Govt issues draft business processes on GST
12 Oct 2015
The finance ministry has released the draft business processes on the goods and services tax (GST) registration, tax payments and refunds and has sought comments from stakeholders in a move to familarise the public and smoothen the rollout of the new tax regime.
Details of the taxation process is available on https://mygov.in/group/department-revenue/ and the government wants comments to reach it latest by the month-end (31 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 government 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, ie, supply of goods and services, simultaneously by both the centre and the states.
The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, has been introduced in Parliament for facilitating the introduction of GST in the country.
Simultaneously, committees comprising officers from the central government as well as 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.
A select committee of the Rajya Sabha had already cleared the bill and most state governments had accepted the amended bill but the NDA regime faces a tough challenge in getting the bill passed in Rajya Sabha, where it is in a minority.
The tax reform is crucial for the economy and the government is making every effort to build consensus so as to get the bill passed.
