GOODS SERVICES TAX
CBEC releases FAQs on GST
CBEC has recently released a Booklet containing Frequently Asked Questions (FAQs) relating to Goods and Services Tax (GST). The FAQs compilation covers broadly 24 topics with Chapters on Registration, Valuation, Input Tax Credit, Assessment, Audit, Refund, Demand and Recovery, Appeals, Advance Ruling, Offence and Penalties etc.
The FAQs will serve as a training tool for helping the officers as well as public, to get acquainted with the Model GST law and its nuances.
The compilation is available on https://goo.gl/xk2sme or may be downloaded from the website of the committee www.idtc.icai.org
The journey to roll-out the Goods and Services Tax (GST) has commenced with the enactment of the 101st Constitution Amendment Act, 2016 on 8th September, 2016 and the subsequent notifications. The GST is a new fiscal law and it is necessary that tax officers and the trade are suitably aware of the law. In this backdrop, CBEC as a part of capacity building exercise has prepared a compilation of FAQ on GST.
Source: www.cbec.gov.in
GOODS SERVICES TAX
CBEC releases Rules Formats for Returns Refunds
CBEC has released Rules Formats for Returns Refunds relating to Goods and Services Tax (GST).
Returns Rules provide form manner of submission of inward outward supplies, monthly/ quarterly/ annual/ final returns, return by non-resident taxable person, input service distributor, e-commerce supplier, matching of claims of ITC, Communication and rectification of discrepancy in returns, provisions relating to tax return preparer etc.
Refund rules provide for refund of tax, interest, penalty, fees or any other amount etc., provisional refunds, sanction orders, Credit of the amount of rejected refund claim etc.
The rules formats are available on https://goo.gl/40QkVx or can also be downloaded from the website of the committee www.idtc.icai.org.
We request you to provide us with your suggestions on the aforesaid, if any, at idtc@icai.in latest by end of the day today.
Source: www.cbec.gov.in
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Posted by: Lotusca <kammu_singh@yahoo.co.in>
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