The Central Government is targeting to implementation the new indirect tax system w.e.f. April 1st, 2017, its called GST.
"The revised drafts of the Model GST Law, iGST Law, GST Compensation Law have been uploaded on our website (Central Board of Excise and Customs). These laws will be considered by the GST Council on December 2-3 and finalized,"
The revised drafts of three Goods and Service Tax laws have been released after incorporating suggestions from stakeholders, the government said on Saturday. These will now be placed before the Goods and Services Tax Council in its next meeting on December 2 and 3.
Revised GST law containing :
- Revised Model CGST /SGST Law
- Revised IGST Law
- GST Compensation Cess Law
- GST Rules for registration, payment, return, refund and invoices.