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CBEC unveils draft rules for registration under GST
Sep '16
The Central Board of Excise and Customs (CBEC) has unveiled draft rules and their formats relating to registration, invoice and payments under the new indirect tax regime Goods and Services Tax (GST). The CBEC has released 17 rules and 26 forms for registration, five rules and one form for invoice, and four rules and seven forms for payment.
For residents, the draft rules provide for online registration within three days of submission of application. For non-residents who will come under the purview of GST, they will be required to electronically submit the application for registration at least 5 days prior to the commencement of business and shall also deposit full tax liability in advance.
As per the draft norms, the applicant seeking registration will have to submit permanent account number (PAN), mobile number, and e-mail address on the common portal or through a facilitation centre. The tax authorities will use PAN, one time password and Aadhaar number to verify the details of the applicant. In case all documents are in order, the tax official will approve registration in three working days from the date of submission of application. In case there are defects, the applicant has to be intimated within three working days and after receiving clarification, he will be granted registration within 7 days from the date for receiving of reply.
The draft rules also provide that if a tax official fails to take action on registration application within a stipulated time frame, the application for grant of registration shall be deemed to have been approved.
The rules also provide for suo moto registration of person(s) who are liable but have failed to apply for registration. The rules also provide for physical verification of business premises after grant of registration.
There will also be a provision for grant of separate registration for business verticals of the same organisation. (RKS)

Fibre2Fashion News Desk – India

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