Highlights of Draft GST Rules & Formats which got approved by the\u00a0GST Council
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 3-10-2016<\/p>\n
Dear Professional Colleague,
\nHighlights of Draft GST Rules & Formats which got approved by the GST Council
\nThe 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 unveiled the Draft Rules and formats under GST relating to registration, invoice and payment. Further on September 27, 2016, more GST Draft Rules and formats on return and refunds were also put in public domain (collectively referred to as “the Draft GST Rules”). Earlier, in the month of October, 2015, the Draft GST Business Processes on registration, payment, returns and refunds were put in public domain for public comments.
\nDraft GST Rules <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n in its first meeting held on September 22-23, 2016 has given the 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n t, 20 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ment of existing taxpayer = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n a provisional basis and a certificate of registration incorporating the GSTIN therein, shall be made available on the Common Portal. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n and the electronic cash ledger in FORM GST PMT-3. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n oice Rules have 5 Rules viz. Tax invoice, Manner of Issuing Invoice, Bill of supply, Supplementary tax invoice and Credit or debit notes, Tax Invoice in special cases. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s to be issued at the time of supply. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tward supplies and inward supplies along with the payment of amount of tax = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n minimum 3 Monthly returns along with annual return. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n te by CA = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Highlights of Draft GST Rules & Formats which got approved by the\u00a0GST CouncilBy: – Bimal jainGoods and Services Tax – GSTDated:- 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 … Continue reading “Highlights of Draft GST Rules & Formats which got approved by the\u00a0GST Council”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1535","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1535"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/1535\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nThe next meeting of GST Council will be held on October 18-20, 2016 to discuss on issues like Service tax assessment and the formula for calculating compensation to be paid to States in case of revenue shortfall as a result of implementation of the GST regime, possibly from April 1, 2017.GST rates, Draft GST law to be decided by November 22, 2016.
\nKey Highlights of the Draft GST Rules
\nKey highlights of the Draft GST Rules for registration, invoice, payment, return and refunds are stated below for easy d<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n2
\nGST REG-02
\nAcknowledgement
\n3
\nGST REG-03
\nNotice for Seeking Additional Information\/ Clarification\/ Documents relating to Application for<>
\n4
\nGST REG-04
\nApplication for filing clarification\/additional information\/ document for <>
\n5
\nGST REG-05
\nOrder of Rejection of Application for <>
\n6
\nGST REG-06
\nRegistration Certificate issued under Section 19(8A) of the Goods and Services Tax Act, 20
\n7
\nGST REG-07
\nApplication for Registration as Tax Deductor or Tax Collector at Source under Section 19(1) of the Goods and Service Tax Act, 20
\n8
\nGST REG-08
\nOrder of Cancellation of Application for Registration as Tax Deductor or Tax Collector at Source under Section 21 of the Goods and Service Tax Act, 20.
\n9
\nGST REG-09
\nApplication for Allotment of Unique ID to UN Bodies\/Embassies \/any other person under Section 19(6) of the Goods and Service Tax Act, 20.
\n10
\nGST REG-10
\nApplication for Registration for Non Resident Taxable Person.
\n11
\nGST REG-11
\nApplication for Amendment in<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n24
\nGST REG-24
\nApplication for Cancellation of Registration for the Migrated Taxpayers not liable for registration under Goods and Services Tax Act 20
\n25
\nGST REG-25
\nApplication for extension of registration period by Casual \/ Non-Resident taxable person.
\n26
\nGST REG-26
\nForm for Field Visit Report
\n * Online filling of application- Application for registration is to be made online either directly on the GSTN Portal or through Facilitation Centres (FC) notified by the Board or Commissioner.
\n * Verification of Information- For GST Registration, Part A of FORM GST REG-01 (application for registration under Section 19(1) of the Model GST Act) seeks to verify PAN through Income Tax Portal, mobile number and email i.d. through one-time password (OTP) sent to the said mobile number\/email address.
\n * No fee for filling registration application-No fee is payable for filing application for registration as nothing regarding fee is mentioned under Draft Registrati<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThereafter, 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 time period can lead to cancellation of provisional registration.
\n * Physical verification of business premises- Verification of premises may be taken up by the proper officer after granting registration and verification report to be uploaded in Form GST REG-26.
\nRead more on the Draft Rules and Formats for Registration under GST at:
\nhttp:\/\/www.cbec.gov.in\/resources\/\/htdocs-cbec\/gst\/draft-registration-rules.pdf
\nhttp:\/\/www.cbec.gov.in\/resources\/\/htdocs-cbec\/gst\/draft-formats-under-registration-rules.pdf
\nII: Draft Rules and Formats for Paymen<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * 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].
\n * 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 register.
\n * 7 Forms for Payment prescribed -7 Forms for payment has been prescribed (Form GST PMT-1 to Form GST PMT -6 and Form GST PMT-2A), namely-
\nSr No.
\nForm No.
\nTitle of the Form
\n1.
\nForm GST PMT-1
\nElectronic Tax Liability Register of Taxpayer
\n(Part-I: Return related liabilities)
\nElectronic Tax Liability Register of Taxpayer
\n(Part-II: Other than return related liabilities)
\n2.
\nForm GST PMT-2
\nElectronic Credit Ledger
\n3.
\nForm GST PMT-2A
\nOrder for re-credit of the amount to cash or credit ledger
\n4.\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * 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 same is different from the place of supply etc.
\nAlso, in case of exports information such as name and address of the recipient, address of delivery, name of the country of destination and number and date of application for removal of goods for export [ARE-1] are also required to be given.
\n * Manner of issuing invoice- The invoice shall be prepared in triplicate, in case of supply of goods, and in duplicate, in case of supply of services.
\n * Form for application for Elect<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRead more on the Draft Rules and Formats of Invoice under GST at:
\nhttp:\/\/www.cbec.gov.in\/resources\/\/htdocs-cbec\/gst\/draft-invoice-rules.pdf
\nhttp:\/\/www.cbec.gov.in\/htdocs-cbec\/gst\/draft-formats-under-invoice-rules.pdf
\nIV: Draft Rules and Formats for Return under GST
\nA 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 processing of return is an important link between the taxpayer and tax administration. Chapter – VIII of the Model GST Act contains the provisions regarding returns.
\nThe Draft Rules of Return under GST (“the Draft Return Rules”) along with Return Formats have now been put on Public domain. The salient features of the Draft Return Rules and Formats are as follows-
\n * 25 Rules on Return prescribed- The Draft Return Rules have 25 Rules viz. Form and ma<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n6
\nForm GSTR-3A
\nNotice to a registered taxable person who fails to furnish return under section 27 and section 31
\n7
\nForm GSTR-4
\nQuarterly Return for compounding Taxable persons
\n8
\nForm GSTR-4A
\nDetails of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier
\n9
\nForm GSTR-5
\nReturn for Non-Resident foreign taxable person
\n10
\nForm GSTR-6
\nISD return
\n11
\nForm GSTR-6A
\nDetails of inward supplies made available to the ISD recipient on the basis of FORM GSTR-1 furnished by the supplier
\n12
\nForm GSTR-7
\nReturn for authorities deducting tax at source
\n13
\nForm GSTR-7A
\nTDS Certificate
\n14
\nForm GSTITC-1
\nCommunication of acceptance, discrepancy or duplication of input tax credit claim
\n15
\nForm GSTR-8
\nDetails of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (1) of s<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * Forms for taxable person, composition dealer, Non- resident taxable person etc.-Distinct forms 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.
\n * 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.
\n * Annual return- Every registered taxable person shall furnish an annual return electronically in FORM GSTR-9 through the Common Portal either directly or from a FC, notified by the Board or Commissioner.
\n * Tax return preparers-The Draft Return Rules prescribe the conditions for enrolment as tax return preparers.
\nRead more on the Draft Rules and Formats for Return under GST at:
\nhttp:\/\/www.cbec.gov.in\/resources\/\/htdocs-cbec\/gst\/draft-return-rules-26092016.pdf
\nhttp:\/\/www.cbec.<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGST RFD-02
\nAcknowledgement
\nGST RFD-03
\nNotice of Deficiency on Application for Refund
\nGST RFD-04
\nProvisional Refund Sanction Order
\nGST RFD-05
\nRefund Sanction\/Rejection Order
\nGST RFD-06
\nOrder for Complete adjustment of claimed Refund
\nGST RFD-07
\nShow cause notice for reject of refund application
\nGST RFD-08
\nPayment Advice
\nGST RFD-09
\nOrder for Interest on delayed refunds
\nGST RFD-10
\nRefund application form for Embassy\/International Organizations
\n * 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 notified by the Board or Commissioner.
\n * Refund relating to balance amount in electronic cash ledger- Claim for refund of balance amount in the electronic cash ledger is to be made through the return for the relevant tax period.
\n * Provisional refund- The Draft Refund Rules provides for a stipulat<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n