What Do You Know About Goods and Services Tax?
Tax is the money that ordinary citizens are forced to give to the government thieves who squander that money at will. ~ Rakesh Raman
The Draft Model Goods and Services Tax (GST) Law, Draft Integrated GST Law, and Draft Compensation Law are placed in the public domain for information of trade, industry, and other stakeholders.
According to a government statement released today, these laws will be considered by the GST Council of India for approval. The Draft Model Laws can be accessed at the following websites: www.cbec.gov.in, www.dor.gov.in and www.gst.gov.in
GST (वस्तु एवं सेवा कर) aims to implement a national value-added tax in India.
The revised and improved version of Model GST laws shall be considered by the GST Council for approval on 2nd and 3rd of December, 2016.
In September, the Prime Minister of India Narendra Modi held a meeting to review the preparedness for rollout for GST.
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Calling GST as the best example of cooperative federalism, the Prime Minister had said that this reform will promote Make in India project, help exports and thus boost employment while providing enhanced revenue.
In order to ensure that there is no slippage on date of implementation of GST from 1st April, 2017, the Prime Minister reviewed the progress made on various steps needed for the rollout of GST.
The steps include preparation of Model GST laws and rules, establishment of IT infrastructure for both Centre and States, training of officers of Central and State Governments and outreach for awareness of trade and industry.
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Modi directed that all steps must be completed much before 1st April, 2017. He observed that GST Council would need to have intensive meetings to be able to make timely recommendations relating to its mandate provided in Article 279A including making recommendations relating to Model GST laws, GST rates, goods and services that may be subjected to or exempted from GST.
