The 122nd Constitution (Amendment GST) Bill, 2014 to thoroughly overhaul India’s indirect tax regime has been passed by the Lok Sabha in 2015 and pending with Rajya Sabha for its approval and may be passed in the monsoon session of Parliament. This is a welcome step of the government has released draft Model GST Law in public domain. The provision for audit under section 42 (4) may also be examined as a landmark opportunity for professionals.
In order to support the government with smooth transition to GST from existing regime, ICAI is in the process of collating suggestions on the draft GST Law as released by Ministry of Finance. This would help in making the law simple, fair and transparent.The draft bill is hosted on the below link:
We request you to provide your suggestions on the draft Model GST Law at the below linklatest by 30thJune 2016.
| CA. Madhukar Narayan Hiregange Chairman Indirect Taxes Committee | CA. Sushil Kumar Goyal Vice Chairman Indirect Taxes Committee |
The Institute of Chartered Accountants of India
A-29, Sector – 62, Noida – 201301
Telephone Direct – +91 120 3045 954
Telephone Board – +91 120 3045 900 Ext. 954
Website: http://www.icai.org; www.idtc.icai.org for help please visit: http://help.icai.org