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Government Seeks Public Input on Draft Goods and Services Tax Regulations

The Finance Ministry has initiated a public consultation process by releasing eight draft GST rules for feedback from industries and consumers. Four of these rules, covering valuation, composition, transition, and Input Tax Credit, were previously approved by the GST Council and are undergoing industry review. The Central Board of Excise and Customs also unveiled four additional rules on payment, invoicing, refunds, and registration, which have already received Council approval. The final regulations for GST filing are yet to be announced.

📖 2 min read read🏷️ GST Rules & Regulations

Government Seeks Public Input on Draft Goods and Services Tax Regulations

In a significant move, the Finance Ministry has released eight draft sets of Goods and Services Tax (GST) regulations for public feedback. This initiative aims to gather insights from various industries and individual consumers to refine the upcoming tax regime.

Four of these regulatory drafts, covering GST Valuation, Composition, Transition, and Input Tax Credit (ITC), received preliminary approval from the GST Council during its meeting on March 31st. These are currently undergoing thorough review by prominent industry figures.

Additionally, the Central Board of Excise and Customs (CBEC) disclosed another four sets of rules. These pertain to GST Payment, Invoicing, Refunds, and Registration, and have already secured the GST Council's endorsement. However, the definitive rules concerning GST filing are yet to be officially announced.

This development was highlighted in a report by The Economic Times.

Further Reading

Frequently Asked Questions

What is the Goods and Services Tax (GST) in India?
The Goods and Services Tax (GST) is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multi-stage, destination-based tax that has subsumed most indirect taxes.
How does the GST Council operate?
The GST Council is a constitutional body that makes recommendations to the Union and State Government on issues related to GST. It is chaired by the Union Finance Minister and includes State Finance Ministers.
What are the key components of GST, such as CGST, SGST, and IGST?
The key components are Central GST (CGST) levied by the Centre, State GST (SGST) levied by states, and Integrated GST (IGST) levied by the Centre on inter-state supplies and imports.
Who is required to register under GST?
Businesses whose aggregate turnover exceeds a specified threshold limit (which varies by state and type of business) are typically required to register under GST. Additionally, certain businesses must register irrespective of turnover, such as those making inter-state taxable supplies.
What is Input Tax Credit (ITC) under the GST regime?
Input Tax Credit (ITC) allows taxpayers to claim credit for the GST paid on purchases of goods and services that are used for business purposes. This helps avoid a cascading effect of taxes.

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