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IGST ACT, 2016 – THE INTEGRATED GOODS AND SERVICES TAX ACT

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The revised drafts of three Goods and Service Tax laws have been released after incorporating suggestions from stakeholders, the government said on Saturday 26/11/2016. Below is the

Revised draft IGST law

Pre-Revised IGST LAW:-

THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016

IGST ACT, 2016

CHAPTER- I
PRELIMINARY

1. Short title, extent and commencement
2. Definitions

CHAPTER– II
PRINCIPLES FOR DETERMINING SUPPLY OF GOODS AND/OR SERVICES IN THE COURSE OF INTER-STATE TRADE OR COMMERCE

3. Supplies of goods and/or services in the course of inter-State trade or commerce

CHAPTER– III
LEVY AND COLLECTION OF TAX

4. Levy and collection of Integrated Goods and Services Tax

CHAPTER– IV
PLACE OF SUPPLY OF GOODS AND/OR SERVICES

5. Place of supply of goods
6. Place of supply of services

CHAPTER–V
PAYMENT OF TAX

7. Payment of tax, interest, penalty and other amounts

CHAPTER– VI
INPUT TAX CREDIT

8. Claim of input tax credit and provisional acceptance, matching, reversal and reclaim thereof
9. Transfer of input tax credit

CHAPTER– VII
APPORTIONMENT OF TAX AND SETTLEMENT OF FUNDS

10. Apportionment of tax collected under the Act and settlement of funds

CHAPTER – VIII
SETTLEMENT OF CASES

11. Definitions
12. Constitution of National Goods and Services Tax Settlement Commission
13. Jurisdiction and powers of Settlement Commission
14. Decisions to be by majority
15. Application for settlement of cases
16. Procedure for settlement on receipt of an application under section 15
17. Power of Settlement Commission to order provisional attachment to protect revenue
18. Power of Settlement Commission to reopen completed proceedings
19. Inspection, etc. of reports
20. Power of Settlement Commission to grant immunity from prosecution and penalty
21. Power of Settlement Commission to send a case back to the IGST officer
22. Order of settlement to be conclusive
23. Bar on subsequent application for settlement in certain cases
24. Rectification of mistakes by Settlement Commission
25. Powers of Settlement Commission
26. Procedure of Settlement Commission

CHAPTER– IX
MISCELLANEOUS

27. Application of certain provisions of the CGST Act, 2016
28. Power to make rules
29. Interest on delayed payment of tax
30. Tax wrongfully collected and deposited with the Central or a State Government

CHAPTER– X
TRANSITIONAL PROVISIONS

31. Import of services or inter-state supply of goods and/or services made on or after the appointed day

CHAPTER– XI
ADMINISTRATION

32. Classes of officers under the Integrated Goods and Services Tax Act, 2016
33. Appointment of officers under the Integrated Goods and Services Tax Act, 2016