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FinMin invites feedback on 3 GST reports by October 31

By Religare
|

The ministry of finance on Sunday released draft business processes on GST registration, GST refunds and GST payments, seeking comments and views by 31st October, 2015.

"The draft Model CGST, SGST and IGST laws, along with GST business processes for filing of returns, shall also be put-up for inviting comments of stakeholders in due course," the finance ministry said in a statement.

The Government of India intends to introduce the Goods and Services Tax (GST) in the country at the earliest. GST seeks to subsume many indirect taxes at the Central and State level. The proposed dual GST envisages taxation of the same taxable event, i.e., supply of goods and services, simultaneously by both the Centre and the States.

 

The Constitution Bill, 2014, has been introduced in the Parliament for facilitating the introduction of GST in the country. Simultaneously, committees comprising of officers from the Central Government, as well as the State Governments, have been constituted for the drafting of Model CGST, SGST and IGST laws, and GST business processes of registration, refunds, returns and payments.

Story first published: Monday, October 12, 2015, 23:00 [IST]
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