Comparative Analysis Of The GST Rules Released On 1 April 2017 Vis-À-Vis Rules As Released On 18 May 2017

The GST Council in the first day of its two-day meeting in Srinagar on 18 May 2017 has considered and finalised 7 rules pertaining to different aspects of the GST law. Taking into account the concerns raised by the industry, significant changes have been introduced in the final version of the rules. Some key aspects are

Invoice Rules

• In the case of receipt of goods/services on which GST is to be paid by the recipient under the Reverse Charge Mechanism (RCM), an invoice will be required to be issued by the recipient which should be signed/digitally signed.
• Receipt of advance - receipt voucher to be issued
  
  
  • In the case of receipt of an advance, where the rate of tax is not determinable, tax shall be paid at 18%.