GST RELATED IMP 30 QUESTION-ANSWERS IN ONE PAGE. MUST READ.
The government is set to roll out GST or Goods and Services Tax from July 1. Amid concerns regarding new paperwork once GST kicks in, the Central Board of Excise and Customs has come out with a few clarifications on facts highlighting GST provisions relating to invoice for trade. In its bid to allay concerns of traders on invoice generation post-GST, the CBEC, under the Department of Revenue, said: "There are some apprehensions in the trade circles that GST invoices have to be issued as per prescribed format and that issuing invoice is going to be burdensome process. This is not correct. Some important facts about GST provisions relating to invoice are highlighted for information of all stakeholders." Touted as the biggest reform since Independence, the incoming indirect tax regime is aimed at creation of a common market, preventing 'tax-on-tax' and making goods and services cheaper.
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