IGST, UTGST and CGST acts notified

NewDelhi June 30: The central government has reached the last stages of preparation for implementation of GST. Union Government has notified rules and regulations of CGST, IGST, UTGST acts.

Some of the provisions of the law regarding the following were notified
* Tax Invoice.
* Accounts, Records.
* Payment of tax, refund, assessment.
* Audit and advance rulings.
* Appeals and revisions.
* Anti profiteering.

As per rules people must pay

* An interest of 18 % for delayed payment of tax.

* 24 % interest in the case of excess input tax credit claim.

* 6 % interest if the refund is withheld.

* Defense run CSD canteen will get a refund of 50 % on IGST supplies.

* Ice cream, pan masala and tobacco sellers are not eligible under composite scheme.

Finally, many people are relieved because at least some clarity has been issued by the government.