Home / Knowledge / News / Textiles / GST Council approves rules on payments & returns
GST Council approves rules on payments & returns
01
Oct '16
The second meeting of the GST Council, headed by Union finance minister Arun Jaitley, has approved draft rules for registration, payments, returns, refunds and invoices. These rules would be applicable under the new goods and services tax (GST) regime, expected to be rolled out from April 1, 2017. The council will decide on tax rate at its next meeting.

The council also agreed on the treatment of exemption from GST. It decided that taxes will have to be collected under GST, but they can be reimbursed to the exempted states from the annual budgets to the exempted categories.

However, the meeting failed to approve the minutes of its first meeting, as at least two states disagreed with the decision that the Centre would assess 11 lakh service tax filers. The discussion on interpretation of the decision remained inconclusive and will now continue in the next meeting, scheduled from October 18-20.

On the five set of rules approved by the council, Jaitley said, “These rules are with regard to registration, rules for payments, return, refund and invoices. These rules are notified once the Act is passed... These 5 sets of rules were taken up for consideration and have been approved. So we are in a state of readiness with the subordinate legislation once the act itself is approved.”

Explaining the decision on treatment of existing tax incentives by the Centre, he said, “It was agreed that there would be a levy of tax under the GST system on all exempted entities. Once the tax is levied, the Central or state government, which gets that tax, would then reimburse from the budget, that quantum of tax back to exempted entity. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search