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Govt seeks industry views on GST provisions

19 Oct 2015 Evaluate

In order to ensure hassle free implementation of the Goods and Services Tax (GST), the union finance ministry has sought the views of Indian industry on provisions in the GST regarding place of supply (PoS) rules in five sectors, including e-commerce and banking.

Further, in a move to engage with stakeholders and invite public comments on GST issues, draft business processes on GST registration, refunds and payments has been put on the web and comments invited through the MyGov.in portal. Finance ministry has said that industry associations have been asked to give their views on the transitional provisions and core exemptions to ensure smooth implementation of GST.

Meanwhile, the centre and states have completed the drafting of model GST law as well as an integrated-GST or iGST law, which will be put up in public domain by early November. Tax department has recently given an assurance that the GST will be implemented anytime during a year once the bill is passed in Rajya Sabha. GST, once rolled out, will include various levies like excise, service tax, sales tax, octroi, etc, and ensure a single indirect tax regime for the entire country.

 

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