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Finance Ministry seeks India Inc views on certain GST provisions
Highlights
Finance Ministry has sought views of India Inc on firming up provisions with regard to Place of Supply (PoS) rules in five sectors, including e-commerce and banking, for smooth roll out of the Goods and Services Tax.
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Finance Ministry has sought views of India Inc on firming up provisions with regard to Place of Supply (PoS) rules in five sectors, including e-commerce and banking, for smooth roll out of the Goods and Services Tax.
The ministry has asked industry associations to submit their views on the transitional provisions and core exemptions to ensure hassle free implementation of the new indirect tax regime, a government official told PTI.
Since GST is a destination based levy, the tax has to be imposed at the PoS of goods or services. At present, there are differences in views over levy of GST in case of services, which might be rendered at different locations in multiple states.
In the current regime, the service tax is levied by the Centre and hence there are no issues over its collection. “We want the industry to be participative. Instead of asking when GST will be implemented, the industry should come up with suggestions to deal with the issues which could hamper smooth roll out of GST," the official added.
GST, once rolled out, will subsume various levies like excise, service tax, sales tax, octroi, etc, and ensure a single indirect tax regime for the entire country. Although the government has planned to roll out GST, which is touted as the most comprehensive indirect tax reform since Independence, from April 1, it looks difficult as the Constitution Amendment Bill is stuck in the Rajya Sabha where the ruling NDA does not have a majority.
The Finance Ministry on its part is continuing with the preparatory work for roll out of the GST as and when the necessary legislations are enacted. “We are tying up the loose ends for roll out of the GSTso that once the legislations are passed we would be in aposition to roll out the new tax regime," the official added.
Meanwhile, the Centre and states have completed the drafting of model GST law as well as an integrated-GST or iGST law, which will be put up in public domain by early November. The Empowered Committee of state Finance Ministers is likely to meet soon to discuss the legislations—CGST, SGST and iGST.
The Central GST (CGST) will be framed based on the model GST law. Also the states will draft their own State GST (SGST) based on the draft model law with minor variation incorporating state based exemption.
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