The Future Roadmap for Transition to GST Regime – An analysis
The Future Roadmap for Transition to GST Regime. Roadmap of GST in India. In view of the current political environment prevailing in the country, lot of speculations are going on as to when the GST will actually be applicable in India. It seems that a little more time will be required to ensure that everybody is satisfied. The states are confused as to whether the GST will hamper their revenues. Although the Central Government has assured the states about compensation in case the revenue falls down. now check more details for “The Future Roadmap for Transition to GST Regime” from below…
The Future Roadmap for Transition to GST Regime
In order to migrate into GST regime, the future roadmap comprises of the followings sequential procedure:
- The proposed bill needs to get the Rajya Sabha (House of the representatives of the States) assent with two third majorities.
- The Bill thereafter will be needed to be ratified by minimum of 15 States in their respective assemblies before the President can give its assent for its enactment.
- GST Council consisting of representatives from the Centre as well as States will be formed within 60 days of the enactment of the Bill. The council will make recommendations to the Union and the States on model Goods & Service Tax laws, the rates including floor rates with bands of goods & service tax, the Place of Supply rules and any other matter relating to GST as the Council may decide. Reports of Joint Committee constituted by Empowered Committee of the State Finance Ministers on business processes of payment, registration, refund and return under GST have been released and put in public domain for suggestions.
- The draft GST Law and Place of Supply Rules are expected to be framed and put in the public domain for comments.
- GST Network, an IT backbone for GST, which will facilitate online registration, tax payment and return filing will have to be launched.
- States will frame their respective GST Legislations to enable them to implement GST. It will be in line with the Central GST Legislation.