New Delhi–India’s income tax department on Monday published three draft rules and their formats relating to registration, invoice and payments under the proposed Goods and Services Tax (GST) regime.
Following the first meeting of the GST Council last week, the Central Board of Excise and Customs (CBEC) invited comments on draft rules by Wednesday, with a view to finalise them by the week-end.
“Corresponding changes in the Model GST Law are being carried out separately. Comments, if any may kindly be given by 28th September, 2016,” the Finance Ministry said along with publication of the draft rules.
These provide for online registration by residents within three days of submission of application.
For non-residents who will come under the purview of GST, they will be required to electronically submit the application for registration at least 5 days prior to the commencement of business and shall also deposit full tax liability in advance.
The draft rules also provide that if a tax official fails to take action on registration application within a stipulated time frame, the application for grant of registration shall be deemed to have been approved.
An applicant seeking registration will have to submit PAN, mobile number, email address on the common portal or through a facilitation centre.
The tax authorities will use PAN, one time password and Aadhaar number to verify the details of the applicant.
In case all documents are in order, the tax official will approve registration in three working days from the date of submission of application.
In case there are defects, the applicant has to be intimated within three working days and after receiving clarification, he will be granted registration within 7 days from the date for receiving of reply.
The rules provide for suo moto registration of persons who are liable but have failed to apply for registration.
These also provide for physical verification of business premises after grant of registration.
