GST REGISTRATION RULES DRAFTED
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The Government on Monday released draft rules for registration, payment and invoices under the goods and services tax (GST) regime. The rules are expected to be finalized in the second meeting of the GST council to be held in New Delhi on Friday.
According to the Draft Rules, A Resident Assessee will get registration within 3 days of submission of application whereas a Non-Resident Assessee 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.
As per the draft norms, the applicant seeking registration will have to submit PAN, mobile number, email address on the common portal or through a facilitation centre.
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.
In all, the CBEC has come out with 17 rules and 26 forms for Registration, five rules and one form for Invoice and four rules and seven forms for Payment.
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