GST Council approves Draft Rules; Adopts 'tax & reimburse' approach for exempted entities

Oct 01,2016

GST Council approves draft Rules with respect to registration, payment, returns, refunds and invoices / debit & credit notes, will be notified after enactment of GST Act; Decides to levy tax on all entities / industry availing area-based and industrial exemption schemes / incentives, which shall subsequently be reimbursed / repaid by the Central / State Govt., as the case may be, through budgetary process; Discussion over service tax assessment between Centre & States...

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