Model GST law: unified framework for levy, registration, input tax credit, returns, refunds, audits and dispute settlement.
The Model GST Act creates a unified indirect tax structure for supplies of goods and services, defining supply, prescribing levy and collection of CGST/SGST/IGST, time of supply and valuation rules, registration and invoicing requirements, electronic ledgers, and periodic returns. It establishes the Input Tax Credit regime with eligibility limits and transitional provisions, refund and audit procedures, assessment and recovery processes, offences and penalties, appeal and advance ruling mechanisms, a Settlement Commission for voluntary settlement, and specific provisions for electronic commerce and tax collection at source.