GST: Monthly returns to be mandatory filed

GST: Monthly returns to be mandatory filed under GST Central Board of Excise and Customs (CBEC) on Tuesday released two more set of draft rules on filing of returns and claiming refunds. Moving at fast paceto ensure timely roll out ofthe goods and services tax (GST). On Monday Central Board of Excise and Customs (CBEC) releasedthree draft rules and their formats relating to registration, invoice and payments for public comments. The government aims to implement the new indirect tax regime GST from April 1, 2017. According to refundrules, every registered taxable person (except for a composition supplier) would be expected to file monthly returns in specified form form GSTR-3 through the GST Network (GSTN) portal. These rules further elaborates that, every taxable person with an aggregate turnover of over 1 crore in a financial year would be expected to submit annually a duly certified audited statement. The rules also provide for grant of provisional 80 per cent refund to notified exporters and refund to certain persons.