utilized towards payment of CGST and the amount remaining, if any, may be utilized towards the payment of IGST. (c) The input tax credit on account of CGST shall not be utilized towards payment of SGST. {CGST Act} (b) The amount of input tax credit o

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e person shall discharge his tax and other dues under this Act or the rules made thereunder in the following order: (a) self-assessed tax, and other dues related to returns of previous tax periods; (b) self-assessed tax, and other dues related to return of current tax period; (c) any other amount payable under the Act or the rules made thereunder including the demand determined under section 66 or 67. (9) Every person who has paid the tax on goods and/or services under this Act shall, unless the contrary is proved by him, be deemed to have passed on the full incidence of such tax to the recipient of such goods and/or services. Explanation. 1- For the purposes of this section, the expression tax dues means the tax payable under this Act and

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Section 8 – Draft-Bills-Reports – GST – Compensation to the States for Loss of Revenue – Draft – Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 – [November 2016] – Section 8 – 8. LEVY AND COLLECTION OF GST COMPENSATION CESS There shall be levied and collected in accordance with the provisions of this Act, a cess to be called the GST Compensation Cess at such rate as may be notified, but not exceeding…. Per cent, on the value determined under section 15

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Section 42 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 42 – 42. Levy of late fee (1) Any registered taxable person who fails to furnish the details of outward or inward supplies required under section 32 or section 33, as the case may be, or returns required under section 34 or section 40 by the due date shall be liable to pay late fee of one hundred rupees for every day during which such failure contin

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Section 41 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 41 – 41. Notice to return defaulters Where a regist

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Section 40 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 40 – 40. Final return Every registered taxable pers

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Section 7 – Draft-Bills-Reports – GST – Compensation to the States for Loss of Revenue – Draft – Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 – [November 2016] – Section 7 – 7. CALCULATION AND RELEASE OF COMPENSATION (1) The GST compensation payable to a State shall be provisionally calculated and released at the end of every quarter, and shall be finally calculated for every financial year after the receipt of final revenue figures, as audited by the Comptroller and Auditor General of India (CAG). Provided further that in case any excess amount has been released as GST compensation to a State in any financial year during the transition period, as per the CAG audited figures of revenue collected, the ex

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that State, as certified by the Comptroller and Auditor General of India. (c) Total GST compensation payable in any financial year shall be the difference between the projected revenue for any financial year and the actual revenue collected by a State as defined in sub-section (b). (3) The loss of revenue at the end of any quarter in any year for a State during the transition period shall be calculated at the end of every quarter as follows: (a) The projected revenue that could have been earned by the State in absence of GST till the end of the relevant quarter of the respective financial year would be calculated on a pro-rata basis as a percentage of the total projected revenue for any financial year during the transition period, as calcul

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ncial year shall be the difference between the projected revenue for till the end of the relevant period as per sub-section (3)(a) and the actual revenue collected by a State in the said period as defined in sub-section (3)(b), reduced by the provisional GST compensation paid to a State till the end of the previous quarter in the said financial year during the transition period. (4) In case of any difference between the final GST compensation amount payable to a State calculated as per provisions of sub-section (2) upon receipt of the audited revenue figures from the CAG, and the total provisional GST compensation amount released to a State in the said financial year as per sub-section (3), the same shall be adjusted against release of GST

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Section 39 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 39 – 39. Annual return (1) Every registered taxable person, other than an input service distributor, a person paying tax under section 46 or section 56, a casual taxable person and a nonresident taxable person, shall furnish an annual return for every financial year electronically in such form and in such manner as may be prescribed on or before the

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Section 38 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 38 – 38. Matching, reversal and reclaim of reduction in output tax liability (1) The details of every credit note relating to outward supply furnished by a registered taxable person (hereinafter referred to in this section as the supplier ) for a tax period shall, in the manner and within the time prescribed, be matched- (a) with the corresponding reduction in the claim for input tax credit by the corresponding taxable person (hereinafter referred to in this section as the recipient ) in his valid return for the same tax period or any subsequent tax period, and (b) for duplication of claims for

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as may be prescribed. (5) The amount in respect of which any discrepancy is communicated under subsection (3) and which is not rectified by the recipient in his valid return for the month in which discrepancy is communicated shall be added to the output tax liability of the supplier, in the manner as may be prescribed, in his return for the month succeeding the month in which the discrepancy is communicated. (6) The amount in respect of any reduction in output tax liability that is found to be on account of duplication of claims shall be added to the output tax liability of the supplier in his return for the month in which such duplication is communicated. (7) The supplier shall be eligible to reduce, from his output tax liability, the amou

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Section 6 – Draft-Bills-Reports – GST – Compensation to the States for Loss of Revenue – Draft – Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 – [November 2016] – Section 6 – 6. PROJECTED REVENUE FOR ANY YEAR The projected revenue for any year in a State shall be calculated by applying the projected growth rate over the base year revenue of that State. Illustration: If the base year revenue for 2015-16 for a concerned State, calculated as per section 5, is &#

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Section 37 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 37 – 37. Matching, reversal and reclaim of input tax credit (1) The details of every inward supply furnished by a registered taxable person (hereinafter referred to in this section as the recipient ) for a tax period shall, in the manner and within the time prescribed, be matched- (a) with the corresponding details of outward supply furnished by the corresponding taxable person (hereinafter referred to in this section as the supplier ) in his valid return for the same tax period or any preceding tax period, (b) with the additional duty of customs paid under section 3 of the Customs Tariff Act,

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cy shall be communicated to both such persons in the manner as may be prescribed. (4) The duplication of claims of input tax credit shall be communicated to the recipient in the manner as may be prescribed. (5) The amount in respect of which any discrepancy is communicated under subsection (3) and which is not rectified by the supplier in his valid return for the month in which discrepancy is communicated shall be added to the output tax liability of the recipient, in the manner as may be prescribed, in his return for the month succeeding the month in which the discrepancy is communicated. (6) The amount claimed as input tax credit that is found to be in excess on account of duplication of claims shall be added to the output tax liability o

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liability is accepted under sub-section (7), the interest paid under sub-section (8) shall be refunded to the recipient by crediting the amount in the corresponding head of his electronic cash ledger in the manner as may be prescribed: PROVIDED that the amount of interest to be credited in any case shall not exceed the amount of interest paid by the supplier. (10) The amount reduced from the output tax liability in contravention of the provisions of sub-section (7) shall be added to the output tax liability of the recipient in his return for the month in which such contravention takes place and such recipient shall be liable to pay interest on the amount so added at the rate specified in sub-section (3) of section 45. – Statutory Provision

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Section 36 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 36 – 36. Claim of input tax credit and provisional acceptance thereof (1) Every registered taxable person shall, subject to such conditions and restrictions as may be prescribed in this behalf, be entitled to take credit of input tax, as self-assessed in his return and such amount shall be credited, on a provisional basis, to his electronic credit l

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Section 35 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 35 – 35. First Return Every registered taxable person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return filed by him after grant of registration. – Statutory Provisions, Acts, Rules, Regulations, Taxati

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Section 34 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 34 – 34. Returns (1) Every registered taxable person, other than an input service distributor or a nonresident taxable person or a person paying tax under the provisions of section 9, section 46 or section 56 shall, for every calendar month or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, of inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and other particulars as may be prescribed on or before the twentieth day of the month succeeding such calendar month or part thereof. (2) A register

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or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, within thirteen days after the end of such month. (5) Every registered non-resident taxable person shall, for every calendar month or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, within twenty days after the end of a calendar month or within seven days after the last day of the validity period of registration, whichever is earlier. (6) The Commissioner of [CGST/SGST] may, for valid and sufficient reasons, by notification, for such class of taxable persons as may be specified therein, extend the time limit for furnishing the returns under sub-section (1), (2), (3), (4) or, as the

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ffected during such tax period. (9) Subject to the provisions of sections 32 and 33, if any taxable person after furnishing a return under sub-section (1), (2) or, as the case may be, under subsection (4) discovers any omission or incorrect particulars therein, other than as a result of scrutiny, audit, inspection or enforcement activity by the tax authorities, he shall rectify such omission or incorrect particulars in the return to be furnished for the month or quarter, as the case may be, during which such omission or incorrect particulars are noticed, subject to payment of interest, where applicable and as specified in the Act: PROVIDED that no such rectification of any omission or incorrect particulars shall be allowed after the due dat

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Section 33 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 33 – 33. Furnishing details of inward supplies (1) Every registered taxable person, other than an input service distributor or a nonresident taxable person or a person paying tax under section 9, section 46 or section 56, shall verify, validate, modify or, if required, delete the details relating to outward supplies and credit or debit notes communicated under sub-section (1) of section 32 to prepare the details of his inward supplies and credit or debit notes and may include therein, the details of inward supplies and credit or debit notes received by him in respect of such supplies that have

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y be prescribed: PROVIDED that the Commissioner may, for valid and sufficient reasons, by notification, for such class of taxable persons as may be specified therein, extend the time limit for furnishing such details: PROVIDED FURTHER that any extension of time limit approved by the Commissioner of [Central/State] Goods and Services Tax shall be deemed to be approved by the Commissioner of [State/Central] Goods and Services Tax. (3) The details of supplies modified, deleted or included by the recipient and furnished under sub-section (2) shall be communicated to the supplier concerned in the manner and within the time as may be prescribed. (4) The details of supplies modified, deleted or included by the recipient in the return furnished und

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Section 32 – Draft-Bills-Reports – RETURNS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 32 – CHAPTER- VIII RETURNS 32. Furnishing details of outward supplies (1) Every registered taxable person, other than an input service distributor, a nonresident taxable person and a person paying tax under the provisions of section 9, section 46 or section 56, shall furnish, electronically, in such form and manner as may be prescribed, the details of outward supplies of goods or services effected, during a tax period on or before the tenth day of the month succeeding the said tax period and such details shall be communicated to the recipient of the said supplies within the time and in the mann

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etails under sub-section (3) of section 33 or the details pertaining to inward supplies of input service distributor under sub-section (4) of section 333, shall either accept or reject the details so communicated, on or before the seventeenth day of the month succeeding the tax period and the details furnished by him under subsection (1) shall stand amended accordingly. (3) Any registered taxable person, who has furnished the details under sub-section (1) for any tax period and which have remained unmatched under section 37 or section 38, shall, upon discovery of any error or omission therein, rectify such error or omission in the tax period during which such error or omission is noticed in such manner as may be prescribed, and shall pay th

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Section 31 – Draft-Bills-Reports – TAX INVOICE, CREDIT AND DEBIT NOTES – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 31 – 31. Credit and debit notes (1) Where a tax invoice has been issued for supply of any goods and/or services and the taxable value and/or tax charged in that tax invoice is found to exceed the taxable value and/or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where services supplied are found to be deficient, the registered taxable person, who has supplied such goods and/or services, may issue to the recipient a credit note containing such particulars as may be prescribed. (2) Any registered taxable person who

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Section 30 – Draft-Bills-Reports – TAX INVOICE, CREDIT AND DEBIT NOTES – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 30 – 30. Amount of tax to be indicated in tax invoice and other documents Notwithstanding anything contained in this Act or any other law for the time being in force, where any supply is made for a consideration, every person who is liable to pay tax for such supply shall prominently indicate in all documents relating to

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Section 29 – Draft-Bills-Reports – TAX INVOICE, CREDIT AND DEBIT NOTES – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 29 – 29. Tax not to be collected by unregistered taxable person A person who is not a registered taxable person shall not collect in respect of any supply of goods and/or services any amount by way of tax under the CGST/SGST Act and no registered taxable person shall make any such collection except in accordance with the

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Section 5 – Draft-Bills-Reports – GST – Compensation to the States for Loss of Revenue – Draft – Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 – [November 2016] – Section 5 – 5. BASE YEAR REVENUE (1) Subject to the provision of sub-sections (2), (3) (4) and (5) the base year revenue for a State shall be the sum of the revenue collected by the State and local bodies during the base year, on account of the taxes levied by the respective State or Centre, net of refunds, with respect to the following taxes imposed by the respective State or Centre, which are subsumed into goods and services tax: (a) Value Added Tax (VAT), sales tax, purchase tax, tax collected on works contract, or any other tax levied by the concerned State under the erstwhile Entry 54 of List-II (State List) of the Seventh Schedule to the Constitution, prior to bringing into effect the provisions of the Constitution (One Hundred and First Amendment) Act, 2016; (b) Central Sales Tax (C

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l and toilet preparations levied by the Union but collected and retained by the concerned State Government under the erstwhile Article 268 of the Constitution, prior to bringing into effect the provisions of the Constitution (One Hundred and First Amendment) Act, 2016; and (g) Any cess or surcharge levied by the State Government under any Act which is included in the definition of earlier laws as per section 2(39) of the State Goods and Services Act of the concerned State. (2) The Acts of the Central and State Governments under which the specific taxes are being subsumed into the goods and services tax shall be as notified. (3) The revenue collected during the base year in a State, net of refunds, on account of following taxes, shall not be included in the calculation of the base year revenue for that State: (a) Any taxes levied under any Act made under the erstwhile Entry 54 of List-II (State List) of the Seventh Schedule to the Constitution, prior to bringing into effect the provisio

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Hundred and First Amendment) Act, 2016.. (4) In respect of the State of Jammu and Kashmir, the base year revenue shall include the amount of service tax collected by the State Government. (5) In respect of States mentioned in article 279A(4)(g) of the Constitution, the amount of revenue foregone on account of exemptions given by the State Government to specific entities under the laws specified under sub-section (2) to promote industrial investment in the State would be included in the total base year revenue of the State, subject to the conditions as may be prescribed. (6) The base year revenue shall be calculated as per sub-sections (1), (2), (3), (4) and (5) on the basis of the figures of revenue collected net of refunds given in that year, as audited by the Comptroller and Auditor General of India. (7) In respect of any State, if any part of revenues mentioned in sub-sections (1), (2) and (3) are not credited in the Consolidated Fund of the respective State, the same shall be incl

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Section 28 – Draft-Bills-Reports – TAX INVOICE, CREDIT AND DEBIT NOTES – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 28 – CHAPTER- VII TAX INVOICE, CREDIT AND DEBIT NOTES 28. Tax invoice (1) A registered taxable person supplying taxable goods shall, before or at the time of,- (a) removal of goods for supply to the recipient, where the supply involves movement of goods, or (b) delivery of goods or making available thereof to the recipient, in any other case, issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed: PROVIDED that the Central/State Government may, on the recommendation of the Council, by notification, specify the categories of goods and/or supplies in respect of which the tax invoice shall be issued within such time as may be prescribed. (2) A registered taxable person supplying taxable services shall, before or after the pro

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under the provisions of section 9 shall issue, instead of a tax invoice, a bill of supply containing such particulars and in such manner as may be prescribed: PROVIDED that the registered taxable person may not issue a bill of supply if the value of the goods or services supplied is less than one hundred rupees except where the recipient of the goods or services requires such bill. (c) a registered taxable person shall, on receipt of advance payment with respect to any supply of goods or services by him, issue a receipt voucher or any other document, including therein such particulars as may be prescribed, evidencing receipt of such payment; (d) a registered taxable person who is liable to pay tax under sub-section (3) of section 8 shall issue an invoice in respect of goods or services received by him on the date of receipt of goods or services from a person who is not registered under the Act. (4) In case of continuous supply of goods, where successive statements of accounts or succe

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letion of the supply, the invoice shall be issued at the time when the supply ceases and such invoice shall be issued to the extent of the supply effected before such cessation. (7) For the purposes of sub section (4) and (5), the Central or a State Government may on the recommendation of the Council, specify, by notification, the supply of goods or services that shall be treated as continuous supply of goods or services. (8) Notwithstanding anything contained in sub-section (1), where the goods (being sent or taken on approval or sale or return or similar terms) are removed before it is known whether a supply will take place, the invoice shall be issued before or at the time when it becomes known that the supply has taken place or six months from the date of removal, whichever is earlier. Explanation.- The expression tax invoice shall be deemed to include a document issued by an Input Service Distributor under section 21, and shall also include any revised invoice issued by the suppli

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BASE YEAR – Section 4 – Draft-Bills-Reports – GST – Compensation to the States for Loss of Revenue – Draft – Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 – [Novemb

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Section 27 – Draft-Bills-Reports – REGISTRATION – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 27 – 27. Revocation of cancellation of registration (1) Subject to such conditions and in such manner as may be prescribed, any registered taxable person, whose registration is cancelled by the proper officer on his own motion, may apply to such officer for revocation of cancellation of the registration in the prescribed manner within thirty da

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Section 26 – Draft-Bills-Reports – REGISTRATION – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 26 – 26. Cancellation of registration (1) The proper officer may, either on his own motion or on an application filed, in the prescribed manner, by the registered taxable person or by his legal heirs, in case of death of such person, cancel the registration, in such manner and within such period as may be prescribed, having regard to the circumstances where, – (a) the business has been discontinued, transferred fully for any reason including death of the proprietor, amalgamated with other legal entity, demerged or otherwise disposed of; or (b) there is any change in the constitution of the

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ary registration under sub-section (3) of section 23 has not commenced business within six months from the date of registration. (3) Where any registration has been obtained by means of fraud, wilful misstatement or suppression of facts, the proper officer may cancel the registration with retrospective effect, subject to the provisions of section 37. (4) The proper officer shall not cancel the registration without giving a notice to show cause and without giving the person a reasonable opportunity of being heard: PROVIDED that such notice may not be issued where an application is filed by the registered taxable person or his legal heirs, in the case of death of such person, for cancellation of registration. (5) The cancellation of registrat

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PROJECTED GROWTH RATE – Section 3 – Draft-Bills-Reports – GST – Compensation to the States for Loss of Revenue – Draft – Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 20

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