Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 11-9-2016 Last Replied Date:- 12-9-2016 – 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 one country, one market, one t
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ise 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 Definitions It may be noted that EC had already issued four reports on different business processes in October 2015 which pert
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tee 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 2013 Parliament Standing Committee submit reports on GST Constitutional Amendment Bill Standing Committee recommendations incorporated in Bill Standing Com
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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, Transactions Review, Training Manpower, Cost Effectiveness in Inventory, logistics & final goods, business planning with anticipation of new tax structure with competition, fastest implementati
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