Goods and Services Tax

Section 55 – Draft-Bills-Reports – JOB WORK – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 55 – CHAPTER – XIII JOB WORK 55. Special procedure for removal of goods for certain purposes (1) A registered taxable person (hereinafter referred to in this section as the principal ) may, under intimation and subject to such conditions as may be prescribed, send any inputs and/or capital goods, without payment of tax, to a job worker for job-work and from there subsequently send to another job worker and likewise, and shall – (a) bring back inputs, after completion of job-work or otherwise, and/or capital goods, other than moulds and dies, jigs and fixtures, or tools, within one year and thr

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ed under section 23; or (ii) where the principal is engaged in the supply of such goods as may be notified by the Commissioner in this behalf. (2) The responsibility for accountability of the inputs and/or capital goods shall lie with the principal . (3) Where the inputs sent for job-work are not received back by the principal after completion of job-work or otherwise in accordance with clause(a) of sub-section (1) or are not supplied from the place of business of the job worker in accordance with clause (b) of sub-section (1) within a period of one year of their being sent out, it shall be deemed that such inputs had been supplied by the principal to the job-worker on the day when the said inputs were sent out. (4) Where the capital goods,

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Section 54 – Draft-Bills-Reports – ACCOUNTS AND RECORDS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 54 – 54. Period of retention of accounts Every registered taxable person required to keep and maintain books of account or other records under sub-section (1) of section 53 shall retain them until the expiry of sixty months from the due date of filing of Annual Return for the year pertaining to such accounts and records: PROVIDED that a

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Section 53 – Draft-Bills-Reports – ACCOUNTS AND RECORDS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 53 – CHAPTER XII ACCOUNTS AND RECORDS 53. Accounts and other records (1) Every registered taxable person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of production or manufacture of goods, of inward or outward supply of goods and/or services, of stock of goods, of input tax credit availed, of output tax payable and paid, and such other particulars as may be prescribed in this behalf: PROVIDED that where more than one place of business is specified in the certificate of registration, the acco

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rescribed. (4) Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 39 and such other documents in the form and manner as may be prescribed in this behalf. (5) Subject to the provisions of clause (g) of sub-section (4) of section 17, where the registered taxable person fails to account for the goods and/or services in accordance with sub-section (1), the proper officer shall determine the amount of tax payable on the goods and/or services that are not accounted for, as if such goo

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Section 52 – Draft-Bills-Reports – REFUNDS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 52 – 52. Utilization of the Fund (1) Any money credited to the Fund shall be utilised by the Central/State Government for the welfare of the consumers in accordance with such rules as that Government may make in this behalf. (2) The Central/State Government shall maintain or, if it thinks fit, specify the authority which shall maintain, proper and s

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Section 51 – Draft-Bills-Reports – REFUNDS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 51 – 51. Consumer Welfare Fund (1) There shall be established by the Central or a State Government a fund, to be called the Consumer Welfare Fund. (2) There shall be credited to the Fund, in such manner as may be prescribed, – (a) the amount of tax referred to in sub-section (5) or sub-section (6) of section 48 ; and (b) any income earned from inves

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Section 50 – Draft-Bills-Reports – REFUNDS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 50 – 50. Interest on delayed refunds If any tax ordered to be refunded under section 48 to any applicant is not refunded within sixty days from the date of receipt of application under sub-section (1) of that section, interest at such rate as may be specified in the notification issued by the Central or a State Government on the recommendation of th

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Section 49 – Draft-Bills-Reports – REFUNDS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 49 – 49. Refund in certain cases The Central/State Government may, on the recommendation of the Council, by notification, specify any specialized agency of the United Nations Organization or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947), Consulate or Embas

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Section 48 – Draft-Bills-Reports – REFUNDS – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 48 – CHAPTER XI REFUNDS 48. Refund of tax (1) Any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application in that regard to the proper officer of IGST/CGST/SGST before the expiry of two years from the relevant date in such form and in such manner as may be prescribed: PROVIDED that a registered taxable person, claiming refund of any balance in the electronic cash ledger as per sub-section (6) of section 44, may claim such refund in the return furnished under section 34 in such manner as may be prescribed. (2) A specialized agency of the United Nations Organization or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947), Consulate or Embassy of foreign countries or any other person

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nput tax credit shall be allowed if the supplier of goods or services claims refund of output tax paid under the IGST Act, 2016. (4) The application shall be accompanied by- (a) such documentary evidence as may be prescribed to establish that a refund is due to the applicant, and (b) such documentary or other evidence (including the documents referred to in section 30) as the applicant may furnish to establish that the amount of tax and interest, if any, paid on such tax or any other amount paid in relation to which such refund is claimed was collected from, or paid by, him and the incidence of such tax and interest had not been passed on to any other person: PROVIDED that where the amount claimed as refund is less than five lac rupees, it shall not be necessary for the applicant to furnish any documentary and other evidences and instead, he may file a declaration, based on the documentary or other evidences available with him, certifying that the incidence of such tax and interest had

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the order under sub-section (5) within sixty days from the date of receipt of application. Explanation.- The application for the purpose of this sub-section shall mean complete application containing all information as may be prescribed. (8) Notwithstanding anything contained in sub-section (5) or sub-section (6), the refundable amount shall, instead of being credited to the Fund, be paid to the applicant, if such amount is relatable to – (a) refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported out of India; (b) refund of unutilized input tax credit under sub-section (3); (c) refund of tax paid on a supply which is not provided, either wholly or partially, and for which invoice has not been issued; (d) refund of tax in pursuance of section 70 ; (e) the tax and interest, if any, or any other amount paid by the applicant, if he had not passed on the incidence of such tax and interest to any other

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) deduct from the refund due, any tax, interest, penalty, fee or any other amount which the taxable person is liable to pay but which remains unpaid under the Act or under any earlier law. Explanation.- For the purposes of this sub-section, the expression specified date shall mean- (a) the last date for filing an appeal under this Act, in a case where no appeal has been filed; or (b) thirty days from the date of filing an appeal under this Act, in a case where an appeal has been filed. (11) Notwithstanding anything contained in sub-section (5) or sub-section (6), where an order giving rise to a refund is the subject matter of an appeal or further proceeding or where any other proceeding under this Act is pending and the Commissioner is of the opinion that grant of such refund is likely to adversely affect the revenue in the said appeal or other proceeding on account of malfeasance or fraud committed, he may, after giving the taxable person an opportunity of being heard, withhold the re

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s or input services used in the goods and/or services which are exported out of India, or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilized input tax credit as provided under sub-section (3). 2. relevant date means – (a) in the case of goods exported out of India where a refund of tax paid is available in respect of the goods themselves or, as the case may be, the inputs or input services used in such goods, – (i) if the goods are exported by sea or air, the date on which the ship or the aircraft in which such goods are loaded, leaves India, or (ii) if the goods are exported by land, the date on which such goods pass the frontier, or (iii) if the goods are exported by post, the date of despatch of goods by the Post Office concerned to a place outside India; (b) in the case of supply of goods regarded as deemed exports where a refund of tax paid is available in respect of the goods, the date on which the return relating to such deemed exports is fi

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Section 47 – Draft-Bills-Reports – TRANSFER OF INPUT TAX CREDIT – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 47 – CHAPTER-X TRANSFER OF INPUT TAX CREDIT 47. Transfer of input tax credit On utilization of input tax credit availed under the CGST Act for payment of tax dues under the IGST Act as per sub-section Error! Reference source not found. of section 44, the amount collected as CGST shall stand reduced by an amount equal to the cred

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Section 11 – 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 11 – 11. OTHER PROVISIONS RELATING TO CESS (1) The provisions of the Central Goods and Tax Act, 2016, and the rules made thereafter, including those relating to assessment, input tax credit (subject to sub-section (3)), non-levy, short-levy, interest, appeals, offences and penalties, shall, as far as may be, apply mutatis mutandis in relation to the levy and collection of the cess leviable under section 8 on the intrastate supply of goods and services, as they apply in relation to the levy and collection of Central Goods and Services T

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Section 46 – Draft-Bills-Reports – PAYMENT OF TAX – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 46 – 46. Tax deduction at source (1) Notwithstanding anything contained to the contrary in this Act, the Central or a State Government may mandate, – (a) a department or establishment of the Central or State Government, or (b) Local authority, or (c) Governmental agencies, or (d) such persons or category of persons as may be notified, by the Central or a State Government on the recommendations of the Council, [hereinafter referred to in this section as the deductor ], to deduct tax at the rate of one percent from the payment made or credited to the supplier [hereinafter referred to in th

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of deduction, amount deducted, amount paid to the appropriate Government and such particulars as may be prescribed in this behalf. (4) If any deductor fails to furnish to the deductee the certificate, after deducting the tax at source, within five days of crediting the amount so deducted to the appropriate Government, the deductor shall be liable to pay, by way of a late fee, a sum of one hundred rupees per day from the day after the expiry of the five day period until the failure is rectified: PROVIDED that the amount of fee payable under this sub-section shall not exceed five thousand rupees. (5) The deductee shall claim credit, in his electronic cash ledger, of the tax deducted and reflected in the return of the deductor furnished under

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Section 10 – 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 10 – 10. CREDITING PROCEEDS OF CESS TO GST COMPENSATION FUND (1) The proceeds of the GST Compensation Cess leviable under section 8 shall be credited to a non-lapsable fund known as the GST Compensation Fund in the Public Account, and shall be utilized for purposes specified in section 8. (

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Section 45 – Draft-Bills-Reports – PAYMENT OF TAX – MODEL GST LAW – Draft The Central / State Goods and Services Tax Act, 2016 – [November 2016] – Section 45 – 45. Interest on delayed payment of tax (1) Every person liable to pay tax in accordance with the provisions of the Act or rules made thereunder, who fails to pay the tax or any part thereof to the account of the Central or a State Government within the period prescribed, shall, on his own, for the period for which the tax or any part the

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Section 9 – 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 9 – 9. RETURNS, PAYMENTS AND REFUNDS (1) Every taxable person registered under CGST Act, 2016, making a taxable supply of goods and/or services, shall furnish such returns in such formats, as may be prescribed, along with the returns to be filed under the Central Goods and Services Tax Act,

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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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