GST News

Finance Ministry seeks public comments on GST rules

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The Finance Ministry today placed 8 set of rules in public domain, which will be applicable once the Goods and Services Tax (GST) is implemented from July 1.

The government has sought comments from industry on the 4 set of new rules on — GST Composition, GST Valuation, GST Transition and GST ITC.

These rules had received the “tentative” approval at the the GST Council meeting on March 31.

To read more Click on: http://economictimes.indiatimes.com/news/economy/policy/finance-ministry-seeks-public-comments-on-gst-rules/articleshow/57977786.cms

2 Comments

2 Comments

  1. Avatar

    SUSHIL KHURANA

    April 5, 2017 at 5:46 pm

    RETURN SHOULD BE QUARTLY ONLY.THE RETURN SHOULD BE DEALERWISE ITEM WISE& NOT INVOICE WISE.REVERSE TAX ON UNREGISTERED DEALERS IS VERY HARSE. IT MAKES THE EXEMPTION LIMIT MEANINGLESS. IT SHOULD BE REMOVED OTHERWISE NO ONE WILL BUY FROM SMALL BUSINESSMAN THEIR SURVIVAL WILL BE IN DANGER .THERE ARE PRACTICAL DIFFICULTIES IN GST REGN WHEREVER THERE IS AMENDMENTS ,DEPARTMENTS ARE NOT QUICK TO DO THE AMENDMENTS& FOR GST REGN OLD PANS ARE GIVEN INSPITE OF GIVING ALL THE REQUISITE DOCUMENTS. THE DEPARTMENTS SHOULD BE TOLD TO COMPLETE THIS PROCESS FAST.

  2. Avatar

    Sushil khurana

    April 30, 2017 at 9:47 am

    Exemption limit of rs.twenty lakh should be applicable to both intra state& inter state supplies.suppose a student does inter state service of rs two thousand only.he is required to register under gst file gst returns which are not simple&if fail to get register&file returns for a year the penalty will be rs360000. How it’s justified Also penalty shall not exceed the amount of gst tax one nation one gst so the exemption limit shall also be one for both intra state& inter state supplies

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