Centre puts model GST Bill in public domain

Central government has put model Goods and Services Tax, GST Law in public domain after getting in-principle nod from Empowered Committee of State Finance Ministers. In a tweet, Revenue Secretary Hasmukh Adhia said, the Law is available on Finance Ministry's website for comments and suggestions.

As per the model Law, all purchases made online will attract a uniform Goods and Services Tax. The tax, in lieu of local levies, will be imposed at the first point of financial transaction. This clears the air on applicability of GST in e-commerce in cases where goods were being sold in one state but was being bought in another state.

The model GST law, which has 162 clauses and 4 schedules, has also suggested a jail terms of up to 5 years and fine for violation of the provisions of the statute. It prescribes a threshold of 9 lakh rupees annual turnover for applicability of the new levy and 4 lakh rupees for businesses in North Eastern states including Sikkim.

Meanwhile, Finance Minister Arun Jaitley has said, virtually all states have supported the



idea of Goods and Services Tax, GST. Speaking after a meeting of Empowered Committee of state Finance Ministers on the long awaited indirect tax reform yesterday, Mr Jaitley said only Tamil Nadu has some reservations on it.

He said, however, there was no deadline for implementation of the GST which aims to subsume a string of state and central level levies. The meeting was attended by Finance Ministers of 22 states. Stating that this was a record attendance of Finance Ministers, Mr Jaitley said that every state has given detailed views on the GST. The Minister expressed hope that constitutional amendments regarding GST will be passed in the Monsoon session.

On the other hand, Congress has said, it will support the passage of the long-pending GST bill if concerns of the party are addressed ahead of Monsoon session of Parliament.

Leader of the Opposition in the Rajya Sabha Ghulam Nabi Azad told reporters yesterday that the party does not want to make it a major issue if the government agreed to the amendments sought by the party.