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  3. Integrated-GST law to be put up in public domain by early November

Integrated-GST law to be put up in public domain by early November

13 Oct 2015 Evaluate

The Centre and states have completed the drafting of model Goods and Services Tax law as well as an integrated-GST or iGST law, which will be put up in public domain by early November. The model GST law and iGST law has been circulated among the states. The Empowered Committee would meet soon to discuss them. 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 reports to be put up for public comment have recommended that the RBI’s core banking solution e-Kuber be used for consolidating and settlement of accounts under the GST system. It has also suggested that Internet banking, over the counter payment and NEFT and RTGS should be extensively used to facilitate payments under GST.

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. The Central GST (CGST) will be framed based on the model GST law, while the states will draft their own State GST (SGST) based on the draft model law with minor variation incorporating state based exemption.

Although the government had planned to roll out the GST, touted as the most comprehensive indirect tax reform since Independence, from April 1, 2016, but it seems difficult as the Constitution Amendment Bill is stuck in the Rajya Sabha where the ruling party 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.


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