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On June 14 Deebo Samuel Authentic Jersey , 2016 the Finance Ministry has released the 'Model GST Law'. It outlines the structure of the GST regime. Further, the draft of 'Integrated GST Bill, 2016' is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. "CGST" is the tax levied under the Central Goods and Services Tax Bill, 2016. "IGST" is the tax levied under the Integrated Goods and Services Tax Bill Nick Bosa Authentic Jersey , 2016.

Key takeaways from Model GST law are given hereunder:

1) Threshold limit for registration

The dealer is required to take registration under this law if his aggregate turnover in a financial year exceeds Rs.9 lakhs. However, dealers conducting business in any North Eastern State are required to take registration if their turnover exceeds Rs.4 lakhs.

2) Place of registration

The dealer has to take registration in the State from where taxable goods or services are supplied.

3) Migration of existing taxpayers to GST

Every person already registered under extant law will be issued a certificate of registration on a provisional basis. This certificate shall be valid for period of 6 months. Such person will have to furnish the requisite information within 6 months and on furnishing of such information, final registration certificate shall be granted by the CentralState Government.

4) GST compliance rating score

Every taxable person shall be assigned a GST compliance rating score based on his record of compliance with the provisions of this Act. The GST compliance rating score shall be updated at periodic intervals and intimated to the taxable person and also placed in the public domain.

5) Levy of Tax

The person registered under this law is liable to pay tax if his aggregate turnover in a financial year exceeds Rs 10 lakhs. However, a dealer conducting business in any of the North Eastern is required to pay tax if his aggregate turnover exceeds Rs. 5 lakhs.

A negative list has also been prescribed for transactions and activities of Government and Local Authorities which shall be exempt from GST levy Solomon Thomas Authentic Jersey , like activities of issuance of passport, visa, driving license, birth certificate or death certificate Dante Pettis Authentic Jersey , etc.

6) Taxable Event

The taxable event under GST regime will be supply of goods or services. Supply includes all forms of supply of goods andor services such as sale, transfer, barter, exchange Mike McGlinchey Authentic Jersey , license, rental, lease or disposal made or agreed to be made for a consideration. It also includes importation of service, whether or not for a consideration.

7) Point of taxation

CGSTSGST shall be payable at the earliest of the following dates Matt Breida Authentic Jersey , namely:

(i) Date on which the goods are removed for supply to the recipient (in case of movable goods).

(ii) Date on which the goods are made available to the recipient (in case of immovable goods).

(iii) Date of issuing invoice by supplier; or

(iv) Date of receipt of payment by supplier; or

(v) Date on which recipient shows the receipt of the goods in his books of account.

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TCS on online sales of goods or service

Every E-commerce operator engaged in facilitating the supply of any goods andor services (like Amazon, Flipkart, etc.) shall collect tax at source at the time of credit or at the time of payment whichever is earlier.

9) Valuation Rules

Such Rules shall apply to the supply of goods andor services under the IGSTCGSTSGST Bill. Some of the methods prescribed for valuation are given hereunder:

a) Transaction Value: As per this method the value of goods andor services shall be the transaction value.

b) Transaction value of goods or services of like kind: Where value of supply cannot be determined under previous method [i.e. point a], the value shall be determined on the basis of transaction value of goods andor services of like kind and quality supplied at or about the same time to customers.

c) Computed Value Method: Where value cannot be determined under previous method [i.e. George Kittle Authentic Jersey , point b], it shall be based on computed value which shall include cost of production, manufacture or processing of the goods or, the cost of the provision of services Jimmy Garoppolo Authentic Jersey , the charges, if any, for design and brand and amount towards profit and general expenses.

d) Residual Method: Where the value cannot be determined under the computed value method, the value shall be determined using reasonable means consistent with the principles and general provisions of these Rules.

On June 14 Jerry Rice Authentic Jersey , 2016 the Finance Ministry has released the 'Model GST Law '. It outlines the structure of the GST regime. Further, the draft of 'Integrated GST Bill, 2016' is also released along with such Model GST laws.

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