Law firms in Kolkata and around the country are awaiting the announcement of which law firms will be hired to assist in drafting the Central Goods and Services Tax (CGST) bill. And, for a long time, the political executive has been hesitant to write the act, claiming that the draft law was ready but that the formal procedure for writing the law was required. The Joint Committee constituted to draft the law has unanimously decided to draft the bill, said the sources.
Law firms engaged by Kolkata’s State Bank of India (SBI) to settle the Bank Nationalisation Act, 1948 say that once the bill is passed, a new government’s bill will be tabled and approved. The only difference is that this is not a law that takes effect immediately. Among the leading law firms in Kolkata, say the bill will make provisions for the reduction in GST tax for importers and exporters under its scope.
A major concern of law firms is that the composition scheme bill has been approved by Parliament for manufacturers only, not for importers and exporters. But sources in the Union government say the bill will include importers and exporters as it has been formulated.
We welcome input from law firms in India and abroad on the matter.