Easy Office
LCI Learning

CBEC unveils Draft GST Rules for registration, invoice and payment

Bimal Jain , Last updated: 27 September 2016  
  Share


In order to engage with the stakeholders and invite comments from the public at large, the Government has placed the Model GST Law on public domain on June 14, 2016, after getting in-principle nod from the Empowered Committee of State Finance Ministers, and most importantly, now, the President has accorded its assent to the long-delayed Constitution (122nd Amendment) Bill, 2014 on GST, on September 8, 2016, and the same is enacted as the Constitution (101st  Amendment) Act, 2016 [“the 101st Constitutional Amendment Act, 2016”].

Further, on September 12, 2016, the Union Cabinet has approved formation of GST Council (Section 12 of the 101st Constitutional Amendment Act, 2016) followed by the Government notifying September 16, 2016 as the appointed date for remaining Sections of the 101st Constitutional Amendment Act, 2016 (i.e. Section 1 to 20, except Section 12), in a way, signalling that the GST might mark its advent from April 1, 2017.

Earlier, in the month of October, 2015, the Draft Business processes on registration, payment, returns and refunds were put on public domain. The Government is not leaving any stone unturned to roll out the much awaited indirect tax reform from April 1, 2017. In less than a week after the first meeting of the GST Council (on September 22-23, 2016), the Central Board of Excise and Customs (“CBEC”) on September 26, 2016, has unveiled the following Draft Rules and Forms under GST relating to registration, invoice and payments which would be finalised by week end:

Draft Registration Rules
Read at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-registration-rules.pdf

Draft Registration Formats
Read at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-formats-under-registration-rules.pdf

Draft Payment Rules
Read at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-payment-rules.pdf

Draft Payment Formats
Read at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-formats-under-payment-rules.pdf

Draft Invoice Rules
Read at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-invoice-rules.pdf

Draft Invoice Formats
Read at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-formats-under-invoice-rules.pdf

GST draft Rules and Formats can also be downloaded from here in zip format.

The CBEC has invited comments on Draft Rules by Wednesday i.e. by September 28, 2016. The Government aims to implement the GST from April 1, 2017, and to that effect the GST Council will hold its second meeting on September 30, 2016 to finalise Rules for GST. It is indeed the best time for the Trade and Industry to gear up and present their likely issues so that necessary changes are incorporated by the Government.

Readers are requested to write back to us for any inputs/ suggestions on Draft Rules for our compilation and submission to Government.

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the authors nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this document nor for any actions taken in reliance thereon.

Readers are advised to consult the professional for understanding applicability of this newsletter in the respective scenarios. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. No part of this document should be distributed or copied (except for personal, non-commercial use) without our written permission.


Published by

Bimal Jain
(Service)
Category GST   Report

3 Likes   22370 Views

Comments


Related Articles


Loading