With enactment of 101st Constitution Amendment Act, the road to GST is clear. The Govt. had already unveiled draft model law on GST. Today, CBEC released draft rules and forms under GST on Registration, Invoice and Payment. Key highlights of rules and forms are as under:
1. The application of registration will be examined by proper officer and he will approve and grant registration within 3 common working days.
2. If the application is found deficient, then applicant will be intimated within 3 common working days. Thereafter, applicant has to furnish required clarification, information or documents sought within 7 working days electronically. If proper officer is satisfied with details provided by applicant, he will grant registration within 7 common working days from receipt of such details. Otherwise, he will reject application and inform electronically to applicant.
3. The registration certificate must be displayed at principal place of business and at every additional place of business and GSTIN must be displayed in the name board at the entry of place.
4. The person obtaining registration as casual dealer is required to make advance deposit of estimated tax liability for the period for which registration is sought.