FM Releases FAQs on GST
The Union Finance Minister Arun
Jaitley released a Booklet containing Frequently
Asked Questions (FAQs) on 21 September 2016 relating to Goods and Services Tax
(GST). Speaking on the occasion, the Finance Minister Jaitley
lauded the efforts of the officials associated in the preparation of the
booklet. He complimented Central Board of Excise and Customs (CBEC) for taking
the initiative in getting the compilation done on a short notice. He hoped that
the compilation would serve as a useful guide for the officers as well as trade
and industry
The FAQ compilation
covers broadly 24 topics with Chapters on Registration, Valuation, Input Tax
Credit, Assessment, Audit, Refund, Demand and Recovery, Appeals, Advance
Ruling, Offence and Penalties etc.
The FAQ will serve as
a training tool for helping the officers as well as public, to get acquainted
with the Model GST law and its nuances.
The compilation is
also available on CBEC website.
The journey to roll-out the Goods and Services Tax
(GST) has commenced with the enactment of the 101st Constitution Amendment Act,
2016 on 8th September, 2016 and the subsequent notifications. The GST is a new
fiscal law and it is necessary that tax officers and the trade are suitably
aware of the law. In this backdrop, CBEC as a part of capacity building
exercise has prepared a compilation of FAQ on GST.