GST: Outcome of Second Meeting of GST Council on 30th Sept 2016

GST: Outcome of Second Meeting of GST Council on 30th Sept 2016 GST council finalized rules for registration, rules for payments, returns, refunds and invoices. With this as many as six issues have been settled by the council, that has representatives of all the states, in two meetings in a span of one week. Discussions on service tax assessment and the formula for calculating compensation to be paid to states, in case of revenue shortfall caused by GST implementation, possibly from 1 April 2017, would be taken up at the next meeting on 18-20 October. It will also decide on the all important GST rate, Jaitley said, adding that the government is targeting 22 November for completing major work on deciding tax rate, exemptions and draft legislation by the council. Under the GST system, everybody will have to pay tax, but those exempted would be entitled to be reimbursed the levy they pay Above Write up is shared by CA Alok Jain (NIRC Member). He can be reached at Email:[email protected] and Mob:- 9899259011