13th GST Council Meeting: Key Takeaways and Way Ahead

New Delhi, Apr 1 (KNN) The Goods & Services Tax (GST) Council, in its 13th meet, gave nod to another four sets of draft rules dealing with GST Input Tax Credit, Valuation, Transitional Provisions and the Composition Scheme.

The 13th GST Council Meet chaired by Union Finance Minister Arun Jaitley concluded on March 31 paving way for implementation of GST from the expected date of July 1, 2017.

During the meet, it was decided to partly amend the five set of Draft Rules originally approved in consonance with the GST legislations.

Earlier, the GST Council finalized five sets of Draft Rules relating to Registration, Refunds, Returns, Payment and Invoice, Debit Note & Credit Note.

In this regard, Jaitley said that “the five set of draft rules that were originally approved have to be partly amended and altered to bring them in conformity with the provision of the Act”.

The GST Council also gave nod to another four sets of Draft Rules dealing with GST Input Tax Credit, Valuation, Transitional Provisions and the Composition scheme.

He said that the four new Draft Rules have been tentatively approved and will be put up in public domain for suggestions. These will be finalised in the GST Council’s next meeting.

The all powerful GST Council will decide on the rate structure in the next meeting.

The Finance Minister said that “The next meeting will be held on 18-19 May in Srinagar where besides these rules which will be given final approval, the rate structure in relation to individual commodities will be taken up for consideration. In the meanwhile, the officers’ committee will start working on the fitment of those rates”.

The final approval to the new 4 sets of Draft Rules as well as fixation of GST rates for goods and services will be done in the next meeting of the GST Council scheduled on 18-19 May, 2017.

On Wednesday, the Lok Sabha passed four crucial legislations to introduce a country-wide goods and services tax (GST) bringing India closer to a one unified market.

The Lok Sabha passed the Central GST Bill, 2017 (The CGST Bill), Integrated GST Bill, 2017 (The IGST Bill), Union Territory GST Bill, 2017 (The UTGST Bill) and the GST (Compensation to the States) Bill 2017. (KNN Bureau)

COMMENTS

SK PANDEY 09/06/2017 6:32 PM

Respected Sir, It is brought to your kind notice that Rule 24 of Return rule finalized under GST law provides eligibility criteria to become GST practitioner ,which is not in line of eligibility criteria provided under rule 12 of Central excise (Appeal ) Rules,2001, therefore it seems that so many person who are practicing as Central Excise and Service tax Consultant may not be able to work as GST practitioner; Since new GST law has been framed considering the provisions of Central excise law and Service tax law, the continuance of existing central excise consultant as GST practitioners are need of hour looking into the bulk requirement of GST practitioner as well as in the interest of existing practitioner. Sir, further kind attention toward the provisions of section 288 (2) (vii) of Income tax Act,1961 is being drawn, which provides that the person or individual who was previously practicing and performing as an income tax practitioner as per the Income tax Act,1922, and before the Act came into force, can legally act as an authorized representative on the behalf of the income tax assessee . Therefore it is requested that kindly look into the issue and do the needful so that fate of existing tax consultant particularly those who have started their career after serving the department of excise in the capacity of Inspector for more than 10 or 15 years or as Superintendent less than two years, due to delay promotion, should not get hampered. Thanking you.

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