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GST Council clears 5 amended rules; tentatively approves 4
Apr '17
The Goods and Services Tax (GST) Council has cleared five amended rules of the GST bill and has tentatively approved the other four. These four amended rules will be approved at the next meeting to be held on May 18-19 in Srinagar. The rates for major goods and services will also be decided at the next meeting, said Union finance minister Arun Jaitley.

The Council approved changes in rules for filing tax returns under GST, payment of GST, invoicing and refunds to make them compatible with GST and registration of various entities. The rules that were approved tentatively are pertaining to calculation and claim of input tax credit, valuation of supply of services and goods, transitional rules and method for intimation for opting for composition levy.

The five rules which have been approved were already cleared during the meeting held on September 30 last year, however, they required minor changes based on stakeholders' comments and had to be brought in line with the model GST law.

According to the amended rules for filing returns, certain category of people will not have to file annual returns. The payment rules do not require tax payers to register their credit or debit cards with the GST network. Additionally, the changes also include digital signing of certification of registration by an officer and procedure for grant or cancellation of unique identification number.

The new refund rules now include a new norm for refunding advanced tax paid by any non-resident taxable individual. The changes in invoice rules include consolidated tax invoice on a daily basis as opposed to single invoices for supplies that are of less than Rs 200, according to media reports.

Jaitley also said that the Council will ask the industry to make suggestion on the final corrected drafts of the remaining rules. They will be approved after incorporating appropriate suggestions that will be considered in the next meeting.

The four supplementary legislations of GST – Integrated GST, Central GST, Union Territory GST and compensation law were approved only recently by Lok Sabha. The government plans to roll out GST on July 1. (KD)

Fibre2Fashion News Desk – India

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