Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 2-7-2016 – The draft of model law on proposed Goods and Services Tax (GST) has since been released by the Empowered Committee of State Finance Ministers (in short, EC) on 15th June, 2016 in its last meeting held. Thus, called as 'Model GST Law', it shall comprise of two pieces of legislation, viz, Goods and Service Tax Act, 2016 (year may change) Integrated Goods and Services Tax Act, 2016 (year may change) GST Act The model GST Act comprises of – 25 Chapters 178 Sections (including numeric – alpha section) 4 Schedules GST Valuation (Determination of Value of Supply of Goods and Services), Rules 2016 109 definitions in section 2 IGST Act The Model IGST Act comprises
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ion of tax at source GST compliance rating Business vertical principal place of business casual taxable person Zero rated supply, etc However, provisions relating to registration, threshold exemption, taxability, point of taxation, valuation principles etc still shall continue and are guided by extant provisions. The dealer is required to take registration under this law if his aggregate turnover in a financial year exceeds ₹ 9 lakhs. However, dealers conducting business in any North Eastern State are required to take registration if their turnover exceeds ₹ 4 lakhs. The dealer has to take registration in the State from where taxable goods or services are supplied. Every person already registered under extant law will be issued
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