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.
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