MODEL GST LAW: A NEW BEGINNING
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 2-7-2016<\/p>\n
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 in its last meeting held.
\nThus, called as 'Model GST Law', it shall comprise of two pieces of legislation, viz,
\n * Goods and Service Tax Act, 2016 (year may change)
\n * Integrated Goods and Services Tax Act, 2016 (year may change)
\nGST Act
\nThe model GST Act comprises of –
\n * 25 Chapters
\n * 178 Sections (including numeric – alpha section)
\n * 4 Schedules
\n * GST Valuation (Determination of Value of Supply of Goods and Services), Rules 2016<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n f supply of goods = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" MODEL GST LAW: A NEW BEGINNINGBy: – Dr. Sanjiv Agarwal Goods and Services Tax – GSTDated:- 2-7-2016 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 in its last meeting held. Thus, called … Continue reading “MODEL GST LAW: A NEW BEGINNING”<\/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-868","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/868","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=868"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/868\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n * Time of supply of services
\n * Taxable supply
\n * First return
\n * Tax deduction at source
\n * Collection of tax at source
\n * GST compliance rating
\n * Business vertical principal place of business casual taxable person
\n * Zero rated supply, etc
\nHowever, provisions relating to registration, threshold exemption, taxability, point of taxation, valuation principles etc still shall continue and are guided by extant provisions.
\nThe dealer is required to take registration under this law if his aggregate turnover in a financial year exceeds ₹ 9 lakhs. However, dealers conducting business in any North Eastern State are required to take registration if their turnover exceeds ₹ 4 lakhs.
\nThe dealer has to take re<\/p>\n
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