Section 27 of the draft model GST laws prescribes requirements as to filing of Returns under the GST regime.
Goods and Services tax (GST) constitutes the last mile of a long journey of reforms of indirect taxes in India. GST will replace a number of central and state taxes. The important taxes that may be subsumed in GST are cenvat and service tax at the central level and state VAT/sales tax
In the era of globalisation entire world has become one market place, leading to availability of huge varieties of products at every nook and corner at most economic cost. Obviously, the most competitive products and services will be preferred.
The Provisions Prescribed under GST Act for demand and recovery of tax are similar to existing Provisions under Customs, Excise and Service Tax.
Now every day there is some development or news about GST from various corners like 1. GST council meeting updates 2. CBEC updates like release of FAQ on MGL 3. GSTN updates 4. of India updates- draft law/formats released on return, Registration and payment
Business Process Reports on registrations, payment, return and refund were put on the public domain in the month of October 2015 and number of suggestions were invited. Model GST Law was put on the public domain on 14th June 2016
Over a period of fifteen years, since the introduction of the concept of GST in the Indian Parliament, no politician or economist worth their salt has failed to harp on this subject.
Territorial jurisdiction of Regional Authority, Vishakhapatnam is re –allocated as whole of Andhra Pradesh excluding districts which are under jurisdiction of Regional Authority, Vijayawada.
The new GST regime will open up an array of opportunities for businesses across India as well as those planning to enter the Indian market.
No sooner political hurdles were out and consensus amongst the political party reach in the Rajya Sabha, 122nd Constitutional Amendment Bill,16 states have immediately ratified 122nd Constitutional Amendment Bill and thereafter subsequent steps and actions, which has been taken by the Central Govt.
