FinMin released Model GST Law, i.e. Draft Central / State GST Act 2016
The GoI has once again stressed on the pending indirect taxation reforms process, i.e. introducing GST, and has accordingly released the draft GST law. The model GST law contains two parts the Goods and Services Tax Act, 2016 and the Integrated Goods and Services Tax Act, 2016 which provides the framework for implementation of GST in India most likely with effect from April 1, 2017.
All stakeholders have been requested to give their suggestions/ comments to secretariat of Empowered Committee of State FMs and / or to the Finance Ministry.