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The Central Board of Excise and Customs (CBEC) has released the GST draft rules and formats for refund and return. Previously, CBEC has asked for suggestions for the GST draft rules for registration, payment and invoices, which will be accepting comments and feedback until September 28.
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.
After a long wait, the dream comes true when GST become applicable across India. More than 2 decades wait for a strong tax reform regarding indirect taxation will be part of our Indian economy. Now after passing the bill in both houses of parliament and receive President Ascent, the bill became Law for our nation. After that the foundation of a GST council complying of states and central governments members and economics experts. The council will decide the rates, exemption and rules and regulation.
Tripura Government held a very decent and smooth pass on the very significant Goods and Service tax while there were no legislations up from Left Front and even Trinamool Congress or Indian National Congress had any doubt in their mind regarding the GST.
The Central Board of Excise and Customs have invited suggestions/opinions on Draft GST regulations. The Draft GST rules are pertaining to the Registration, Payment, Invoice under respective formats by 28th September 2016. These suggestions will help the CBEC to make corresponding changes in the Model GST Law as mentioned below:
E-commerce or electronic commerce (an online shopping hub) manages the buying and selling of products and services exclusively through electronic channels. E-commerce captures around 33% of the global market with a positive growth in near future.
Congress has put all the efforts to control some of the points which would thereby repress the main motive of GST regime to fully function into its caliber. The issues that the Congress and its major finance ministers are pressing down is that of capping of GST rate to 18 per cent.
Presently, the department has been assigned with three priority tasks such as submitting recommendations to frame the State GST Law and rules/regulations, training the appointed officials and building a back-end processing system. According to sources, the department is indulged into preparing suggestions for the enforcement of the new tax law. It will take two months of time to complete.
The two-day meeting of GST council that started on Thursday has come up with a striking news and has given an exact limit on which the threshold amount has been set.
