The Central Board of Excise and Customs (CBEC) recently issued draft rules on Assessment and Audit under the Goods and Services Tax (GST).
The Draft rules provides necessary rules regarding the procedure to be followed in case of provisional assessment, scrutiny of Returns and assessment including best judgment assessment in certain cases, Audit and Special Audit etc.
GST will subsume Central Excise, Service Tax, VAT and other local levies to create a uniform market.
As government planning to roll-out GST from July 1 2017, the GST supporting Bills, ie.The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017, have been signed by the President Pranab Mukherjee yesterday.
Read the full text of the draft rules below.
