Friday, September 23, 2016

CBEC releases FAQs on GST

With the enactment of 101st Constitution Amendment Act, the road to GST is clear. The Govt. had already unveiled draft model law on GST.

The National Academy of Customs, Excise & Narcotics (‘NACEN’) is conducting a mammoth capacity building exercise to train about 60,000 indirect tax officers of the Centre and State so that officers are well equipped to implement GST when it is rolled out. Now the NACEN has released FAQs on Registration, Valuation, Refund, and Input Tax credit,etc.

The FAQs have been prepared and reviewed by a team of officials from both Centre and States. These FAQs compilation covering 24 topics with over 500 questions, will be an effective tool in disseminating knowledge on GST to Tax officials, Trade and Public. This is the first version based on the Model GST Law which has been released in the public domain. NACEN will bring out updated versions of the FAQ, as and when relevant statutes are enacted and rules are framed.

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