REPORT OF SUB-COMMITTEE-II ON MODEL GST LAW
Empowered Committee of State Finance Ministers September, 2015
GOODS AND SERVICES TAX ACT, 2016
Government Has Released Model Draft of Proposed GST Act, 2016 and it Contains the following topics-
PART – I
PRELIMINARY
1. Short title, extent and commencement
2. Definitions
3. Meaning and scope of supply
PART – II
ADMINISTRATION
4. Classes of officers under the Central Goods and Services Tax Act
4. Classes of officers under the State Goods and Services Tax Act
5. Appointment of officers under the Central Goods and Services Tax Act
6. Powers of officers under the Central Goods and Services Tax Act
PART – III
LEVY AND COLLECTION OF TAX
7. Levy and Collection of Central/State Goods and Services Tax
8. Compounded levy
9. Taxable person
10. Power to grant exemption from tax
11. Time of supply of goods
12. Time of supply of services
13. Change in rate of tax in respect of supply of services
14. Nature of supply
15. Place of supply of goods
16. Place of supply of services
17. Value of taxable supply
PART – IV
INPUT TAX CREDIT
18. Manner of taking input tax credit and utilization thereof
PART – V
REMISSION OF TAX
19. Remission of tax on supplies found deficient in quantity
PART – VI
DEMANDS AND REFUNDS
20. Recovery of tax not paid or short paid or erroneously refunded
21. Interest on delayed payment of tax
22. Refund of tax
23. Interest on delayed refunds
24. Tax collected but not deposited with the Central or a State Government
25. Recovery of tax
PART – VII
REGISTRATION
26. Registration
27. Amendment of registration
28. Cancellation of registration
29. Revocation of cancellation of registration
PART – VIII
ACCOUNTS AND RECORDS
30. Tax invoice
31. Credit and debit notes
32. Accounts and other records
33. Period of retention of accounts
PART – IX RETURNS
34. Furnishing details of outward supplies
35. Furnishing details of inward supplies
36. Returns
37. Claim of input tax credit and provisional acceptance thereof
38. Matching of input tax credit claimed by the recipient and tax paid by the supplier
39. Reversal of input tax credit allowed provisionally for a supply
40. Matching of credit note issued by a supplier and reduction in input tax credit by the recipient
41. Reversal of reduction in tax liability
42. Reclaim of input tax credit and reduction in tax liability after its reversal
43. Annual return
44. Final return
45. Levy of late fee
46. Submission of returns through Tax Return Preparers
PART – X
PAYMENT OF TAX
47. Payment of tax, penalty, interest and other amounts
48. Tax deduction at source
PART – XI
ASSESSMENT AND AUDIT
49. Self-assessment
50. Scrutiny of returns
51. Assessment of non-filers of returns
52. Assessment of unregistered persons
53. Summary assessment in certain special cases
54. Audit
55. Special audit
PART – XII
OFFENCES AND PENALTIES
56. Offences and penalties
57. General penalty
58. General disciplines related to penalty
59. Detention of goods and levy of penalty
60. Confiscation of goods and levy of penalty
61. Confiscation of conveyances
62. Confiscation or penalty not to interfere with other punishments
63. Prosecution
64. Cognizance of offences
65. Presumption of culpable mental state
66. Relevancy of statements under certain circumstances
67. Offences by Companies and certain other persons
PART – XIII
INSPECTION, SEARCH, SEIZURE AND ARREST
68. Power of inspection, search and seizure
69. Power to arrest
70. Power to summon persons to give evidence and produce documents in inquiries under this Act
71. Access to business premises
72. Officers required to assist CGST/SGST Officers
PART – XIV
MISCELLANEOUS
73. GST compliance rating
74. Inspection of goods in movement
75. Obligation to furnish information return
76. Penalty for failure to furnish information return
77. Presumption that the incidence of the tax has been passed on to the buyer
78. Consumer Welfare Fund
79. Powers of CGST/SGST officers
80. Test purchase of goods and/or services
81. Drawal of samples
SCHEDULES
I Matters to be treated as supply without consideration
II Matters to be treated as supply of goods or services
III Liability to be registered
RULES
1. GST Valuation (Determination of the Value of supply of Goods and Services) Rules, 2016
Download Link- https://taxguru.in/wp-content/uploads/2015/12/Model-GST-Act-2016-Draft.pdf
Hi
if it will benefit to customer, consumers we have to support.
No, Comment
can you arrange link to download in PDF format
With regard to the above draft of GST Law published we need to check whether the same has been officially released for public comment.
In my view its a intermediary document for internal discussions between the sub committee and the joint committe. The same does not appear on the Webportal of doe.gov.in i.e Department of Revenue Government of India.
The document contains various blank spaces, various highlighted portions, various cuttings, notes and in section 125 of the document it itself contains
“depending on final full draft”.
Further it does not contain any information that when it was approved by the joint committee and detail of the meetings thereof as was provided in all the business processes issued for public comment including the persons appearing in the meeting for approval of the document published.
Further its a document of September 2015 whereas the comments have been invited from public on various business processes in the month of Octobwr 2015. Therefore releasing draft law of a prior date for suggestions without incorporating or considering the suggestions from public does not seems appropriate.
Further as per News Reports of NDTV a draft bill in the month of October was circulated by Centre for Comments to the States and the Empowered Committee was scheduled to meet to consider the same. This might be the copy of the same.
Therefore in my view, we need to wait before expressing our opinion on the draft law and comments on the same and wait for official communication.
how to download, no link avl pl.
The concept of supply will make a big impact on the business in India.
1. Tax has to be paid even on transfer of goods from one branch to another branch/HO of the same business entity.
2. Job work term will be replaced with contract manufacturing.
3. Working capital increase to the extent of tax ( earlier no tax on material sent to job worker or branch)
4. Tax to be paid even on samples/ free supplies
5. Organised sector to gain more and ultimately will benefit the consumbers and the Government