GST Approval of Draft Rules :
Now as Goods and Services Tax bill has been passed, its now time of action. Now in a meeting on Friday GST council has approved the drafts of four sets of rules and finalised five others.
FM Shri Arun Jaitley approved the draft rules relating to composition, valuation, ITC (input tax credit) and the transition process.
Further, five other rules involving registration, payment, refund, invoices and returns, the drafts of which were already approved in the Council’s previous meeting, were finalised on Friday factoring in amendments to make these compatible with the GST Bills.
Now focus will shift to rate classification exercise before imposing on 1st July, 2017.
The next meeting is schedules on May 18-19 in Srinagar for finalising these rules, the rate classification exercise will also be taken up then.