Govt releases drafts of revised model GST, IGST and GST compenstion laws
PrintListen to this Article
In a series of tweets, Revenue Secretary Hasmukh Adhia said these laws will be considered by GST Council in its meeting scheduled for 2nd and 3rd December and finalised.
The GST Council meeting, which was initially scheduled for yesterday, was postponed till 2nd and 3rd of next month with several states suggesting changes in the model GST Law and compensation formula.
Centre had on November 16 circulated the draft legislation among the states.
Government proposes to introduce these legislations as money bills to ensure they are not stuck in the Rajya Sabha where the ruling NDA does not have a majority.
The Integrated GST law would deal with inter-state movement of goods and services. Also, the states will draft their own State GST based on the draft model law with minor variations incorporating state-based exemption.
The compensation law will list out how states will be compensated in the initial five years for revenue loss on account of GST rollout.
CLICK HERE TO DOWNLOAD REVISED GST, IGST and GST compenstion laws
Category : GST | Comments : 0 | Hits : 1008
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments