[Revised] FAQs on Goods and Service Tax
The compilation of frequently asked questions on GST brought out by the apex training institute under the Central Board of Excise & Customs (CBEC) the National Academy of Customs, Excise & Narcotics (NACEN), has been extremely well received. These GST FAQs were released on 21st September, 2016 by the Hon’ble Finance Minister and were based on the Model GST Law as on June, 2016. The GST FAQs were translated in many regional languages to ensure dissemination across the country.
A number of significant developments have taken place since the first edition was released. As of now the draft laws of CGST, SGST, IGST, UTGST and Compensation cess along with a host of rules have been approved by GST Council. The Central bills have been introduced in the Parliament; legislation relating to States will be passed by the respective state assemblies. As promised at the time of bringing the first edition, a second edition of the FAQs has been prepared by NACEN based on the aforesaid bills introduced in the Parliament. I congratulate DG, NACEN and his team for the efforts made and am sure that these will go a long way in disseminating knowledge and awareness on GST amongst the Tax officials, Trade and Public.
The FAQs on GST 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 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 FAQs on GST.