[vc_row][vc_column][vc_column_text]The government released the revised draft Goods & Services Tax (GST) Compensation Law for public as well as the revised IGST Law after incorporating suggestions from industries. Government officials have said that these bills will tabled in the Parliament during 5-9 December.
The revised draft includes provisions of anti-profiteering measures, which will protect consumers under the GST regime from any possible price surge. This is also to ensure that the customers get benefit of the input tax mechanism in form of lower tax rate. The draft law also mentions setting up an authority to oversee this mechanism.
Other changes include tweaking of definition of valuations of goods & services as well as changes in time and meaning of supply of goods & services.Changes have been made in the compensation bill, which proposes that Center will have the power to impose a cess to finance any potential losses that state governments could incur. The draft GST model has close to 200 sections while the IGST has about 30 sections.[/vc_column_text][/vc_column][/vc_row]