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<h1>Rule making power under GST enables government to prescribe rules on credits, registration, refunds and compliance procedures.</h1> Power to make rules vests in the Central or State Government, on Council recommendation, to carry the Act into effect, including authority to issue retrospective notifications. Rules may specify rates and place of supply, valuation and trade discount treatment, grant, utilisation and lapsing of input tax credit, transitional carry forward of pre GST credits, registration and migration procedures, assessment, collection and recovery, returns and recordkeeping, inspections and audits, refunds and rebates, compounding of offences, and prescribe penalties where the Act is silent.