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Draft Model GST Law on public domain

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 15-6-2016 Last Replied Date:- 17-6-2016 - Dear Professional Colleague, 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 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 pa .....

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n our country. It will impact tax structure, tax incidence, tax computation, supply chain optimization, credit utilization, compliance system etc., leading to a complete overhaul of the current indirect tax system. In order to engage with the stakeholders and invite comments from the public at large, Ministry of Finance, on October 6, 2015 and October 20, 2015, placed the following Draft Business Processes of GST on public domain for feedback of the public: Report of the Joint Committee on Busin .....

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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. The 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 als .....

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threshold of ₹ 9 Lakhs aggregate turnover in a Financial Year for a supplier to get registered under the GST and ₹ 4 Lakhs for businesses in North Eastern States including Sikkim. Broadly, the Draft Model GST Law covers the following aspects: Definition of key terms such as goods , services , aggregate turnover , business etc. Meaning and scope of supply. Meaning of the term supply plays a crucial role since under GST, tax would be levied on supply of goods & services and the pr .....

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axes 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; 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 .....

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