GST Committee Report on Returns- Aster Billing

ASTER BILLING

GST Committee Report on Returns

The Government of India intends to introduce the Goods and Services Tax (GST) in the country at the earliest. GST seeks to subsume many indirect taxes at the Central and State level. The proposed dual GST envisages taxation of the same taxable event, i.e., a supply of goods and services, simultaneously by both the Centre and the States.

The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, has been introduced in the Parliament for facilitating the introduction of GST in the country. Simultaneously, committees comprising of officers from the Central Government, as well as the State Governments, have been constituted for the drafting of Model CGST, SGST and IGST laws, and GST business processes of registration, refunds, returns, and payments.

The draft Model CGST, SGST, and IGST laws shall be put up for inviting comments of stakeholders in due course. Presently, the draft business processes on GST returns, GST registration, GST refunds, and GST payments are being published.