CBEC publishes GST Draft Rules, invites Comments by Wednesday [Read the Full Text]

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The Central Board of Excise and Customs (CBEC) has published three GST draft rules and formats relating to registration, invoice and payments.

The Board invites comments on draft rules from the public by Wednesday i.e 28th September 2016.

As per the rules, on-line registration facility has been allowed to all assesses including residents. The residents can obtain registration within three days of application. Non-residents who are covered by the GST shall apply for registration before 5 days of commencement of business and shall pay the entire tax liability in advance.

As per the draft rules, if no action has been taken by the department on receipt of the registration application within the prescribed time, the application for grant of registration shall be deemed to have been approved.

The draft rules provides that, the applicant seeking registration should submit PAN, mobile number, email address on the common portal or through a facilitation centre. The verification of the said details can be done by the authorities by using the PAN, one time password and Aadhaar number etc. of the applicant.

In case of any defects, the same has to be intimated to the applicant within three working days and after receiving clarification, the registration will be granted to him within 7 days from the date for receiving of reply.

The draft norms further provides for grant of separate registration for business verticals of the same organisation.

The rules also provide for suo moto registration of person who are liable but have failed to apply for registration. The rules also provide for physical verification of business premises after grant of registration.

The first meeting of the GST council was held on Friday in which the Council has fixed the threshold limit of 20 lakhs in case of businesses all over India. The next meeting has been scheduled to coming Friday for finalizing the draft rules on GST rate, rules on granting exemption and tax slabs.

Read the full text of the draft rules below.