Draft Model Goods and Services Tax (GST) Law” (Dated 14th June, 2016)
The Government of India has previously issued the various reports on Business Processes of GST- Registration, Payment, Return and Refund. As the Government is now planning to implement the Goods and Services Tax Law (GST) with effect from April, 2017, it has released today the Draft GST law which has been made publically available on the Ministry of Finance Website at the link http://finmin.nic.in/reports/ModelGSTLaw_draft.pdf.
The Draft GST law contains 25 Chapters with Section 1-162E and four Schedules I- IV. For the timely implementation of GST in India in April, 2017, Government is also ensuring to pass the 122nd Constitutional Amendment bill, 2014 in this monsoon session beginning from the next month.