The Goods and Services Tax, GST Council has approved five sets of draft rules in its second meeting which was held in New Delhi today. The draft rules are related to registration, payment, refund, returns and invoices of debit and credit notes. <br/><br/>Briefing reporters after the meeting, Finance Minister Arun Jaitley who is also the Chairman of the Council, said these rules will be notified soon after the GST legislation gets Parliament nod. Mr Jaitley said, these set of rules have been prepared by the technical expert team.<br/><br/>Mr Jaitley said, the meeting also deliberated on the management of exemption under the GST regime. He said, the Council agreed that there will be of levy of tax on all exempted entities.<br/> <br/>Mr Jaitley said, the Council will take up the issue related to formulation of payment of compensation to states in case they lose revenue in the next meeting to be held from 18th to 20th of October. <br/><br/>In reply to question, Mr Jaitley said, the government has set a target of completing all the decision of GST Council including rates and draft of legislation before 22nd of November. The government has set a target of rolling out the new indirect tax regime from 1st of April next year.

The Goods and Services Tax, GST Council has approved five sets of draft rules in its second meeting which was held in New Delhi today. The draft rules are related to registration, payment, refund, returns and invoices of debit and credit notes.<br/><br/>Briefing reporters after the meeting, Finance Minister Arun Jaitley who is also the Chairman of the Council, said these rules will be notified soon after the GST legislation gets Parliament nod. Mr Jaitley said, these set of rules have been prepared by the technical expert team.<br/> <br/>Mr Jaitley said, the meeting also deliberated on the exemption of tax under the GST regime. He added, the next meeting of the GST Council will be held on from 18th to 20th of next month to decide GST tax rate. The government has set a target of rolling out the new indirect tax regime from 1st of April next year.