Govt. releases revised draft model GST/IGST/GST compensation law

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Govt. releases revised draft model GST/IGST/GST compensation law

The government has released Revised Draft Model GST Law, Draft IGST Law, and Draft GST compensation law in public domain.

In a series of tweets, Revenue Secretary Hasmukh Adhia said these laws will be considered by GST Council in its meeting scheduled for 2nd and 3rd December and finalized.

Centre had on November 16 circulated the draft legislation among the states. The Integrated GST law would deal with the inter-state movement of goods and services.

Also, the states will draft their own State GST based on the draft model law with minor variations incorporating state-based exemption.

The compensation law will list out how states will be compensated in the initial five years for revenue loss on account of GST rollout.