Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: empanelment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: form 3cd
 
 
Service Tax »
  Central Goods and Services Tax (CGST) Rules, 2017
 Goods bought with loyalty points will face tax under GST
 substitution of Service Tax by Goods and Services Tax (GST)
 Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do
 9 ways GST could impact home buyers
 Consumers hailed GST, but there's need for awareness'
 Tax departments keep a close watch on prices post GST rollout
 GST effect: 5 things that changed after the new tax regime
 GST is no game changer for farmers, yet
 GST: Government bets big on tech to ensure e-way bill does not bring back inspector raj
 Government to keep an eye on price rise & GST glitches

Model Goods and Services Tax Laws Circulated by Centre to States
October, 13th 2015

With the drafting of the model Goods and Service Tax (GST) as well as an integrated-GST or iGST law completed by the Centre and states, it is likely to be put in the public domain by early next month.

According to government officials, the Empowered Committee of state Finance Ministers is likely to meet this month to discuss the legislations, The Central GST (CGST), State (GST), and iGST.

"The model GST law and iGST law has been circulated among the states. The Empowered Committee would meet soon to discuss them," said a senior official.

The CGST will be framed based on the model GST law. Also the states will draft their own SGST based on the draft model law with minor variation incorporating state based exemption.

"Trade and Industry should also be a part of the law because ultimately they would pay the tax. Hence their views are essential. The drafts will be put up on website by first week of November," the official added.

The drafts of the proposed legislations are based on three principles, definitional clarity, certainty in assessment and promoting ease of doing business, the official said.

The model GST law and iGST law have been drafted by the officials of both Centre and States.

Although the government had planned to roll out the GST, which is touted as the most comprehensive indirect tax reform since Independence, from April 1, 2016, it seems difficult in view as the Constitution Amendment Bill is stuck in the Rajya Sabha where the ruling National Democratic Alliance does not have a majority.

The government, however, is going ahead with the preparatory work necessary for smooth implementation of the GST, which will subsume various levies like excise, service tax, sales tax, octroi, etc, and will ensure a single indirect tax regime for the entire country.

The government has already put up three reports of empowered committee on GST on refunds, payment process and registration for public comments by October 31.

The date for next meeting of the empowered committee has not been finalised yet. It was scheduled to meet last month but the meeting was deferred.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions