The Centre and states have completed the drafting of model Goods and Services Tax law as well as an integrated-GST (IGST), which will be put up in public domain by early November.AIR correspondent quoting official sources reports, the Empowered Committee of state finance ministers is likely to meet this month to discuss the legislations Central GST (CGST), and iGST.The CGST will be framed based on the model GST law. Also the states will draft their own State GST (SGST) based on the draft model law with minor variation incorporating state based exemption.The drafts of the proposed legislations are based on three principles definitional clarity, certainty in assessment and promoting ease of doing business.The model GST law and iGST law have been drafted by the officials of both Centre and states. The government has planned to roll out the GST, which is touted as the most comprehensive indirect tax reform since Independence, from April 1, 2016.The government has already put up three reports of empowered committee on GST on refunds, payment process and registration for public comments by October 31st.
News On AIR | October 12, 2015 1:04 PM
Centre, states completed drafting of model GST law, IGST