Cabinet approval paves way for presentation of GST bill in Lok Sabha
The Dollar Business Bureau The Goods and Services Tax (GST) legislation is fast gaining momentum as the Union Cabinet approved all the four draft GST bills on Monday. The final draft will be presented in the parliament later this week. The four supporting GST laws – CGST (Central GST), SGST (State GST), IGST (Integrated GST) and UTGST (Union Territory GST) passed the big test of cabinet approval with flying colours, emerging successful in bringing the law one step closer to implementation. The Union Cabinet headed by Prime Minister Narendra Modi has approved the bills. Earlier, the given four bills have been cleared by the GST Council after thorough discussion in 12 meetings of the Council, which were held in the past six months. The compensation bill, drafted to ...
Model GST Law to be finalised by February end
The Dollar Business Bureau Model Goods and Services Tax (GST) law, which is presently being examined by the department of law, is likely to be finalised by the end of this month, said a senior official from the Finance Ministry. The model law will set the path for rolling out of the GST from July 1, 2017. “We are very close to finalisation of law. The Model law will be finalised by the end of this month. Currently, Model CGST and SGST law are being vetted by the law ministry, and these will be taken before the GST Council meeting on February 18, said Ram Tirath, Member, Central Board of Indirect Taxes. In the second leg of Budget session, which is starting from March 9, the ...
'Adequate number of audit authorities must for GST'
Sai Nikesh | The Dollar Business The Ministry of Finance, on Sunday, sought stakeholders’ comments on three reports of empowered committee of the state finance ministers on the proposed uniform tax regime, Goods and Services Tax (GST), by the end of this month. The draft of the business processes on GST registration, refunds and payments has already been put up on the revenue department’s website https://mygov.in/group/department-revenue/ for inviting comments. Besides, the draft model of CGST, SGST and IGST laws, along with the business processes for filing of income tax returns, shall also be put-up for inviting comments of stakeholders in due course, a Finance Ministry statement said. Ravi Malik, Secretary General, All India Association of Central Excise Gazetted Executive Officers, came up with ...
