Stakeholders View on 3 GST Reports Sought by Oct End

Finance Ministry has invited stakeholder comments on the three reports of the empowered committee of state finance ministers on Goods and Services Tax (GST) by the end of this month.

The three reports of the Empowered Committee, pertains to registration, payment process and refunds in the GST regime. The reports will be available on the official website mygov.in from tomorrow afternoon.

“Comments and views are invited on these business processes by October 31, 2015,“ a finance ministry statement said. The draft model CGST, SGST and IGST laws, along with GST business processes for filing of returns, shall also be put up for inviting comments of stakeholders in due course, it added.

“The government intends to introduce the GST in the country at the earliest,“ the statement added.

GST seeks to subsume many indirect taxes at the central and state-level.

The proposed GST envisages taxation of the same taxable event, i.e., supply of goods and services, simultaneously by both the Centre and the states.

The Economic Times, New Delhi, 12th Oct. 2015