GST Council approves draft rules on input tax credit, valuation, transitional provisions and composition; circulated for public comment. The Council approved in principle four draft Rules-Input Tax Credit, Valuation, Transitional Provisions and Composition-and adopted amendments to five existing Rules on Registration, Return, Payment, Refund and Invoice/Debit Credit Note. These drafts and amended Rules will be circulated to States and placed in the public domain for comments; final versions will be returned to the Council after public consultation. Officers may make minor drafting changes; lottery valuation Rule for tickets to be deleted with taxation on face value; rate fitment proposals to be discussed only at Council meetings.
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GST Council approves draft rules on input tax credit, valuation, transitional provisions and composition; circulated for public comment.
The Council approved in principle four draft Rules-Input Tax Credit, Valuation, Transitional Provisions and Composition-and adopted amendments to five existing Rules on Registration, Return, Payment, Refund and Invoice/Debit Credit Note. These drafts and amended Rules will be circulated to States and placed in the public domain for comments; final versions will be returned to the Council after public consultation. Officers may make minor drafting changes; lottery valuation Rule for tickets to be deleted with taxation on face value; rate fitment proposals to be discussed only at Council meetings.
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