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24 things you should know about
Draft GST Rules and Forms
With enactment of 101st Constitution Amendment Act, the road to GST is clear.
The Govt. had already unveiled draft model law on GST. On 26th September,
2016 CBEC released draft rules and forms under GST on Registration, Invoice
and Payment. GST council has also approved of draft rules in its meeting on
30th September, 2016. Key takeaways of draft rules and forms are given
hereunder:
Registration
1. The application for GST registration will be made online either
directly on the GSTN Portal or through Facilitation Centres.
2. The proper officer will examine registration application and grant
registration within 3 common working days.
3. If the application is found deficient, then applicant will be intimated
within 3 common working days. Thereafter, applicant has to furnish information
or documents sought within 7 working days electronically. If the proper officer
is satisfied with such details, then he will grant registration within 7 common
working days from date of receipt of such details.
4. The person obtaining registration as casual dealer is required to make
advance deposit for estimated tax liability for the period for which registration
is sought.
5. The registration certificate must be displayed at principal place of
business and at every additional place of business. GSTIN (i.e. registration
number) must be displayed in the name board at the entry point of business
premises.
Invoice:
6. Supplier needs to mention following details in invoice if recipient is
unregistered and taxable value of supply is Rs 50,000 or more:
♦ Name and address of recipient;
♦ Delivery address along with the name of State.
7. Every invoice should contain place of supply if supply is in course of
inter-State trade or commerce.
8. Three copies of invoice should be prepared in case of goods and only
two copies of invoice are needed in case of services.
9. In case of taxable supply of services, the invoice shall be issued
within 30 days from date of supply of services. However, no time-period is
specified for issuance of invoice in case of supply of goods.
Returns
10. The registered taxable person is required to file details of outward
supplies in Form GSTR-1 electronically. The recipient will receive GSTR 2A on
the basis of details furnished by supplier in GSTR 1.
11. The recipient will file details of inward supplies in GSTR 2
electronically on basis of details contained in GSTR 2A. The recipient shall
specify the details of inward supplies for which he is not eligible for input tax
credit and quantum of such ineligible input credit.
12. The registered taxable person (other than composition dealer) shall
file monthly return in GSTR-3. Part of this return will be electronically
generated from GSTR 1, GSTR 2, electronic credit ledger, electronic cash ledger
and electronic liability register.
13. A notice in Form GSTR 3A will be sent electronically to a registered taxable person
who fails to file returns.
Payments
14. The electronic tax liability register, electronic credit ledger and electronic cash ledger
will be maintained on the common portal for every registered person.
15. The electronic tax liability register shall be debited with amount of tax, interest, late
fee, mismatch in credits, etc. It shall be credited with amount paid through electronic cash
register or electronic credit register.
16. The electronic credit ledger of taxpayer will show the details of invoice and amount of
credit. It will also show details of credit matching or mismatching.
17. The electronic cash ledger shall be credited with the amount deposited and debiting
with the payment therefrom towards tax interest, penalty, fee or any other amount.
18. The final acceptance of input credit will be made available to registered taxable
person through Form GST ITC 1 electronically.
Refund
19. The refund claimed in Part B of GSTR-3 shall be deemed to be an application filed for
refund.
20. The provisional refund, i.e., 80% of refund claimed shall be granted on satisfaction of
following conditions:-
♦ Person claiming refund has not been prosecuted for any offence under
GST during any 5 preceding years. If he has been prosecuted under an earlier law, the amount of
tax evaded should not exceed Rs.2,50,000.
♦ GST compliance rating of the applicant is not less than 5 on a scale of 10.
♦ No proceeding for any appeal, review or revision is pending on issues
which form the basis of the refund and if pending, the same has not been stayed by the
appropriate authority or court.
21. Refund shall be granted after adjusting any outstanding demand
payable by the applicant.
22. If Proper Officer is satisfied that refund is not payable then he shall
issue a notice requiring applicant to furnish a reply within 15 days.
23. Any amount rejected as refund shall be re-credited to the
electronic credit ledger.
24. Person claiming refund of tax paid on inward supplies shall apply
for refund in FORM GST RFD-10 once in every quarter.
Thank You!

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GST - 24 Things you should know about Draft GST Rules & Forms

  • 1. #OneNationOneTax 24 things you should know about Draft GST Rules and Forms
  • 2. With enactment of 101st Constitution Amendment Act, the road to GST is clear. The Govt. had already unveiled draft model law on GST. On 26th September, 2016 CBEC released draft rules and forms under GST on Registration, Invoice and Payment. GST council has also approved of draft rules in its meeting on 30th September, 2016. Key takeaways of draft rules and forms are given hereunder: Registration 1. The application for GST registration will be made online either directly on the GSTN Portal or through Facilitation Centres. 2. The proper officer will examine registration application and grant registration within 3 common working days. 3. If the application is found deficient, then applicant will be intimated within 3 common working days. Thereafter, applicant has to furnish information or documents sought within 7 working days electronically. If the proper officer is satisfied with such details, then he will grant registration within 7 common working days from date of receipt of such details. 4. The person obtaining registration as casual dealer is required to make advance deposit for estimated tax liability for the period for which registration is sought. 5. The registration certificate must be displayed at principal place of business and at every additional place of business. GSTIN (i.e. registration number) must be displayed in the name board at the entry point of business premises.
  • 3. Invoice: 6. Supplier needs to mention following details in invoice if recipient is unregistered and taxable value of supply is Rs 50,000 or more: ♦ Name and address of recipient; ♦ Delivery address along with the name of State. 7. Every invoice should contain place of supply if supply is in course of inter-State trade or commerce. 8. Three copies of invoice should be prepared in case of goods and only two copies of invoice are needed in case of services. 9. In case of taxable supply of services, the invoice shall be issued within 30 days from date of supply of services. However, no time-period is specified for issuance of invoice in case of supply of goods. Returns 10. The registered taxable person is required to file details of outward supplies in Form GSTR-1 electronically. The recipient will receive GSTR 2A on the basis of details furnished by supplier in GSTR 1. 11. The recipient will file details of inward supplies in GSTR 2 electronically on basis of details contained in GSTR 2A. The recipient shall specify the details of inward supplies for which he is not eligible for input tax credit and quantum of such ineligible input credit. 12. The registered taxable person (other than composition dealer) shall file monthly return in GSTR-3. Part of this return will be electronically generated from GSTR 1, GSTR 2, electronic credit ledger, electronic cash ledger and electronic liability register.
  • 4. 13. A notice in Form GSTR 3A will be sent electronically to a registered taxable person who fails to file returns. Payments 14. The electronic tax liability register, electronic credit ledger and electronic cash ledger will be maintained on the common portal for every registered person. 15. The electronic tax liability register shall be debited with amount of tax, interest, late fee, mismatch in credits, etc. It shall be credited with amount paid through electronic cash register or electronic credit register. 16. The electronic credit ledger of taxpayer will show the details of invoice and amount of credit. It will also show details of credit matching or mismatching. 17. The electronic cash ledger shall be credited with the amount deposited and debiting with the payment therefrom towards tax interest, penalty, fee or any other amount. 18. The final acceptance of input credit will be made available to registered taxable person through Form GST ITC 1 electronically. Refund 19. The refund claimed in Part B of GSTR-3 shall be deemed to be an application filed for refund. 20. The provisional refund, i.e., 80% of refund claimed shall be granted on satisfaction of following conditions:- ♦ Person claiming refund has not been prosecuted for any offence under GST during any 5 preceding years. If he has been prosecuted under an earlier law, the amount of tax evaded should not exceed Rs.2,50,000. ♦ GST compliance rating of the applicant is not less than 5 on a scale of 10. ♦ No proceeding for any appeal, review or revision is pending on issues which form the basis of the refund and if pending, the same has not been stayed by the appropriate authority or court.
  • 5. 21. Refund shall be granted after adjusting any outstanding demand payable by the applicant. 22. If Proper Officer is satisfied that refund is not payable then he shall issue a notice requiring applicant to furnish a reply within 15 days. 23. Any amount rejected as refund shall be re-credited to the electronic credit ledger. 24. Person claiming refund of tax paid on inward supplies shall apply for refund in FORM GST RFD-10 once in every quarter.