GOODS AND SERVICES TAX LAW \u2013 IN THE MAKING
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 11-9-2016<\/p>\n
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.
\nThe Constitution (122nd Amendment) Bill, 2014
\nThe 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.
\nThe momentous Bill, which marks the first parliamentary step towards implementation of a “o<\/p>\n
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For full text:-Visit the Source <\/a><\/p>\n
\n * The subsequent GST Bill should not be categorized as Money Bill, by passing Rajya Sabha.
\n * Cap on GST rates of 18%
\n * Improved dispute resolution mechanism
\nModel GST Law
\nThe 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.
\nCalled 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
\n * 109 definitions in section 2
\nIGST Act
\nThe Model IGST Act comprises of –
\n * 11 Chapters
\n * 33 Sections
\n * 8 Defini<\/p>\n
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\n2007
\nFM announces GST introduction in India from April 01, 2010.
\nParthasarathi Shome submits a study paper on GST.
\nEmpowered Committee of State Finance Ministers constitutes the Joint Working Group.
\nVAT implemented in Tamil Nadu & Puducherry.
\nCentral Sales Tax (CST) phase out starts, CST cut to 3%.
\n\tJoint Working Group set up for proposing GST roadmap and structure.
\n2008
\nVAT introduced in the last Indian State of UP from January 01, 2008.
\nEC finalises its views on a broad GST structure with consensus on Dual GST (Central & State GST), separate legislation, levy and administration.
\n\tCST reduced to 2%
\n2009
\nEmpowered Committee release First Discussion Paper on GST in November.
\nReport of Task Force on GST of 13th Finance Commission in December
\nReport of 13th Finance Commission (TFC) (Chapter 5 on GST) in December
\n2010
\nProposed date to introduce GST in India postponed to April 01, 2011.
\n2011
\nGovernment introduces Constitution Amendment Bill on GST in Lok Sabha\n<\/p>\n
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\n2015
\n06.05.2015
\nLok Sabha passes GST Bill
\n12.05.2015
\nBill on GST not passed by Rajya Sabha ; referred to Select Committee
\n17.06.2015
\nCommittees Constituted to recommend tax rates and to monitor progress of IT preparedness \/ mechanism of GST \/ drafting of rules.
\n22.07.2015
\nSelect Committee of Rajya Sabha tabled its report on GST Bill
\n29.07.2015
\nUnion Cabinet approves Select Committee recommendations
\n11.10.2015
\nDiscussion papers to on business processes on registration, payment, returns and refunds under GST made public
\n03.12.2015
\nCommittee on Tax rates submits reports
\n03.08.2016
\nRevised draft presented in Parliament \/ approved by Rajya Sabha
\n08.08 2016
\nRevised Constitutional (122nd Amendment) Bill approved by Lok Sabha
\n12.08.2016 to 06.09.2016
\nConstitutional Amendment Bill ratified by 18 Legislative Assemblies
\nBe Prepared For GST
\nPreparedness for GST in next few months will involve Tax Planning Review, Tra<\/p>\n
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