Ministry of Finance has Released Draft Model GST Law
The Ministry of Finance, Govt. of India has uploaded draft Model GST law on in its website www. finmin. nic. in. It may be noted that GST Constitutional 122nd amendment bill 2014 has already passed by Lok Sabha and stuck in Rajya Sabha. The draft Model GST Law has been submitted by Empowered Committee of State Finance Ministers. The draft Model GST Law have following contents which are available for download:
GOODS AND SERVICES TAX ACT, 2016
CHAPTER – I: PRELIMINARY
CHAPTER– II: ADMINISTRATION
CHAPTER– III: LEVY OF, AND EXEMPTION FROM, TAX
CHAPTER- IV: TIME AND VALUE OF SUPPLY
CHAPTER– V: INPUT TAX CREDIT
CHAPTER– VI: REGISTRATION
CHAPTER – VII: TAX INVOICE, CREDIT AND DEBIT NOTES
CHAPTER– VIII: RETURNS
CHAPTER– IX: PAYMENT OF TAX
CHAPTER– IXA: TRANSFER OF INPUT TAX CREDIT
CHAPTER-X: REFUNDS
CHAPTER– XI: ACCOUNTS AND RECORDS
CHAPTER– XIA: JOB WORK
CHAPTER– XIB: ELECTRONIC COMMERCE
CHAPTER– XII: ASSESSMENT
CHAPTER– XIII: AUDIT
CHAPTER– XIV: DEMANDS AND RECOVERY
CHAPTER– XV: INSPECTION, SEARCH, SEIZURE AND ARREST
CHAPTER– XVI: OFFENCES AND PENALTIES
CHAPTER– XVII: PROSECUTION AND COMPOUNDING OF OFFENCES
CHAPTER–XVIII: APPEALS
CHAPTER– XVIII: APPEALS AND REVISION
CHAPTER– XIX :ADVANCE RULING
CHAPTER– XX: SETTLEMENT OF CASES
CHAPTER– XXI :PRESUMPTION AS TO DOCUMENTS
CHAPTER- XXII :LIABILITY TO PAY IN CERTAIN CASES
CHAPTER– XXIII : MISCELLANEOUS PROVISIONS
CHAPTER– XXIV: REPEAL AND SAVING
CHAPTER– XXV: TRANSITIONAL PROVISIONS
SCHEDULES
RULES: GST Valuation (Determination of the Value of supply of Goods and Services) Rules, 2016
Source: http://finmin.nic.in/
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