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Draft Model GST Law, Draft IGST Law and Draft Compensation Law




Draft Model GST Law, Draft IGST Law and Draft Compensation Law placed in the public domain for information of trade, industry and other stake holders. 

The Draft Model GST Law, Draft IGST Law and Draft Compensation Law which would be considered by the GST Council for approval are placed in the public domain for information of trade, industry and other stake holders. The Draft Model Laws can be accessed at the following websites: www.cbec.gov.inwww.dor.gov.in and www.gst.gov.in


Earlier, the Draft Model GST Law was put in public domain in the month of June, 2016 for comments. A large number of comments were received on the Draft Model GST Law from various stake holders including the trade and industry associations and public.


A Technical Committee of officers from some of the States and the Central Government was constituted to examine the inputs from the stake holders and make suitable amendments in the Draft Model GST Law. The Revised Draft submitted by this Technical Committee on law was further discussed in a meeting held on 21st and 22nd of November, 2016 in Delhi where officers from all States and Central Government were present. The revised and improved version of this Model GST laws shall now be considered by the GST Council for approval on 2nd and 3rd of December, 2016.

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FM: Present Government to make an extensive social welfare system which will focus primarily on better education system and effective healthcare especially for the children, women and senior citizens of the country; 

Holds his Third Pre-Budget Consultative Meeting for the Union Budget 2017-18 with the representatives of different Social Sector Groups in Delhi today. 

The Union Finance Minister Shri Arun Jaitley said that one of the major priorities of the present Government is to make an extensive social welfare system which will focus primarily on better education system and effective healthcare especially for the children, women and senior citizens of the country. He said that as the allocation of resources to the Social Sector by the Government is increasing with time, therefore, the need of the hour is to bring substantial changes in Social sector through better policies and their timely implementation. The Finance Minister Shri Jaitley was speaking during his Third Pre -Budget Consultative Meeting for the Union Budget 2017-18 with the representatives of different Social Sector Groups here today. 

The Finance Minister Shri Jaitley further said that the inclusive growth is high on the priority of the present Government and the Government will take adequate measures to ensure social security for all especially for the vulnerable section of society including the children, women and senior citizens of the country. 

Along with the Finance Minister Shri Arun Jaitley, the Pre-Budget Consultative Meeting with the representatives of Social Sector Groups was also attended among others by Shri Ashok Lavasa, Finance Secretary, Shri Shaktikanta Das, Secretary, DEA, Dr Hasmukh Adhia, Revenue Secretary, Ms Anjuli Chib Duggal, Secretary, Financial Services, Dr. Arvind Subramanian, Chief Economic Adviser (CEA), Shri Anil Swarup, Secretary, Deptt. of School Education & Literacy, Ms. M. Sathiyavathy, Secretary, M/o Labour and Employment, Ms.LeenaNair, Secretary, Women & Child Development, Dr. Soumya Swaminathan, Secretary, Deptt of Health Research and Shri K.B Aggarwal, Addl. Secretary, Deptt of Health and Family Welfare , 

The representatives of various Social Sector Union Groups who attended the today’s meeting included among others Shri Amitabh Behar, National Foundation of India, Ms Dipa Sinha, Right to Food Campaign, Shri Manish Sabharwal, TeamLease, Shri Subhas Singh, National Confederation of Dalit Organization, Shri Ambarish Rai, Right to Education Forum, Shri Ajay Jha, Public Advocacy Initiatives for Rights and Values in India (PAIRVI), Shri Thomas Chandy, Save the Children, Shri Pradeep . S . Mehta, CUTS, Ms. Yamini Aiyar, Centre for Policy Research, Ms. Rukmini Banerjee, Pratham, Shri Mathew Cherian,Helpage, Ms. Nandini Verma, Campaign for Tobacco-Free Kids. Ms. Bhavana Mukhopadhyay, Voluntary Health Association of India, Shri V. K. Madhavan, Wateraid, Shri Paul Divakar, National Campaign on Dalit Human Rights, Shri Mithun Raj, Mines Minerals and people, Ms. Sonali Khan, Breakthrough, Ms. Neha Buch, Pravah, Shri Sandeep Chachra, Actionaid, Shri Subrat Das, Centre for Budget and Governance Accountability and Ms Bulu Sareen, World Vision India. 

Most of the Social Sector representatives gave different suggestions to the Finance Minister for the forthcoming Union Budget 2017-18. Major suggestions include that in the next Budget, allocation to social sector schemes must be increased and a mechanism be established to monitor proper implementation of all such schemes. It was suggested to monitor to ensure that the schools have access to safe drinking water & sanitation. Other suggestions include more focus in the Budget on healthcare for the workers especially those working in mining sector etc. It was also suggested that vacancies of Doctors, nurses and teachers must be filled so that these public services remain unaffected. There is strong need to strengthen DIETS and quality of primary and secondary education in the country. Various suggestions came about increasing allocation on education and healthcare sectors in the upcoming General Budget 2017-18. It was also suggested that all the tobacco products should be highly taxed primarily because of health concerns. 

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FM: Asks Captains of Indian Trade and Industry to come forward and make increased Private Investment especially in Infrastructure Sector ;

Holds his Fourth Pre-Budget Consultative Meeting for the Union Budget 2017-18 with the representatives of Indian Trade and Industry Associations/Groups in Delhi today. 

The Union Finance Minister Shri Arun Jaitley said that in the First Half of the Current Financial Year 2016-17, the Indian Economy has achieved robust growth rate despite volatility and uncertainty in global economy. He said that this was made possible by a slew of policy measures undertaken by the present Government including enhanced public investment, kick starting stalled projects, improving the status of financial inclusion significantly among others. The Finance Minister Shri Jaitley was making the Opening Remarks during his Fourth Pre-Budget Consultative Meeting with the representatives of Indian Trade and Industry Associtions/Groups here today. 

The Union Finance Minister Shri Arun Jaitley asked the representatives of Business and Trade Sector to increase the private sector spending especially in infrastructure sector. He said that the Government has taken many steps to improve governance by bringing in transparency and efficiency through systematic changes. Shri Jaitley said that the present Government has given greater thrust on fiscal federalism and improving business environment through reforms in policies and regulation among others. Shri Jaitley said that strong macro and micro economic indicators including fiscal fundamentals and follow of fiscal discipline present sound prospects for the Indian economy in future as well. 

Various suggestions were received during the aforesaid Consultative Meeting. Major recommendations include h reduction in Corporate Tax and withdrawal of tax incentives which will result in higher collections due to better compliance and will make India an attractive investment destination. Other suggestions include complete elimination or a major reduction in Minimum Alternate Tax (MAT) and higher public investment in infrastructure and social sector. Other suggestions include higher investment in irrigation and rural infrastructure sector as this will increase the spending capacity of the rural people which in turn will create demand for various items and increased economic activity. Other suggestions included focus on skill development by focussing more resources on training of trainers’ Programmes. Other suggestions include tax concession to both individual tax payer and Corporate Sector. Minimum exemption limit in case of Personal Income Tax be raised to Rs.5 lakh. After demonetisation, since banks will have lot of funds, therefore, interest rate be reduced for manufacturing and other sectors especially for micro, small and medium enterprises. 

Other Suggestions include that States levy heavy taxes on industry especially manufacturing sector mainly in higher energy/power charges which make them uncompetitive. Another suggestion was made to make instrument of cheque more stronger especially after demonetisation by blocking the amount of cheque in the drawer’s account and making amendments in Sec 138 of Negotiable Instruments Act for heavy penalty in case of bouncing of cheques. Other suggestions include measures be taken to revive private sector investment especially in infrastructure sector. Suggestion was made to give infrastructure status to Broadcasting Sector. Another suggestion was to give incentives to promote women entrepreneurs. 

Along with the Finance Minister Shri Jaitley, the Pre-Budget Consultative Meeting with the representatives of Indian Industry and Trade Groups was also attended among others by Shri Ashok Lavasa, Finance Secretary, Shri Shaktikanta Das, Secretary, DEA, Dr. Hasmukh Adhia, Revenue Secretary, Ms. Anjuly Chib Duggal, Secretary, Financial Services, Ms Rita A Teotia, Secretary, Department of Commerce, Shri Ramesh Abhishek, Secretary, DIPP and Dr. Arvind Subramanian, Chief Economic Adviser (CEA). 

The representatives of the Indian Trade and Industry Associations/Groups present during the meeting included Dr. Naushad Forbes, President, CII, Shri Sunil Kanoria, President, ASSOCHAM, Shri Harshavardhan Neotia, President, FICCI, Shri B.N.Kalyani, Bharat Forge, Dr. Rajani Aggarwal, Federation of Indian Women Entrepreneurs (FIWE), Shri Vipul Shah, Former Chairman, Gems &Jewellery Export Promotion Council, Shri S.C. Ralhan, President, FIEO, Shri G.M.Rao, Chairman & MD, GMR Infra, Shri Shashi Ruia, Essar Group, Shri Rajan Bharti Mittal, Vice-Chairman, Bharati Enterprises, Shri Mukesh Mohan Gupta, CIMSME, Shri Satish Pai, President, AAI&CMD,NALCO, Shri Harish Ahuja, MD, Shahi Exportys Pvt.Ltd., Shri Harry Dhaul, DG,IPPAI, Shri Ashish Gupta, Consulting CEO, Federation of Associations in Indian Tourism & Hospitality (FAITH), Shri P.K. Shah, Chairman, EEPC India, Shri R.K.Sharma, Secretary General, FIMI, Shri Sunil R Zode, Chairman, ICCAA, Shri Raja M.Shanmugham,Tripur Exporters Association, Shri Om Prakash Mittal, Laghu Udyog Bharti, Shri R.Ganpati,SICCI, Shri Shailendra Chuksey,Cement Manufacturers’Association, Shri Sangam Kurade, President, Federation of Indian Micro and Small & Medium Enterprises (FISME), and Shri Girish Srivastava, Secretary General, IBF among others. 

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