India Indirect Tax – GST Council approves rate structure and rules relating to return and transition

The indian Government is confident of 01 July as the roll out date. It finalises rules relating to return and transition provisions and approves the rate structure on goods and services which were not decided earlier.

In brief

At its fifteenth meeting, the GST Council has approved the rate structure on gold, precious metals, diamonds, jewellery, textiles, beedi, and branded and packaged food items, including biscuits. The GST Council also approved rules relating to return and transition.

The Government also issues final transition rules and forms and issues a draft rule for amending CENVAT credit rule for issuance of credit transfer document.

The transition rules have now been released in the public domain. The government has also
released draft rules for the issuance of a credit transfer document (CTD) by a manufacturer, which would be a prescribed document evidencing payment
of duty on stocks held by a trader on the GST appointed date. The highlights of the amendments to the transition rules and the key features of the
draft CTD Rules have been captured in the news alert.

Please click here to read the full News Alert.

Complete India Newsflash

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