Government issued Draft Model GST Law

The Empowered committee of State Finance Ministers has today released the much awaited model GST law June, 2016 for public debate. The new law has two Acts:-

1. Goods and Services Tax Act’ 2016
2. Integrated Goods and Services Tax Act’ 2016

The Goods and Service Tax Act’ 2016 which has 190 days document containing 25 Chapters, 162 Sections, 4 Schedules along with GST Valuation Rules’ 2016 and runs into 162 pages. While the Integrated Goods and Services Tax Act’ 2016 has got 11 Chapters, 33 Sections and runs into 27 pages.

There are number of other Rules and notifications which are soon to be placed for public debate.

To Download the Draft GST Law click here

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GST Bill may come up in winter session of Parliament

GST Bill may come up in winter session of Parliament

 

The Bill will be taken up in the winter session of Parliament, says Union minister of state for finance J.D. Seelam

 

The goods and services tax (GST) Bill will be taken up in the winter session of Parliament, Union minister of state for finance J.D. Seelam said on Wednesday.

 

“There is near-consensus between the finance minister and the chairman of the empowered committee of states’ finance ministers. We can table it (the Bill) during the winter session,” Seelam told reporters on the sidelines of a Federation of Andhra Pradesh Chamber of Commerce and Industry (FAPCCI) event in Hyderabad.

 

India is trying to bring in legislation for a unified market by implementing a simple goods and services tax (GST).

The parliamentary standing committee on finance submitted its report on 7 August on the constitution amendment Bill, suggesting changes largely in line with the consensus reached between the central and state governments on the design of the tax.

 

“We are processing the recommendations forwarded by the standing committee,” Seelam said.

 

The original deadline for the implementation of the new tax regime was April 2010, but it missed several deadlines because of differences between the Centre and states over issues such as central sales tax compensation and the structure of the GST.

 

In July, the empowered committee elected Jammu and Kashmir finance minister Abdul Rahim Rather as its new chairman.

 

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