With focus on the goods and services tax (GST) shifted to rules and fitment of rates now, the GST Council on Friday set the ball in motion by clearing rules on five categories and tentatively approving another set of four norms. The next GST Council on May18 and 19 will take up four set of rules to finally clear them and item-wise rates, which will leave just one and a half month for the industry to prepare for these changes. The five rules which were finally cleared by the GST Council relate to registration, returns, payment, refunds and invoices. The four set of rules approved by the Council are with regards to input tax credit, valuation, transitional provisions and composition, finance minister Arun Jaitley told reporters after the meeting. While five set of rules were approved by the Council earlier as well, but they were changed here and there for bringing them in sync with the cleared GST Bills by Parliament. Meanwhile, the four GST Bills will be discussed and passed in the ...
