Clear refunds, drawback before GST roll-out

By | October 21, 2016
(Last Updated On: October 21, 2016)

CBEC on Wednesday asked its officials to chalk out action plan for clearing pending refunds and drawback payment for smooth transaction to GST — the new indirect taxation regime that is to be rolled out from April.

In a communication to top officials, Chairman of Central Board of Excise and Customs Najib Shah said preparations for introducing GST from the beginning of the next financial year are in full swing with the present focus on timely finalisation of its legal and administrative framework.

“At the same time, it is necessary to continue to focus on reducing the pendency of current items of work as this would have an important bearing on the successful implementation of GST,” Shah said.

The pending work relates to adjudication, and payment of refunds, rebates and drawbacks.

“You would agree that too heavy a burden of legacy work regime would hamper us in giving our undivided attention to GST. The solution, therefore, is to immediately chalk out an action plan to reduce the pendencies to the maximum possible extent in the balance months of the current financial year,” Shah said.

The all powerful GST Council is currently meeting here to decide host of issues, including the GST rates. This the third meeting of the council headed by Union Finance Minister Arun Jatiley. Finance ministers of all states are members of the Council.

Government intends to implement the Goods and Services Tax (GST) from April 1, 2017. GST will subsume most of the indirect taxes and make India a common market.

“I am confident that with the suggested focused approach on reducing pendencies, come April 1, 2017 the CBECwould be in an ideal position to ensure the success of GST in the national interest,” Shah added.  Source – www.business-standard.com[20-10-2016]

Direct Taxes Ready ReckonerService Tax Ready ReckonerCompany Law Ready Reckonertax deduction at source
New Books Released on Tax , GST and law

Leave a Reply

Your email address will not be published. Required fields are marked *