GOODS AND SERVICES TAX LAW – IN THE MAKING
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 11-9-2016
A major change in administering GST will be that the tax incidence is at the point of sale as against the present system of point of origin. According to the Task Force under the 13th Finance Commission, GST, as a well designed value added tax on all goods and services, is the most elegant method to eliminate distortions and to tax consumption.
The Constitution (122nd Amendment) Bill, 2014
The GST Bill – The Constitution (One Hundred and Twenty-second Amendment) Bill, 2014 has been discussed and passed by Rajya Sabha on 4th August, 2016 after a 7 hours long debate by members of Rajya Sabha. The discussion on the GST bill came after months of discussions between the ruling party and the opposition – with both sides meeting multiple times to negotiate amendments.
The momentous Bill, which marks the first parliamentary step towards implementation of a “o
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
of concerns about state Government's being allowed to raise revenue in emergency situations.
* The subsequent GST Bill should not be categorized as Money Bill, by passing Rajya Sabha.
* Cap on GST rates of 18%
* Improved dispute resolution mechanism
Model GST Law
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.
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 of –
* 11 Chapters
* 33 Sections
* 8 Defini
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
sthan.
2007
FM announces GST introduction in India from April 01, 2010.
Parthasarathi Shome submits a study paper on GST.
Empowered Committee of State Finance Ministers constitutes the Joint Working Group.
VAT implemented in Tamil Nadu & Puducherry.
Central Sales Tax (CST) phase out starts, CST cut to 3%.
Joint Working Group set up for proposing GST roadmap and structure.
2008
VAT introduced in the last Indian State of UP from January 01, 2008.
EC finalises its views on a broad GST structure with consensus on Dual GST (Central & State GST), separate legislation, levy and administration.
CST reduced to 2%
2009
Empowered Committee release First Discussion Paper on GST in November.
Report of Task Force on GST of 13th Finance Commission in December
Report of 13th Finance Commission (TFC) (Chapter 5 on GST) in December
2010
Proposed date to introduce GST in India postponed to April 01, 2011.
2011
Government introduces Constitution Amendment Bill on GST in Lok Sabha
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
er : GST Constitutional Amendment Bill moved in Lok Sabha
2015
06.05.2015
Lok Sabha passes GST Bill
12.05.2015
Bill on GST not passed by Rajya Sabha ; referred to Select Committee
17.06.2015
Committees Constituted to recommend tax rates and to monitor progress of IT preparedness / mechanism of GST / drafting of rules.
22.07.2015
Select Committee of Rajya Sabha tabled its report on GST Bill
29.07.2015
Union Cabinet approves Select Committee recommendations
11.10.2015
Discussion papers to on business processes on registration, payment, returns and refunds under GST made public
03.12.2015
Committee on Tax rates submits reports
03.08.2016
Revised draft presented in Parliament / approved by Rajya Sabha
08.08 2016
Revised Constitutional (122nd Amendment) Bill approved by Lok Sabha
12.08.2016 to 06.09.2016
Constitutional Amendment Bill ratified by 18 Legislative Assemblies
Be Prepared For GST
Preparedness for GST in next few months will involve Tax Planning Review, Tra
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =