GST will be bringing a complex structure with itself by the procedures and a vast network of operation it would run into, however, the government has identified some sorting into the issue and has taken a viewpoint into consideration that all the payments and monetary transactions will be held through online.
The draft has suggested that the payment and all the monetary transactions will be held through done electronically through Internet banking, debit/credit card or NEFT/RTGS. The exception case will be the amount of outstanding dues or the funds seized while investigation recovery, the said amount will be handed over the counter only to the notified person.
CBEC is awaiting public comments on the three sets of the draft rule said that “Corresponding changes in the Model GST Law are being carried out separately. Rules on other issues such as returns are still awaited.”
The draft rules will be set for finalization on September 30, and it states that all persons who are already registered as assessees under an “earlier law” such as Central Excise or service tax and having a Permanent Account Number (PAN) will be given a provisional registration, and the GST Identification Number (GSTIN) would be available on the GSTN portal.
Now to drool over the topic of tax evasion, the PAN details of the applicants will be verified while giving the GSTIN and new applicants would be expected to provide details of their PAN, mobile number and e-mail address and the application would be verified in three working days.
Pratik Jain, Leader, Indirect Tax, PwC India, said, “It is a good development as a lot of detailing of GST by companies would be contingent on the rules.”
