Home / Knowledge / News / Textiles / GST draft to be finalised in a month: Fin Min
GST draft to be finalised in a month: Fin Min
16
Dec '15
The Union Finance Ministry has quashed reports of draft model law on goods and services tax (GST) being in the public domain and said the draft law will be finalised within a month and put up for comments and suggestions from the trade and industry community.

“It is going to take at least another month by which we will be able to finalise the draft law and once that is done we will be putting it up in the public domain and similar process of consultation and regional conferences for interaction with trade and industry will be done, so that we are able to get your comments on the draft law,” said Rashmi Verma, Special Secretary, Department of Revenue while inaugurating Assocham's 53rd national conference on GST.

“There was talk about draft model law being there in the public domain, but let me clarify the draft model law which has been put up by somebody on the public domain is not the official draft law. In fact, we are still working on it,” she said.

She said that the Finance Minintry has also finalised core business processes on the basis of recommendations of the several committees set up by the Empowered Committee and the ministry has received number of valuable comments from the industry.

“We have set up a committee which is looking at each of your suggestions and this sub-committee which consists of some of the state government officers, CBEC officers will be giving their recommendations to the main committee which will be chaired by me and member secretary of the Empowered Committee and we will look at each recommendation made by this sub-committee on the business processes and take a view whether we need to make any changes in these business processes based on your feedback,” said Verma.

“Whatever changes are made with that, we will again be making public the revised draft of business processes which will be open for discussion with the trade and industry. We have to come up with the law and business processes which will be trade-friendly and much simpler than the existing ones, with that in mind we are working towards finalising the business processes and the draft law,” she said.

Talking about the preparedness of the government vis-à-vis roll out of GST in 2016, Verma said, “We are fully geared towards rolling out of GST in 2016, our IT infrastructure is going to be in place, we have selected the agency, we have finalised the draft business laws which have been approved by the Empowered Committee, we are in the process of finalising the draft law which will be soon put in the public domain and all other administrative measures which have to be taken have already been taken by the government.”

In his address at the same Assocham conference, Najib Shah, Chairman, Central Board of Excise and Customs (CBEC) said that trade and industry need to understand that in the GST regime, exemption may not be the way to go forward.

ImageTextCaption The Union Finance Ministry has quashed reports of draft model law on goods and services tax (GST) being in the public domain and said the draft law will be finalised within a month and put up for comments and suggestions from the trade and industry community.

“It is going to take at least another month by which we will be able to finalise the draft law and once that is done we will be putting it up in the public domain and similar process of consultation and regional conferences for interaction with trade and industry will be done, so that we are able to get your comments on the draft law,” said Rashmi Verma, Special Secretary, Department of Revenue while inaugurating Assocham's 53rd national conference on GST.

“There was talk about draft model law being there in the public domain, but let me clarify the draft model law which has been put up by somebody on the public domain is not the official draft law. In fact, we are still working on it,” she said.

She said that the Finance Minintry has also finalised core business processes on the basis of recommendations of the several committees set up by the Empowered Committee and the ministry has received number of valuable comments from the industry.

“We have set up a committee which is looking at each of your suggestions and this sub-committee which consists of some of the state government officers, CBEC officers will be giving their recommendations to the main committee which will be chaired by me and member secretary of the Empowered Committee and we will look at each recommendation made by this sub-committee on the business processes and take a view whether we need to make any changes in these business processes based on your feedback,” said Verma.

“Whatever changes are made with that, we will again be making public the revised draft of business processes which will be open for discussion with the trade and industry. We have to come up with the law and business processes which will be trade-friendly and much simpler than the existing ones, with that in mind we are working towards finalising the business processes and the draft law,” she said.

Talking about the preparedness of the government vis-à-vis roll out of GST in 2016, Verma said, “We are fully geared towards rolling out of GST in 2016, our IT infrastructure is going to be in place, we have selected the agency, we have finalised the draft business laws which have been approved by the Empowered Committee, we are in the process of finalising the draft law which will be soon put in the public domain and all other administrative measures which have to be taken have already been taken by the government.”

In his address at the same Assocham conference, Najib Shah, Chairman, Central Board of Excise and Customs (CBEC) said that trade and industry need to understand that in the GST regime, exemption may not be the way to go forward.

The Union Finance Ministry has quashed reports of draft model law on goods and services tax (GST) being in the public domain and said the draft law will be finalised within a month and put up for comments and suggestions from the trade and industry community.

“It is going to take at least another month by which we will be able to finalise the draft law and once that is done we will be putting it up in the public domain and similar process of consultation and regional conferences for interaction with trade and industry will be done, so that we are able to get your comments on the draft law,” said Rashmi Verma, Special Secretary, Department of Revenue while inaugurating Assocham's 53rd national conference on GST.

“There was talk about draft model law being there in the public domain, but let me clarify the draft model law which has been put up by somebody on the public domain is not the official draft law. In fact, we are still working on it,” she said.

She said that the Finance Minintry has also finalised core business processes on the basis of recommendations of the several committees set up by the Empowered Committee and the ministry has received number of valuable comments from the industry.

“We have set up a committee which is looking at each of your suggestions and this sub-committee which consists of some of the state government officers, CBEC officers will be giving their recommendations to the main committee which will be chaired by me and member secretary of the Empowered Committee and we will look at each recommendation made by this sub-committee on the business processes and take a view whether we need to make any changes in these business processes based on your feedback,” said Verma.

“Whatever changes are made with that, we will again be making public the revised draft of business processes which will be open for discussion with the trade and industry. We have to come up with the law and business processes which will be trade-friendly and much simpler than the existing ones, with that in mind we are working towards finalising the business processes and the draft law,” she said.

Talking about the preparedness of the government vis-à-vis roll out of GST in 2016, Verma said, “We are fully geared towards rolling out of GST in 2016, our IT infrastructure is going to be in place, we have selected the agency, we have finalised the draft business laws which have been approved by the Empowered Committee, we are in the process of finalising the draft law which will be soon put in the public domain and all other administrative measures which have to be taken have already been taken by the government.”

In his address at the same Assocham conference, Najib Shah, Chairman, Central Board of Excise and Customs (CBEC) said that trade and industry need to understand that in the GST regime, exemption may not be the way to go forward.

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search