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: list of goods taxed at 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: empanelment :: ACCOUNTING STANDARDS
 
 
« Service Tax »
 GST on a knife-edge as states act tough
 Parliament Winter Session: Govt keen on proper discussion on GST Bills
 Service Tax revision to make digital content expensive: Here’s how it will impact you
 GST Council may reduce tax slabs in future: CBEC chief
 Govt to waive service tax on card transactions up to Rs 2,000
 Recovery Of Tax Under Model Gst Law
 Income Tax officials hunt for Mumbai’s ‘ghost’ assessee
 GST delay to impact Budget
 If GST not rolled out by Sept, there won't be taxation in country, warns Jaitley
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today

Govt releases draft GST rules for payment, invoice and registration
September, 27th 2016

The rules are expected to be finalized in the second meeting of the GST council to be held in New Delhi on Friday

The government on Monday released draft rules for registration, payment and invoices under the goods and services tax (GST) regime with the objective of minimizing the physical interface between the taxpayer and the tax authorities that will check corruption and harassment.

The rules are expected to be finalized in the second meeting of the GST council to be held in New Delhi on Friday. Once finalized, they will help companies make changes to their information technology systems ahead of GST’s rollout. The government plans to implement GST from 1 April 2017.

The draft rules stipulate that registration will be granted to a resident tax payer automatically within three working days in case the tax authorities do not raise any issues within that time. Non-resident taxpayers will be required to apply for registration five days before commencement of business and will have to deposit their entire tax liability in advance.

All these processes will be online—including any clarifications and responses sought by the tax authorities. The registration system will be based on the permanent account number (PAN).

Mint reported on 12 August that the GST network had already verified a majority of the traders’ PANs with the tax department’s database.

The tax payments can be done using electronic means or even by cash or cheque for tax payments of up to Rs10,000. In addition, there are provisions that seek to minimize the paperwork for transporters under this tax regime.

The last date for giving feedback or comments is 28 September.

“With these draft rules, industry can now start preparing a blueprint of the changes required in their IT systems and processes,” said Pratik Jain, leader of indirect tax at Pwc India.

“Its encouraging to see that rules largely envisage electronic interactions between the tax authorities and companies, with only need based physical intervention (such as verification of premises on the application filed for registration). Further, all the PAN details are to be verified online with the Central Board of Direct Taxes’ database,” he said.

Divyesh Lapsiwala, partner, EY India, said that e-commerce companies may end up with multiple registrations due to tax collected at source provisions in the draft laws.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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