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GOODS AND SERVICES TAX LAW IN THE MAKING

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 11-9-2016 Last Replied Date:- 12-9-2016 - 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. The Constitution (122nd Amendment) Bill, 2014 .....

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x framework, was cleared by a two-thirds majority, which is required for any Constitution Amendment Bill, following a division of votes. The Bill has been passed unanimously and the journey to GST from now onwards will inter alia, involve the following steps - The bill will be sent for presidential reference. Subsequent to that, the Bill will be transmitted to the Lok Sabha (possibly on Thursday), which also needs to approve the amendments by two-thirds majority. The President will then refer it .....

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se revenue in emergency situations. The subsequent GST Bill should not be categorized as Money Bill, by passing Rajya Sabha. Cap on GST rates of 18% Improved dispute resolution mechanism Model GST Law 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. Called as 'Model GST Law', it shall comprise of two pieces of legislation, viz, Goods and Service Tax Act, 2016 (y .....

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ins to registration, payment, returns and refund under the GST regime. These business processes in fact lay down the procedural aspects in relation to such activities. (may take shape of Rules on finalization). GST: THE JOURNEY SO FAR Chronology of major events in progress of Goods & Service Tax in India Year Milestone 1974 LK Jha Committee suggests VAT 1986 MODVAT introduced in India from 1st of March on select commodities 1991 Chelliah Committee recommends VAT 1999 FM announces decision to .....

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ee of State Finance Ministers constitutes the Joint Working Group. VAT implemented in Tamil Nadu & Puducherry. Central Sales Tax (CST) phase out starts, CST cut to 3%. Joint Working Group set up for proposing GST roadmap and structure. 2008 VAT introduced in the last Indian State of UP from January 01, 2008. EC finalises its views on a broad GST structure with consensus on Dual GST (Central & State GST), separate legislation, levy and administration. CST reduced to 2% 2009 Empowered Comm .....

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ittee on Finance tables its report on GST Bill. EC rejects Central Government's proposal to include petroleum products under GST. 2014 March: Revised Bill incorporating recommendations of Standing Committee sent to EC for examination Previous Constitution Amendment Bill lapses. Newly-elected Government sets April, 2016 as new date for GST roll-out. GST sub-committee in the EC proposes a revenue-neutral rate of 26.7%. Alcohol to be kept outside the purview of GST. All entry taxes proposed to .....

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ommittee 17.06.2015 Committees Constituted to recommend tax rates and to monitor progress of IT preparedness / mechanism of GST / drafting of rules. 22.07.2015 Select Committee of Rajya Sabha tabled its report on GST Bill 29.07.2015 Union Cabinet approves Select Committee recommendations 11.10.2015 Discussion papers to on business processes on registration, payment, returns and refunds under GST made public 03.12.2015 Committee on Tax rates submits reports 03.08.2016 Revised draft presented in P .....

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