DRAFT MODEL OF GST LAWS CIRCULATED BY CENTRE AMONG STATES
- October 20, 2015
- Posted by: Indirect Tax Professionals
- Category: News
As we know that the Government aspires to introduce the GST in the country at the earliest. For this, 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.
Now, the Centre has circulated Draft Model of GST or IGST among the states. The proposed draft model is based upon three principles and they are:
- Definitional Clarity
- Certainty in Assessment
- Promoting ease of doing business.
According to a government official, the Empowered Committee of state Finance Ministers is likely to meet this month to discuss the legislations — CGST, SGST and IGST. The drafts will be put up on website by first week of November for public discussion.
Stay tuned to get more updates on GST Law.