GST draft rules released
The Finance Ministry of India has released the Draft GST Rules relating to registration, invoice and payment. This leaves the Businesses with very little time to gear up and prepare for GST which the Government seeks to implement by April 01, 2017. These Draft GST Rules are proposed to be finalised by the GST Council on Friday i.e. September 30, 2016.”
Some of the important provisions of GST draft rules are as follows:
- Verification of a company’s PAN details by the Central Bureau of Direct taxes, before it is registered on the GST database;
- Transporters not having to stop at check points and just giving supplier's GST reference number;
- Online registration by residents within three days of submission of application;
- Non-residents who will come under the purview of GST, will be required to electronically submit the application for registration at least five days prior to the commencement of business and shall also deposit full tax liability in advance;
- 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;
- Provision for grant of separate registration for business verticals of the same organisation.
- Provision for suo moto registration of persons who are liable but have failed to apply for registration.
- Provision for physical verification of business premises after grant of registration.
Click here to download the GST Draft Rules.