THE CENTRAL GOODS AND SERVICES TAX BILL, 2017

GST bills - Clause by Clause

 

Central GST: levy on intra State supplies with registration, input tax credit, returns, payment and enforcement rules. The Bill establishes a central goods and services tax on intra State supplies, defining 'supply' and prescribing valuation and time of supply rules; it sets registration thresholds and obligations, invoicing and record keeping requirements; creates an input tax credit regime with eligibility, restrictions and apportionment rules (including job work and Input Service Distributor mechanisms); and prescribes electronic returns, matching procedures, payment and refund mechanisms together with administrative, assessment, enforcement and appellate structures.