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29 Sep 2016

GST Draft Rules and Formats Released

The last major development on GST was the approval of Union Cabinet for the formation of GST council and enforcement of all sections of the 101st Constitutional Amendment Act.

The GST Council has fixed the annual turnover threshold of Rs. 10 Lakh for North eastern states and Rs 20 Lakh for the other regions.

Latest in the row is the government has released following rules and formats:

1. Draft Rules and Formats on Registration

There are 26 forms for registration from GST REG-01 to GST REG-26. Before applying for registration, the taxable person needs to declare his PAN, mobile number and e-mail address in PART A of FORM GST REG-01 on common portal and then submit application in PART B of FORM GST REG-01 duly signed along with Documents specified. There are different forms for the registration of casual taxable person, Non-resident taxable person etc. There are forms for cancellation and amendment as well.

2. Draft Rules and Formats on payment

Seven forms from GST PMT-1 to GST PMT-6 released for payment of tax.

3. Draft Rules and Formats on return

Eighteen forms (Form GSTR-1 to GSTR-11) and Seven separate forms for Tax Return Preparer (Form GST-TRP-1 to GST-TRP-7) are released for returns. A Reconciliation Statement to be certified under Section 42 of Model GST Law in Form GSTR 9B. There are three Forms (Form GST ITC-1A, 1B and 1C) for GST Input Tax Credit Mismatch report.

4. Draft Rules and Formats on refund

Ten Forms (Form GST RFD-01 to GST RFD-10) pertain to refund are released.

5. Draft Rules and Formats on invoice

Invoice Rules prescribes for the requirements on the tax invoice issued by the supplier. The invoice shall be issued in triplicate in case of supply of Goods and in duplicate in case of supply of services. Special requirements on Invoice are provided in case of ISD, composition tax payer etc.