CGST and IGST acts as approved by president
Much awaited GST law seems to be implemented by July 2017. Hopefully this time we do not witness another extension. The law has been delayed by more than a decade.
Finally GST acts are approved by President Pranab Mukherjee, state acts are still pending.
President has approved much waited THE CENTRAL GOODS AND SERVICES TAX ACT and THE INTEGRATED GOODS AND SERVICES TAX ACT. Both these acts have undergone major changes since initial draft release and now we have a final law instead of model draft laws.
GST once implemented will digest VAT, Service Tax and Excise in it. Industry and tax payers are seeing it as a booster for economy of India.
Post implementation we will have following major Acts along with their respective rules.
- THE CENTRAL GOODS AND SERVICES TAX ACT
- THE INTEGRATED GOODS AND SERVICES TAX ACT
- THE STATE GOODS AND SERVICES TAX ACT
It will be interesting to see how the SGST will be drafted. Each state will adopt their own SGST act based on model law prescribed by center.
Majority of states are already working on migration of existing tax payers under different laws such as VAT to GST. States such as Karnataka are front runner in migration process.
What you think GST will be implemented from July 2017 or again we will see an extension?
Its much awaited and people are delaying VAT registration in hope of registering directly under GST. Government is hopeful of implementing this act from July 2017 but it is interesting to see the change in language of finance minister from "definitely" to "may be".
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