THE THIRD SCHEDULE [See section 2 (f) (iii)]

THE FIRST SCHEDULE – Amendment Acts – SCHEDULES – TAXATION LAWS (AMENDMENT) Act, 2017 – THE FIRST SCHEDULE – THE FIRST SCHEDULE (See section 11) "THE THIRD SCHEDULE [See section 2 (f) (iii)] NOTES 1. In this Schedule, "heading", "sub-heading" and "tariff item" mean respectively, a heading, sub-heading and tariff item in the Fourth Schedule. 2. The rules for the interpretation, the Section, Chapter Notes and the General Explanatory Notes of the Fourth Schedule

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Collection and payment of arrears of duties

Section 19 – Amendment Acts – MISCELLANEOUS – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 19 – Collection and payment of arrears of duties 19. Notwithstanding the repeal of the enactments specified in the Third Schedule, the proceeds of duties levied under the said enactments immediately preceding the date appointed under sub-section (2) of section 1,- (i) if collected by the collecting agencies but not paid into the Reserve Bank of India; or (ii) if not collected by the collecting agencies,

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Repeal and savings of certain enactments.

Section 18 – Amendment Acts – MISCELLANEOUS – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 18 – Repeal and savings of certain enactments. 18. (1) The enactments specified in the third column of the Third Schedule are hereby repealed to the extent specified in the fourth column thereof. (2) Notwithstanding the repeal under sub-section (1), such repeal shall not- (a) affect any other law in which the repealed enactment has been applied, incorporated or referred to; (b) affect the validity, invalidity, effect or consequences of anything already done or suffered or any right, title, obligation or liability already acquired, accrued or incurred or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, pen

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Amendment of Seventh Schedule to Act 14 of 2001.

Section 16 – Amendment Acts – MISCELLANEOUS – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 16 – CHAPTER IV MISCELLANEOUS Amendment of Seventh Schedule to Act 14 of 2001. 16. In the Finance Act, 2001, in the Seventh Schedule,- (a) except tariff items 2402 20 10, 2402 20 20, 2402 20 30, 2402 20 40, 2402 20 50, 2402 20 90, 2402 90 10, 2403 11 10, 2403 19 10, 2403 19 21, 2403 19 29, 2403 19 90, 2403 91 00, 2403 99 10, 2403 99 20, 2403 99 30, 2403 99 40, 2403 99 50, 2403 99 60, 2403 99 90 and 2709

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Omission of Section 15.

Omission of Section 15. – Section 15 – Amendment Acts – CENTRAL SALES TAX – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 15 – Omission of Section 15. 15. In the Central Sales Tax Act, section 15 shal

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Omission of Section 14.

Omission of Section 14. – Section 14 – Amendment Acts – CENTRAL SALES TAX – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 14 – Omission of Section 14. 14. In the Central Sales Tax Act, section 14 shal

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Amendment of Section 2.

Section 13 – Amendment Acts – CENTRAL SALES TAX – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 13 – CHAPTER IV CENTRAL SALES TAX Amendment of Section 2. 13. In the Central Sales Tax Act, 1956 (74 of 1956) (hereinafter referred to as Central Sales Tax Act), in section 2,- (a) clause (c) shall be omitted; (b) for clause (d), the following clause shall be substituted, namely:- (d) goods means- (i) petroleum crude; (ii) high speed diesel; (iii) motor spirit (commonly known as petrol); (iv) natural

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Insertion of Fourth Schedule.

Insertion of Fourth Schedule. – Section 12 – Amendment Acts – CENTRAL EXCISE – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 12 – Insertion of Fourth Schedule. 12. In the Central Excise Act, after the

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Insertion of a new section 38B.

Section 10 – Amendment Acts – CENTRAL EXCISE – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 10 – Insertion of a new section 38B. 10. In the Central Excise Act, after section 38A, the following section shall be inserted, namely:- Savings of references to Chapter, heading, sub-heading and tariff item in Central Excise Tariff Act, 1985. "38B. Notwithstanding the repeal of the Central Excise Tariff Act, 1985 (5 of 1986.) by sub-section (1) of section 174 of the Central Goods and Services Tax

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Amendment of section 38.

Amendment of section 38. – Section 9 – Amendment Acts – CENTRAL EXCISE – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 9 – Amendment of section 38. 9. In the Central Excise Act, in section 38, after t

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Insertion of new sections 3B and 3C.

Section 8 – Amendment Acts – CENTRAL EXCISE – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 8 – Insertion of new sections 3B and 3C. 8. In the Central Excise Act, after section 3A, the following sections shall be inserted, namely:- Emergency power of Central Government to increase duty of excise. ''3B. (1) Where, in respect of any goods, the Central Government is satisfied that the duty leviable thereon under section 3 should be increased and that circumstances exist which render it necessary to take immediate action, the Central Government may, by notification in the Official Gazette, amend the Fourth Schedule to substitute the rate of duty specified therein in respect of such goods in the following manner, namely:- (a) in a case

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ons under sub-section (2). Explanation.-For the purposes of this sub-section, the term "form or method", in relation to a rate of duty of excise, means the basis, including valuation, weight, number, length, area, volume or any other measure, on which the duty may be levied. (2) Every notification under sub-section (1) shall be laid before each House of Parliament, if it is in session, as soon as may be after the issue of the notification, and, if it is not in session, within seven days of its re-assembly, and the Central Government shall seek the approval of Parliament to the notification by a resolution moved within a period of fifteen days beginning with the day on which the notification is so laid before the House of the Peopl

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Amendment of section 3A.

Amendment of section 3A. – Section 7 – Amendment Acts – CENTRAL EXCISE – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 7 – Amendment of section 3A. 7. In the Central Excise Act, in section 3A, in Expl

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Substitution of new section for section 3.

Section 6 – Amendment Acts – CENTRAL EXCISE – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 6 – Substitution of new section for section 3. 6. In the Central Excise Act, for section 3, the following section shall be substituted, namely:- Duty specified in the Fourth Schedule to be levied "3. (1) There shall be levied and collected in such manner as may be prescribed a duty of excise to be called the Central Value Added Tax (CENVAT) on all excisable goods (excluding goods produced or manufactured in special economic zones) which are produced or manufactured in India as, and at the rates, set forth in the Fourth Schedule: Provided that the duty of excise which shall be levied and collected on any excisable goods which are produced or man

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iable for the time being in force is leviable at different rates, then, such duty shall, for the purposes of this proviso, be deemed to be leviable at the highest of those rates. Explanation 2.-For the purposes of this sub-section,- (i)"hundred per cent. export-oriented undertaking" means an undertaking which has been approved as a hundred per cent. export-oriented undertaking by the Board appointed in this behalf by the Central Government in exercise of the powers conferred by section 14 of the Industries (Development and Regulation) Act, 1951, (65 of 1951) and the rules made under that Act; (ii) "Special Economic Zone" shall have the meaning assigned to it in clause (za) of section 2 of the Special Economic Zones Act,

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Amendment of section 2.

Section 5 – Amendment Acts – CENTRAL EXCISE – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 5 – CHAPTER III CENTRAL EXCISE Amendment of section 2. 5. In the Central Excise Act, 1944 (1 of 1944.) (hereinafter referred to as the Central Excise Act), in section 2,- (a) in clause (d), for the words and figures "the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985" (5 of 1986.), the words "the Fourth Schedule" shall be substituted; (b) in clause (e) t

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Amendment of section 3.

Section 4 – Amendment Acts – CUSTOMS TARIFF – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 4 – CHAPTER II CUSTOMS TARIFF Amendment of section 3. 4. In the Customs Tariff Act, 1975, (51 of 1975.)in section 3, – (a) in sub-section (2),- (i) in clause (ii), for item (a), the following item shall be substituted, namely:- "(a) the duty referred to in sub-sections (1), (3), (5), (7) and (9);"; (ii) in the proviso, in sub-clause (b), item (ii) shall be omitted; (b) in sub-section (6), in clause (ii), for item (a), the following item shall be substituted, namely:- "(a) the duty referred to in sub-sections (5), (7) and (9);"; (c) for sub-sections (7) and (8), the following sub-sections shall be substituted, namely:- "(7) A

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(52 of 1962.) or the tariff value of such article fixed under sub-section (2) of that section, as the case may be; and (b) any duty of customs chargeable on that article under section 12 of the Customs Act, 1962, (52 of 1962.) and any sum chargeable on that article under any law for the time being in force as an addition to, and in the same manner as, a duty of customs, but does not include the tax referred to in sub-section (7) or the cess referred to in sub-section (9). (9) Any article which is imported into India shall, in addition, be liable to the goods and services tax compensation cess at such rate, as is leviable under section 8 of the Goods and Services Tax (Compensation to States) Cess Act, 2017 on a like article on its supply in

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f 1962.) and any sum chargeable on that article under any law for the time being in force as an addition to, and in the same manner as, a duty of customs, but does not include the tax referred to in sub-section (7) or the cess referred to in sub-section (9). (11) The duty or tax or cess, as the case may be, chargeable under this section shall be in addition to any other duty or tax or cess, as the case may be, imposed under this Act or under any other law for the time being in force. (12) The provisions of the Customs Act, 1962 (52 of 1962.) and the rules and regulations made thereunder, including those relating to drawbacks, refunds and exemption from duties shall, so far as may be, apply to the duty or tax or cess, as the case may be, cha

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Insertion of new sections 108A and 108B.

Section 3 – Amendment Acts – CUSTOMS – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 3 – Insertion of new sections 108A and 108B. 3. In the Customs Act, after section 108, the following sections shall be inserted, namely:- Obligation to furnish information. "108A. (1) Any person, being- (a) a local authority or other public body or association; or (b) any authority of the State Government responsible for the collection of value added tax or sales tax or any other tax relating to the goods or services; or (c) an income tax authority appointed under the provisions of the Income-tax Act, 1961; (43 of 1961.) (d) a Banking company within the meaning of clause (a) of section 45A of the Reserve Bank of India Act, 1934; (2 of 1934) or (e) a c

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ing of the Companies Act, 2013 (18 of 2013.); or (j) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (59 of 1988.); or (k) the Collector referred to in clause (c) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013.); or (l) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or (m) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); or (n) the Post Master General within the meaning of clause ( j) of section 2 of the Indian Post Office Act, 1898 (6 o

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in such manner as may be prescribed by rules made under this Act. (2) Where the proper officer considers that the information furnished under sub-section (1) is defective, he may intimate the defect to the person who has furnished such information and give him an opportunity of rectifying the defect within a period of seven days from the date of such intimation or within such further period which, on an application made in this behalf, the proper officer may allow and if the defect is not rectified within the said period of seven days or, further period, as the case may be, so allowed, then, notwithstanding anything contained in any other provision of this Act, such information shall be deemed as not furnished and the provisions of this Act

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Amendment of section 2.

Amendment of section 2. – Section 2 – Amendment Acts – CUSTOMS – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 2 – CHAPTER I CUSTOMS Amendment of section 2. 2. In the Customs Act, 1962 (52 of 1962.) (

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Short title and commencement.

Section 1 – Amendment Acts – Short title and commencement – TAXATION LAWS (AMENDMENT) Act, 2017 – Section 1 – THE TAXATION LAWS (AMENDMENT) ACT, 2017 NO. 18 OF 2017 An Act further to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Central Sales Tax Act, 1956, the Finance Act, 2001 and the Finance Act, 2005 and to repeal certain enactments. BE it enacted by Parliament in the Sixty-eighth Year of the Republic of India as follows:- Short title and comme

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GST – CONCEPT & STATUS – As on 5th April, 2017

Goods and Services Tax – GST – Dated:- 7-4-2017 – Introduction The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax, because of its transparent and self-policing character, would be easier to administer. Genesis 2. The idea of moving towards the GST was first mooted by the then Union Finance Minister in his Budget for 2007-08. Initially, it was pro

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vy tax on the manufacture of goods (except alcoholic liquor for human consumption, opium, narcotics etc.) while the States have the powers to levy tax on sale of goods. In case of inter-State sales, the Centre has the power to levy a tax (the Central Sales Tax) but, the tax is collected and retained entirely by the originating States. As for services, it is the Centre alone that is empowered to levy service tax. Since the States are not empowered to levy any tax on the sale or purchase of goods in the course of their importation into or exportation from India, the Centre levies and collects this tax as additional duties of customs, which is in addition to the Basic Customs Duty. This additional duty of customs (commonly known as CVD and SAD) counter balances excise duties, sales tax, State VAT and other taxes levied on the like domestic product. Introduction of GST would require amendments in the Constitution so as to concurrently empower the Centre and the States to levy and collect t

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commerce (including imports) in goods or services. The Central Government will have the power to levy excise duty in addition to the GST on tobacco and tobacco products. The tax on supply of five specified petroleum products namely crude, high speed diesel, petrol, ATF and natural gas would be levied from a later date on the recommendation of GST Council. 4.1 A Goods and Services Tax Council (GSTC) shall be constituted comprising the Union Finance Minister, the Minister of State (Revenue) and the State Finance Ministers to recommend on the GST rate, exemption and thresholds, taxes to be subsumed and other features. This mechanism would ensure some degree of harmonization on different aspects of GST between the Centre and the States as well as across States. One half of the total number of members of GSTC would form quorum in meetings of GSTC. Decision in GSTC would be taken by a majority of not less than three-fourth of weighted votes cast. Centre and minimum of 20 States would be req

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(i) The threshold exemption limit would be ₹ 20 lac. For special category States enumerated in article 279A of the Constitution, threshold exemption limit has been fixed at ₹ 10 lac. (ii) Composition threshold shall be ₹ 50 lac. Composition scheme shall not be available to inter-State suppliers, service providers (except restaurant service) and specified category of manufacturers. (iii) Existing tax incentive schemes of Central or State governments may be continued by respective government by way of reimbursement through budgetary route. The schemes, in the present form, would not continue in GST. (iv) There would be four tax rates namely 5%, 12%, 18% and 28%. Besides, some goods and services would be under the list of exempt items. Rate for precious metals is yet to be fixed. A cess over the peak rate of 28% on certain specified luxury and sin goods would be imposed for a period of five years to compensate States for any revenue loss on account of implementation of

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tax credit, composition levy, transitional provisions and valuation have been recommended. Further five Rules on registration, invoice, payments, returns and refund, finalized in September, 2016 and as amended in light of the GST bills introduced in the Parliament, have also been recommended. Salient Features of GST 6. The salient features of GST are asunder: (i) GST would be applicable on supply of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services. (ii) GST would be based on the principle of destination based consumption taxation as against the present principle of origin based taxation. (iii) It would be a dual GST with the Centre and the States simultaneously levying it on a common base. The GST to be levied by the Centre would be called Central GST (CGST) and that to be levied by the States [including Union territories with legislature] would be called State GST(SGST). Union territories without legis

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y of Customs(SAD); g) Service Tax; h) Cesses and surcharges insofar as they relate to supply of goods or services. (ix) State taxes that would be subsumed within the GST are: a) State VAT; b) Central Sales Tax; c) Purchase Tax; d) Luxury Tax; e) Entry Tax (All forms); f) Entertainment Tax (except those levied by the local bodies); g) Taxes on advertisements; h) Taxes on lotteries, betting and gambling; i) State cesses and surcharges insofar as they relate to supply of goods or services. (x) GST would apply to all goods and services except Alcohol for human consumption. (xi) GST on five specified petroleum products (Crude, Petrol, Diesel, ATF & Natural gas) would be applicable from a date to be recommended by the GSTC. (xii) Tobacco and tobacco products would be subject to GST. In addition, the Centre would continue to levy Central Excise duty. (xiii) A common threshold exemption would apply to both CGST and SGST. Taxpayers with an annual turnover of ₹ 20 lac (Rs. 10 lac for s

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nner: a) ITC of CGST allowed for payment of CGST & IGST in that order; b) ITC of SGST allowed for payment of SGST & IGST in that order; c) ITC of UTGST allowed for payment of UTGST & IGST in that order; d) ITC of IGST allowed for payment of IGST, CGST & SGST/UTGST in that order. ITC of CGST cannot be used for payment of SGST/UTGST and vice versa. (xvii) Accounts would be settled periodically between the Centre and the State to ensure that the credit of SGST used for payment of IGST is transferred by the originating State to the Centre. Similarly the IGST used for payment of SGST would be transferred by Centre to the destination State. Further the SGST portion of IGST collected on B2C supplies would also be transferred by Centre to the destination State. The transfer of funds would be carried out on the basis of information contained in the returns filed by the taxpayers. (xviii) Input Tax Credit (ITC) to be broad based by making it available in respect of taxes paid on

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net value of taxable supplies, out of payments to suppliers supplying goods or services through their portals. (xxiv) System of self-assessment of the taxes payable by the registered person. (xxv) Audit of registered persons to be conducted in order to verify compliance with the provisions of Act. (xxvi) Limitation period for raising demand is three (3) years from the due date of filing of annual return or from the date of erroneous refund for raising demand for short-payment or non-payment of tax or erroneous refund and its adjudication in normal cases. (xxvii) Limitation period for raising demand is five (5) years from the due date of filing of annual return or from the date of erroneous refund for raising demand for short-payment or non-payment of tax or erroneous refund and its adjudication in case of fraud, suppression or willful mis-statement. (xxviii) Arrears of tax to be recovered using various modes including detaining and sale of goods, movable and immovable property of defau

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ST regime. Benefits of GST 7. (A) Make in India (i) Will help to create a unified common national market for India, giving a boost to Foreign investment and Make in India campaign; (ii) Will prevent cascading of taxes as Input Tax Credit will be available across goods and services at every stage of supply; (iii) Harmonization of laws, procedures and rates of tax; (iv) It will boost export and manufacturing activity, generate more employment and thus increase GDP with gainful employment leading to substantive economic growth; (v) Ultimately it will help in poverty eradication by generating more employment and more financial resources; (vi) More efficient neutralization of taxes especially for exports thereby making our products more competitive in the international market and give boost to Indian Exports; (vii) Improve the overall investment climate in the country which will naturally benefit the development in the states; (viii) Uniform SGST and IGST rates will reduce the incentive for

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stration; (vi) Will improve environment of compliance as all returns to be filed online, input credits to be verified online, encouraging more paper trail of transactions; (vii) Common procedures for registration of taxpayers, refund of taxes, uniform formats of tax return, common tax base, common system of classification of goods and services will lend greater certainty to taxation system; (viii) Timelines to be provided for important activities like obtaining registration, refunds, etc; (ix) Electronic matching of input tax credits all-across India thus making the process more transparent and accountable. (C) Benefit to Consumers: (i) Final price of goods is expected to be lower due to seamless flow of input tax credit between the manufacturer, retailer and service supplier; (ii) It is expected that a relatively large segment of small retailers will be either exempted from tax or will suffer very low tax rates under a compounding scheme- purchases from such entities will cost less fo

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as Managed Service Provider (MSP) at a total project cost of around ₹ 1380 crores for a period of five years. 8.1 GSTN has selected 34 IT, ITeS and financial technology companies, to be called GST Suvidha Providers (GSPs). GSPs would develop applications to be used by taxpayers for interacting with the GSTN. Other Legislative Requirements 9. Suitable legislation for the levy of GST (Central GST Bill, UTGST Bill & IGST Bill and State GST Bills) drawing powers from the Constitution would be introduced in Parliament or the State Legislatures on the recommendations by the GSTC. Unlike the Constitutional Amendment, the GST Bills would need to be passed by a simple majority. The levy of the tax can commence only after the GST Law has been enacted by the respective legislatures. Also, unlike the State VAT, the date of commencement of this levy would have to be synchronized across the Centre and the States. This is because the IGST model cannot function unless the Centre and all the

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rganizational structure and deployment of human resources needed a review for smooth and effective implementation of GST. A Working Group has after extensive deliberations and studies, submitted its Report which has been approved by the Government. 10.2 Augmentation of human resources would be necessary to handle large taxpayers base in GST scattered across the length and breadth of the country. Capacity building, particularly in the field of Accountancy and Information Technology for the departmental officers has to be taken up in a big way. A massive four-tier training programme is being conducted under the leadership of NACEN. This training project is aimed at imparting training on GST law and procedures to more than 60,000 officers of CBEC and Commercial Tax officers of State Governments. Officers of the office of CAG are also participating and getting trained in this training programme. More than 50000 officers have already been trained. 10.3 It is expected that a momentous reform

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