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A revised version of the draft model Goods and Services Tax (GST) Act1, Integrated GST Act2 and Goods and Services Tax (Compensation to the States for loss of revenue) Bill3 has been issued by the Government of India.
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A new model is developed under proposed GST to monitor the interstate trade of Goods and Services and this is called IGST i.e. “Integrated Goods and Service Tax”. Let me clear first thing it will not replace the existing CST and there will be long awaited goodbye to Central Sales Tax in the GST regime.
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Racing against time on the Government’s Goods and Services Tax (“GST”) implementation target of April 1, 2017, two – day meeting of all powerful GST Council, 8th in a row, begun on January 3, 2017. On the first day of the GST Council meet, the Ministry of Civil Aviation, Commerce, Railways, Electronics and IT and industry bodies such as NASSCOM made presentations on their expectations from GST.
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1) What’s the benefit of registering a business under GST?
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