GST LAW MODEL 2016 (DRAFT) released by Govt.
The report of Sub Committee II (Empowered Committee of State Finance Ministers) on model GST law has been released encompassing the draft Central and State GST Act 2016.
The 130 page report has been divided into 14 parts, 130 sections, 3 schedules, and GST valuation (Determination of the value of supply of Goods and Services) Rules 2016.
The report encompasses the provisions on the following-
1. Definitions of 77 terms
2. Meaning and scope of supply
3. Classes and Powers of Officers under the Act
4. Time of supply of Goods and Services
5. Identifying the nature of Supply - i.e. interstate or intrastate
6. Place of supply of goods and services
7. Value of taxable supply
8. Manner of taking Input Tax credit and utilisation thereof
9. Remission of tax on supplies found deficient in quantity
10. Recovery of tax not paid or short paid or erroneously refunded
11. Interest on delayed payment of tax
12. Refund of tax and interest on delayed refund
13. Registration- Amendment, Cancellation, Revocation
14. Accounts and Records- Tax Invoice, Credit and Debit Notes, other records including period of retention
15. Furnishing details of inward and outward supplies
16. Payment of tax, penalty, interest and other amounts
17. Offences and penalties
For more details, contact CS Neha Seth at 9871903449 or email us at csnehaseth@gmail.com
