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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


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