New Delhi: The GST Council on Friday approved five amended rules for the GST to pave the way for its roll out from July 1. It also gave “tentative” nod to the remaining four rules for GST.
The government on Friday also introduced a bill in Lok Sabha to amend the customs and excise acts to make them compliant with the new GST regime.
GST Council approved changes in rules for filing tax returns in the new regime, registration of entities, payment of GST, invoicing and refunds to make them compatible with GST laws approved by the Lok Sabha this week.
The remaining rules on how input tax credit is to be calculated and claimed, valuation of supply of goods and services, method for intimation for opting for composition levy and transitional rules were given “tentative” approval.
During the GST Council meeting it was decided that final nod to the four rules as also fixation of GST rates for major commodities and services will be done in the next meeting in Srinagar on May 18-19.
Arun Jaitley said that five rules which were approved on Friday were originally cleared at the September 30, 2016 meeting but had to undergo minor changes following stakeholder comments and bringing them in line with model GST law.
“GST input tax rules, valuation rules, transitional provisions, composition... Those rules have been tentatively approved by the GST Council,” said Mr Jaitley. He said the Council has decided that the final corrected drafts be put up for industry to make suggestions.
