New Delhi: The Goods and Service Tax (GST) Council in its second meeting on Friday agreed on five set of draft rules including those for registration, payment, refund, returns and invoices under the new GST regime.
It was also decided that under the GST system, everybody will have to pay tax but those exempted would be later on reimbursed.
“So you will have the GST system in operation where everybody has to pay the tax but if you are an exempted entity and the state or Centre decides to continue that exempted entity then they would be entitled to that amount being given back to them,” said Finance minister Arun Jaitley.
GST Council to meet on October 18-20 to decide on all important issue of tax rate.
However, Centre and states disagreed on decisions reached at the first meeting of the GST Council on service tax assessment.
