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Moving swiftly ahead to ensure a timely roll out of the goods and services tax (GST), the Central Board of Excise and Customs (CBEC) on Tuesday released two more set of draft rules on filing of returns and claiming refunds.
According to the rules, every taxable person (except for a composition supplier) would be expected to file monthly returns through the GST Network (GSTN) portal.
Further, every taxable person with an aggregate turnover of over ₹1 crore in a financial year would be expected to submit annually a duly certified audited statement.
e-commerce operatorsThe rules also prescribe that e-commerce operators that collect tax at source would be required to electronically furnish details of supplies and the amount of tax collected, which would then be verified with each supplier.
In line with the earlier draft rules, the new guidelines have also tried to cut down the physical interface between the taxpayer and the department by calling for electronic filing and communication. Accordingly, all notices to non-filers will be sent electronically.
Regarding refunds, the draft rules indicate that provisional refunds may be given within three weeks of filing the claim.
According to the norms, an application of refund should be acknowledged by the department within 15 days, following which in seven days a provisional refund, if required, should be given.
Further, the rules also provide for grant of provisional 80 per cent refund to notified exporters and refund to certain persons.
But, in a seemingly hurried task, the CBEC has called for public comments by Wednesday. The draft rules will be taken up for finalisation by the GST Council in its meeting on Friday.
The CBEC had on Monday unveiled three sets of draft rules and formats relating to registration, invoice and payments.
Tax experts welcomed the move and said that the rules provide for rectification of returns and issuance of credit and debit notes.
“GST compliance rating has been given statutory backing. So any person who does not have even 50 per cent GST rating would be denied refund of GST,” said Rajat Mohan, Director (Indirect Taxation), Nangia & Co.
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