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Highlights of Draft GST Rules & Formats which got approved by the GST Council

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 3-10-2016 Last Replied Date:- 3-10-2016 - Dear Professional Colleague, Highlights of Draft GST Rules & Formats which got approved by the GST Council 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 unve .....

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e Draft GST Rules by September 28, 2016. Now, the GST Council, in its second meeting held on September 30, 2016, has approved the 5 sets of Draft GST Rules - registration, payment, refund, returns and invoice. The Draft GST Rules will be notified after enactment of the GST Act. Some of the other important discussions in the second meeting of the GST Council are stated hereunder: Treatment of exemption from GST In the Current regime, the Centre gives exemption to 11 states mostly in North East an .....

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power for assessment to Centre for assessing 11 lakh Service tax assessees who are currently assessed by them. However, there were divisions over ratifying/ approving the minutes of the first meeting of the GST Council after at least two States disagreed with the Centre's power for assessing these taxpayers in the new dispensation. The discussion was in conclusive and therefore it will continue in the next meeting. The next meeting of GST Council will be held on October 18-20, 2016 to discus .....

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19 of Model CGST/SGST Act ( the Model GST Act )dealing with registration, prescribes that every person who is liable to be registered shall apply for registration in the manner prescribed, which is now provided by way of the Draft Rules for Registration under GST ( the Draft Registration Rules ) along with Registration formats. The salient features of the Draft Rules and Formats for Registration are as follows- 17 Rules for Registration prescribed-The Draft Registration Rules have 17 Rules viz. .....

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tion/ Clarification/ Documents relating to Application for<> 4 GST REG-04 Application for filing clarification/additional information/ document for <> 5 GST REG-05 Order of Rejection of Application for <> 6 GST REG-06 Registration Certificate issued under Section 19(8A) of the Goods a .....

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Application for Registration for Non Resident Taxable Person. 11 GST REG-11 Application for Amendment in Particulars subsequent to Registration 12 GST REG-12 Order of Amendment of existing Registration 13 GST REG-13 Order of Allotment of Temporary Registration/ Suo Moto Registration 14 GST REG-14 Application for Cancellation of Registration under Goods and Services Tax Act, 20-. 15 GST REG-15 Show Cause Notice for Cancellation of Registration 16 GST REG-16 Order for Cancellation of Registration .....

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nal certificate 23 GST REG-23 Intimation of discrepancies in Application for Enrolment of existing taxpayer 24 GST REG-24 Application for Cancellation of Registration for the Migrated Taxpayers not liable for registration under Goods and Services Tax Act 20- 25 GST REG-25 Application for extension of registration period by Casual / Non-Resident taxable person. 26 GST REG-26 Form for Field Visit Report Online filling of application- Application for registration is to be made online either directl .....

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n as nothing regarding fee is mentioned under Draft Registration Rules. Time period for Registration-The Draft Registration Rules provides that registration will be granted within 3 common working days if no discrepancy is found. If any discrepancy is found, the same will be communicated through the GSTN within the above time limit. Registration of Casual taxable persons and Non- resident taxable person- The Model GST Act provides for registration of Casual taxable person and Non-resident taxabl .....

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and having a PAN shall be granted registration on a provisional basis and a certificate of registration incorporating the GSTIN therein, shall be made available on the Common Portal. Thereafter, an application along with the information/documents specified therein shall be submitted electronically. Information asked for shall be furnished within a period of 6 months or such further period as may be extended by the Board or Commissioner. Failure to submit relevant information within prescribed t .....

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df II: Draft Rules and Formats for Payment under GST Section 35 of the Model GST Act deals with payment of tax, interest, penalty and other amounts. It provides that every deposit made by internet banking or by using credit/debit cards or NEFT/RTGS or by any other mode, shall be credited to the electronic cash ledger to be maintained in the manner prescribed. Further, the amount of input tax credit as self-assessed in the return shall be credited to electronic credit ledger etc. In this regard, .....

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credit ledger in FORM GST PMT-2 and the electronic cash ledger in FORM GST PMT-3. Mode of Payment of tax- Tax can be paid either through net banking, credit or debit card, NEFT/RTGS, Over the Counter ( OTC ) [OTC payment only up to ₹ 10,000per challan per tax period]. Unique Identification Number (UIN)- A UIN shall be generated at the Common Portal for each debit or credit to the electronic cash or credit ledger. Generation of UIN for every transaction - to be correlated with tax liability .....

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. Form GST PMT-3 Electronic Cash Ledger 5. Form GST PMT-4 Challan For Deposit of Goods and Services Tax 6. Form GST PMT-5 Payment Register of Temporary IDs/Un-registered Taxpayers 7. Form GST PMT-6 Application For Credit of Missing Payment (CIN not generated) Read more on the Draft Rules and Formats for Payment under GST at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-payment-rules.pdf http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-formats-under-payment-rules.pdf III: Draft .....

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Rules viz. Tax invoice, Manner of Issuing Invoice, Bill of supply, Supplementary tax invoice and Credit or debit notes, Tax Invoice in special cases. Information to be filed in Tax Invoice-The Draft Invoice Rules provides that the tax invoice which is to be issued by supplier shall have an extensive list of information, numbering around 20 viz. name, address and GSTIN of the supplier, HSN code of goods or Accounting Code of services, rate of tax (CGST, SGST or IGST), place of delivery where the .....

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ce- Form GST INV -1 has been prescribed in which a taxable person can apply for obtaining Electronic Reference Number of an Invoice (valid for 30 days) and produce the same for verification by the proper officer as required under Section 61 of the Model GST Act instead of the tax invoice. Bill of supply-A registered taxable person supplying non-taxable goods and/or services or paying tax under Composition scheme is required to issue, bill of supply instead of a tax invoice. Bill of Supply, which .....

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ead more on the Draft Rules and Formats of Invoice under GST at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-invoice-rules.pdf http://www.cbec.gov.in/htdocs-cbec/gst/draft-formats-under-invoice-rules.pdf IV: Draft Rules and Formats for Return under GST A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. GST is a self-assessed destination based consumption taxation system. Thus, the submission and .....

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inward supplies, Form and manner of submission of monthly return, quarterly return by the composition supplier, return by non-resident taxable person, return by an input service distributor, Notice to non-filers of returns, Refund of interest paid on reclaim of reversal etc. 27 Return forms prescribed-27 GST Returns/Statements have been prescribed (Form GSTR- 1 to GSTR-11, Form GST-TRP-1 to Form GST-TRP-7 etc.), namely- Sl No Form Number Content 1 Form GSTR-1 Details of outward supplies of taxa .....

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ax 6 Form GSTR-3A Notice to a registered taxable person who fails to furnish return under section 27 and section 31 7 Form GSTR-4 Quarterly Return for compounding Taxable persons 8 Form GSTR-4A Details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier 9 Form GSTR-5 Return for Non-Resident foreign taxable person 10 Form GSTR-6 ISD return 11 Form GSTR-6A Details of inward supplies made available to the ISD r .....

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e persons registered under Section 8 18 Form GSTR-9B Reconciliation Statement 19 Form GSTR-10 Final return 20 Form GSTR-11 Details of inward supplies to be furnished by a person having UIN 21 Form GST-TRP-1 Application for enrolment as Tax return preparer 22 Form GST-TRP-2 Enrolment certificate as Tax return preparer 23 Form GST-TRP-3 Show cause to as Tax return preparer 24 Form GST-TRP-4 Order of cancelling enrolment as Tax return preparer 25 Form GST-TRP-5 List of Tax return preparers 26 Form .....

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s are prescribed for periodical returns by Regular Taxable Persons, composition dealers, Non-resident taxable persons, Persons who are required to deduct or collect tax at source etc. No time period for issuing SCN to non- filers of return-No time period has been prescribed for issuing Notice to non- filers of return under Rule 9 of the Draft Returns Rules. Annual return- Every registered taxable person shall furnish an annual return electronically in FORM GSTR-9 through the Common Portal either .....

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visions regarding refund of tax. Any person claiming refund of any tax and interest shall make an application before the expiry of 2years from the relevant date in prescribed form. The Draft Rules of Refunds under GST ( the Draft Refund Rules ) along with Refund Formats have now been put on Public domain. The salient features of the Draft Refund Rules and Formats are as follows- 6 Refund Rules prescribed-The Draft Refunds Rules have 6 Rules viz. Refund of tax, interest, penalty, fees or any othe .....

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ST RFD-06 Order for Complete adjustment of claimed Refund GST RFD-07 Show cause notice for reject of refund application GST RFD-08 Payment Advice GST RFD-09 Order for Interest on delayed refunds GST RFD-10 Refund application form for Embassy/International Organizations Form for Refund application- A common refund application is prescribed for all refunds arising on various instances which is to be made in Form GST RFD-1 electronically through the Common Portal either directly or from a FC notifi .....

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