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MODEL GST LAW- INITIAL REACTIONS

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 10-7-2016 Last Replied Date:- 11-7-2016 - Model GST Law (for CGST, SGST and IGST) in now in public domain for feedback by all stakeholders. The model law is still a draft of the proposed law which is itself subject to changes by the Empowered Committee and drafting panel. It is expected that draft of model law shall be finalized in due course after considering the suggestions of all concerned, once the enabling legislation is enac .....

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ons may vary based on regional issues. Negative list should be made public. Procedures proposed for registration and returns are complex, cumbersome and regressive. Provision of classification, valuation supply etc also go against the principle of ease of doing business. Department should not have power to refuse registration ab initio which will adversely affect the business men. Grant of registration must be made obligatory as is at present. Multiple registrations of same person in different s .....

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so as to even prescribe valuation of services without consideration. Transaction value of goods and services should factor the 'discounts'. There should be no tax on free supplies. Inter-state activitiesshould exclude activities of same person. Non compliances attract very harsh and heavy penalties / punishment and need to be diluted in view of GST being a new levy and new law. Prosecution threshold should be kept at ₹ 2 crores. A large number of compliances / returns / reconcilia .....

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an indirect tax. GST to include electricity and petroleum products as also alcoholic products. Threshold exemption limit should be kept at least at ₹ 25 lakh as anybody with lower limit can always voluntarily get registered. Threshold limit should be common for entire country. Presently it is proposed ₹ 5 lakh for North East and ₹ 10 lakh for others. Composition threshold should be not below Rs. one crore. Special focus on awareness and training of all-officers, professionals .....

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