Key highlights of Draft GST Rules on Accounts & Records, Appeals & Revision and Advance Ruling
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 22-4-2017
Dear Professional Colleague,
Key highlights of Draft GST Rules on Accounts & Records, Appeals & Revision and Advance Ruling
In order to engage with the stakeholders and invite comments from the public at large, recently, the Central Government has issued 3 more Draft Goods and Services Tax (“GST”) Rules viz. Draft GST Rules on Accounts & Records, Appeals & Revision and Advance Ruling, on April 19, 2017, making a total of 14 Draft Rules as on date.
We are summarising herewith key pointers of the 3 new Draft Rules, for your easy digests:
Key highlights of the Draft GST Rules on Accounts & Records:
The Draft GST Rules on Accounts & Records provides clarity on various aspects including maintenance of accounts by registered persons, generation & maintenance of electronic records and records to be maintained by own
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(c) the complete addresses of the premises where the goods are stored including goods stored during transit.
* If any taxable goods are found to be stored at any place(s) other than those declared above, without the cover of any valid documents, the proper officer shall determine the amount of tax payable on such goods as if such goods have been supplied by the registered person.
* Every registered person manufacturing goods shall maintain monthly production accounts, showing the quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof.
* Every registered person supplying services shall maintain the accounts showing the quantitative details of goods used in the provision of each service, details of input services utilised and the services supplied.
* Books of account including any electronic form of data stored on any electronic device, shall be kept at the princi
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ules on Accounts & Records
Key highlights of the Draft GST Rules on Appeals & Revision:
The Draft GST Rules on Appeals & Revision provides clarity on various aspects including filing of appeal or application to the Appellant Authority/Appellant Tribunal, production of additional evidence before the Appellate Authorityor the Appellate Tribunal, Appeal to the High Court, disqualification for misconduct etc., in the following manner:
* An appeal to the Appellate Authority shall be filed in FORMGSTAPL-01 [either electronically or otherwise] and an appeal to the Appellate Tribunal shall be filed in FORM GST APL-05 [electronically] and a provisional acknowledgement shall be issued to the appellant immediately.
* A hard copy of the appeal shall be submitted in triplicate in case of appeal to the Appellate Authority and in quintuplicate in case of appeal to the Appellate Tribunal,along with a certified copy of the decision or order appealed against along with the supporting documents wit
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ppeal to the Appellant Tribunal).
* There shall be no fee for application made before the Appellate Tribunal for rectification of errors.
* Additional evidence cannot be produced before the Appellate Authority or the Appellate Tribunal, whether oral or documentary, other than the evidence produced during the course of the proceedings before the adjudicating authority or, as the case may be, the Appellate Authority except in specified circumstances viz., lower authority refusing to admit evidence, prevention by sufficient cause, order passed without giving sufficient opportunity to adduce evidence.
The Draft GST Rules on Appeals and Revision can be accessed at following link:
* Draft GST Rules on Appeals & Revision
Key highlights of the Draft GST Rules on Advance Ruling:
The Draft GST Rules on Advance Ruling covers various aspects including qualification and appointment of members of the Authority for Advance Ruling, form and manner of application to the Authority for Advance R
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d provision of services, when the taxable event in GST would be supply. Further, the quantum of details and number of records to be maintained in GST are also onerous requiring the assessees to maintain detailed list of records/information in GST which is not going positive towards ease of doing business and shall entail increase in compliance costs.
It may be noted that the CBEC has invited comments on the Draft GST Rules by April 27, 2017. The Government aims to implement the much awaited indirect tax reform i.e. GST from July 1, 2017, and to that effect the final nod to the new sets of Draft Rules as well as fixation of GST rates for goods and services will be done in the next meeting of the GST Council scheduled on 18-19 May, 2017. It is indeed the best time for the Trade and Industry to gear up and present their likely issues so that necessary changes are incorporated by the Government.
Readers are requested to write back to us for any inputs/ suggestions on Draft Rules for our
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