Skip to main content

Centre preparing draft GST legislation

By
For both central and state systems, to be opened for feedback once the Constitution amendment is through
The government is preparing model draft legislations to implement the proposed national goods and services tax (GST).
"It is to put these for comments from stakeholders once Parliament approves the GST constitution amendment bill," disclosed Central Board of Excise and Customs (CBEC) member V S Krishnan at a business chamber event here.
He said this would be done once the constitution amendment, pending in the Rajya Sabha, is passed. This Bill will also then, have to be approved by half the states. The Bill, approved by the Lok Sabha, is being scrutinised by a Rajya Sabha panel, likely to give its report next week.
The three legislations - Central GST (CGST), State GST (SGST) and integrated GST (iGST) - will have to be approved by the respective legislatures for nationwide roll out of the single rate GST.
CGST would be a central law and states would have to pass their own legislation, for which the model law is being prepared. States would also have to approve iGST, on inter-state movement.
The government plans to implement the single rate GST, subsuming central excise, service tax and other local levies, from April 1 next year.
Krishnan said there could be a GST secretariat to facilitate consultation between Centre and states, "where Centre and state officers can come together in consultative arrangements and provide an institutional basis to that". He said it would aid communication between CBEC officers in the field, who'd be implementing CGST, and a state's commercial tax department, who'd implement SGST.
Additionally, GST Network chairman Navin Kumar said at the same event that five information technology (IT) companies had bid for building the proposed network for smooth rollout of the new indirect tax regime. "We will finalise (the bidder) by the end of next month," he said.
Business Standard, New Delhi, 18th July 2015

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more

E tailers global warehouses may come under tax net

By
E tailers  global warehouses may come under tax net Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy,  Spain, the Netherlands, and Russia may not be exempted from paying the income tax in India  once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS)  comes into force. BEPS refers to the reporting framework mooted by the Organisation for Economic  Co-operation and Development (OECD) and signed by over 100 countries, including India, to  prevent exploiting gaps and mismatches in tax rules to shift profits by multinational  companies (MNCs) artificially to low-tax regimes. The representatives of 68 countries on June 7 this year signed an agreement (MLI) in Paris  to amend their tax treaties to bring them in alignment with measures to prevent BEPS.  However, there is still time for synchronising tax treaties with the multilateral  instrument. India has submitte...
17 comments
Read more