GST – To be a Reality Soon

It appears that the much-awaited GST would be a reality soon.

Milestones achieved

  • The Constitutional Amendment Bill to make amendments in the Indian Constitution for the introduction of Goods and Services Tax (GST) has been passed by the Parliament and has been ratified at least 50% of the states.
  • Further, the Empowered Committee of the State Finance Ministers has released Model GST Law in June 2016.

PLEASE GO THROUGH GST MENU ON THIS WEBSITE TO FIND OUT ALL REPORTS ON GST & MODEL GST LAW

Further Steps to convert GST a reality : In order to have GST, following steps need to be followed:

  1. Constitutional Amendment Bill related : Assent by President of India will be required.

  2. GST Council (GSTC)

    • After Constitutional amendment, GSTC  to be constituted within 60 days under Section 279A of the amended Constitution.

    • GSTC to recommend GST Law and procedure : IGST and CGST bill for Parliament/Centre and Model SGST bill for State Legislature.

  3. GST Bills

    • CGST and IGST Laws to be introduced in Parliament and will have to be passed by simple majority.

    • SGST Laws to be passed by concerned state legislatures.

  4. Once Approval from Parliament and States is received, GSTN (GST network a Section 8 Company will launch the IT Platform for implementation of GST).

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