Government notifies September 12, 2016 as the appointed date for GST Council Provisions
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 13-9-2016<\/p>\n
Dear Professional Colleague,
\nGovernment notifies September 12, 2016 as the appointed date for GST Council Provisions
\nThe Central Government vide Notification S.O. 2915(E).- [F. No. 31011\/09\/2015-SO (ST)] dated September 10, 2016, has appointed 12th day of September, 2016 as the date on which the provisions of Section 12 of the Constitution (101st Amendment) Act, 2016 (“the Constitutional Amendment Act”) shall come into force.
\nIn terms of Section 12 of the Constitutional Amendment Act (i.e. insertion of new Article 279A), the President shall within 60 days, from date of com<\/p>\n
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\n * The taxes, cesses and surcharges levied by the Union, the States and the local bodies which may be subsumed in GST;
\n * The goods and services that may be subjected to, or exempted from GST;
\n * Model GST Laws, principles of levy, apportionment of GST levied on supplies in the course of inter-State trade or commerce under Article 269A and the principles that govern the place of supply;
\n * The threshold limit of turnover below which goods and services may be exempted from GST;
\n * The rates including floor rates with bands of GST;
\n * Any special rate or rates for a specified period, to raise additional resources during any natural calamity or di<\/p>\n
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\n * The votes of all the State Governments taken together shall have a weightage of 2\/3rd of the total votes cast,
\nin that meeting.
\nNow, following legislations-Central GST (CGST) and Integrated GST (IGST) will have to be passed by Parliament and a State GST (SGST) legislation by each of the State Legislatures. The States and the Centre are working overtime and talking to stakeholders to draft the CGST, SGST and IGST laws, which are to be passed in the Winter Session of Parliament in November this year.
\nVideo Presentations on GST
\n * Highlights of Draft GST Law, 2016: https:\/\/www.youtube.com\/watch?v=7ByfCXugAk0
\n • Presentation on Draft GST Law – Levy, Taxable Event: Supply, Taxable Person, Composition Scheme: h<\/p>\n
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