OVERVIEW OF GST AND MODEL GST LAW Presentation by:
Author : giovanna-bartolotta | Published Date : 2025-05-30
Description: OVERVIEW OF GST AND MODEL GST LAW Presentation by R O Jetley Superintendent Customs MSc Physics MBA LLB 1 DISCLAIMER THE OBJECTIVE OF TODAYS SEMINAR IS TO PROVIDE OVER ALL VIEW OF GOODS AND SERVICE TAX BASED ON MODEL GST LAW
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Transcript:OVERVIEW OF GST AND MODEL GST LAW Presentation by::
OVERVIEW OF GST AND MODEL GST LAW Presentation by: R. O. Jetley Superintendent (Customs) M.Sc. (Physics), MBA, LL.B. 1 DISCLAIMER THE OBJECTIVE OF TODAY’S SEMINAR IS TO PROVIDE OVER ALL VIEW OF GOODS AND SERVICE TAX, BASED ON MODEL GST LAW. MOST OF THE ISSUES ARE YET TO BE FINALISED BY THE GST COUNCIL. CGST / IGST ACTS TO BE PASSED BY PARLIAMENT AND SGST ACT TO BE PASSED BY RESPECTIVE STATE LEGISLATURES. RULES AND REGULATIONS YET TO BE FRAMED. 2 HISTORICAL BACKGROUND 3 PRESENT SCENARIO The Centre has the powers to levy tax on the manufacture of goods while the States have the powers to levy tax on the sale of goods. In case of inter-State sales, the Centre levies the Central Sales Tax but, the tax is collected and retained by States. As for services, it is the Centre alone that is empowered to levy service tax. Other taxes (e.g. Entertainment Tax) 4 AMENDMENT OF CONSTITUTION Need for amendment of Constitution Introduction of the GST required amendments in the Constitution so as to simultaneously empower the Centre and the States to levy and collect this tax. Constitution (101st Amendment) Act, 2016 Notifying different Sections of Constitution (101st Amendment) Act, 2016 Constitution of Goods & Service Tax Council 5 CONSTITUTION AMENDMENT The GST shall be levied on all goods and services, except alcoholic liquor for human consumption. (Petroleum Products shall be outside GST for initial period) The tax shall be levied as dual GST, separately by the Union and the States (As CGST & SGST). Parliament will have power to make laws with respect to CGST and State Legislatures will have power to make laws with respect to SGST. (This is yet to be done) Parliament will have exclusive power to make laws with respect to levy of IGST on inter-State trade or commerce. (This is yet to be done) GoI will have exclusive power to levy and collect IGST. This tax shall be apportioned between the Union and States. 6 Goods and Services Tax The GST would replace the following taxes currently levied and collected by the Centre: a. Central Excise duty b. Duties of Excise (Medicinal and Toilet Preparations) c. Additional Duties of Excise (Goods of Special Importance) d. Additional Duties of Excise (Textiles and Textile Products) e. Additional Duties of Customs (commonly known as CVD) f. Special Additional Duty of Customs (SAD) g. Service Tax h.
