Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: articles on VAT and GST in India :: VAT RATES :: due date for vat payment :: TDS :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment
 
 
« Service Tax »
 Cabinet clears 4 Bills, GST likely to roll out by July 1
 GST may also impact income tax collections: Experts
 Companies, consultants grope in the dark to meet GST deadline
 Cabinet approves GST, e-commerce cos to pay up to 1% tax
 Cabinet approves supporting GST legislations ahead of 1 July roll-out
 GST: Centralized assessment for service-oriented industries likely
 Tax department to calculate GST’s impact on inflation
 Entrepreneurs are all set to give a red carpet welcome to GST
 GST success depends on preparedness of businesses
 GST few steps away from becoming reality, but what’s in it for Dalal Street?
 Input tax credit - Matching / Mismatching Concept in Present Tax Laws vis-à-vis GST Laws

Tax department unveils draft rules for registration under GST
September, 29th 2016

The government has put out the draft rules for the Goods & Services Tax for discussion ahead of the September 30 meeting of the Centre and states to discuss the regulations. In view of the tight deadline, the finance ministry has asked for feedback by September 28. Rules relate to registration, invoice and payments, laying down procedures, guidelines and documentation.

The GST Council will discuss the rules on September 30. The government has prescribed a largely online process for registration and laid down strict timelines for completing the process. "We intend to have these rules approved by GST council in its meeting on 30th September. So that business systems can be modified by all," Revenue secretary Hasmukh Adhia tweeted.

"It's encouraging to see that the rules largely envisage electronic interactions between the tax authorities and industry, with only need-based physical intervention (like verification of premises on the application filed for registration)," said Pratik Jain, Leader - Indirect Tax, PwC India. "Further, all the PAN details are to be verified online with the CBDT database, which is expected to bring larger part of the business in the mainstream."

Much of this had already been explained through the FAQs issued by the finance ministry earlier, giving industry an advance peak into the details. Rules provide for complete electronic payment of tax and adjustment of credit and a unique ID number will be generated by the common portal for GST transactions for every debit or credit transaction. This will ensure a proper audit trail.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions