New GST Rules Released By The CBEC

With a spate of rules being released recently by the Central Board of Excise and Customs (CBEC), another set of draft Goods and Services Tax (GST) Rules covering the following areas were issued on 19 April 2017:

1. Draft Accounts and Records Rules
2. Draft Advance Ruling Rules
3. Draft Appeals and Revision Rules

The notable aspects of the rules are:

Draft Accounts and Records Rules

• Accounts and records are to be maintained separately for each line of activity such as manufacturing, trading and provision of service. A separate account for receipt of advances and adjustments therein has to be maintained.
• Books of account should be kept at the principal place of business and other places of business mentioned in the certificate of registration.