Govt Invites Suggestions on Draft on GST Business Processes

Sharing is caring!

In view of the Goods and Services Tax that the government wants to introduce soon, the Finance Ministry has posted on its website draft business processes on GST registration, refunds and payments, inviting comments from stakeholders.

“The draft business processes on GST registration, GST refunds and GST payments have been put-up inviting comments. Comments and views are invited on these business processes by 31st October, 2015,” an official release said.

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, it added.

The Government of India 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, i.e., 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 the Parliament for facilitating the introduction of GST in the country.

Simultaneously, committees comprising of officers from the Central Government, as well as the 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.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: