Draft Model GST Law on public domain
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 15-6-2016<\/p>\n
Dear Professional Colleague,
\nDraft Model GST Law on public domain
\nThe much talked about “Goods and Services tax (“GST”) regime – Single biggest tax reform since Independence” has been creating a buzz amongst all stake holders, eagerly waiting for the monsoon session of the Parliament to commence with the hope that the much awaited Constitutional (122nd Amendment) Bill, 2014 on GST (“122nd CAB” or “GST Bill”) will be passed, which will pave the way for GST in the Country.
\nGST is a destination based consumption tax levied at multiple stages of production and distribution of goods and services, with taxes on inputs credited against taxes on output. GST is going to be big game changer and will be one of the most significant tax reforms in the fiscal history of India to consolidate present multiple layers of Indirect taxation. The implementation of GST will have a far-rea<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ee of State Finance Ministers, in a way, signalling that the GST might mark its advent from April 1, 2017. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n n of GST. It becomes more important in case of e commerce transactions; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Draft Model GST Law on public domainBy: – Bimal jainGoods and Services Tax – GSTDated:- 15-6-2016 Dear Professional Colleague, Draft Model GST Law on public domain The much talked about “Goods and Services tax (“GST”) regime – Single biggest tax reform since Independence” has been creating a buzz amongst all stake holders, eagerly waiting for … Continue reading “Draft Model GST Law on public domain”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-55","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/55","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/55\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n“Virtually all states have supported the idea of GST except Tamil Nadu which has "some reservations”, Finance Minister Arun Jaitley said after the meeting of Empowered Committee on the long awaited indirect tax reform.
\nThe Draft GST Law is a model which the Central Government and each of the State Governments would use to draft their respective Central and State GST Acts. Further, a Draft of the Integrated GST Act, 2016, which will govern levy of GST on inter-State supplies by the Central Government, is also issued.
\nThe Draft Model GST Law provides an insight on the governing provisions regarding levy and collection of GST. The Draft Model GST Law states that the Act shall be referred as the Central\/ State Goods and Services Tax Act, 2016. The Draft Model GST Law consists of 162 clauses divided into 25 Chapters along with 4 schedules and Rules as to Valuation under GST. Fu<\/p>\n
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\n * Time and value of supply: Under the proposed GST regime, all the major taxes levied under the Indirect taxation i.e. Central Excise, Service tax, VAT\/CST etc., are proposed to be brought under the ambit of GST. Hence, the prevailing concepts of manufacturing of Goods\/ provision of Services\/ sale of Goods will no longer be relevant and common base has to be arrived at for levy and collection of GST in all cases;
\n * Scheme of input tax credit including manner of taking Input tax credit, credit in case of input sent for job works, manner of distribution of credit by Input service distributor etc.;
\n * Transfer of input tax credit
\n * Payment of tax, interest, penalty and other amounts;
\n * Tax invoice, credit and debit notes
\n * Returns and related compliances
\n * Demands\/ recovery;
\n * Refund;
\n * Transitional provisions
\nThe availability of Draft Model GST Law enables the Trade and Industry to plan the transiti<\/p>\n
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