By TIOL News Service

NEW DELHI, APR 01, 2017: AT the 13th GST Council meeting yesterday, the four major Rules relating to Valuation, Input Tax Credit, Composition Scheme and the Transitional provisions got the forma approval. In addition, the business processes rules made public earlier for the GST Network software development purpose, were also approved with little fine-tuning as the same was required in view of the changes made in the GST laws. The Draft Rules are likely to be put in public domain by Monday for feedback.

The Council which met for barely one hour, also decided to meet again on May 18 and 19 and discuss the rate fixation for all the goods and services. The initial indication which has come from the Revenue Secretary is that there would be at least two Service Tax Rates - 12% and 18%. The lower rate of Service tax may be earmarked only for those services which are availing abatement today.

From various sources it has also come to be known that some trade associations have represented and others are about to represent to the Government for some more time before the final implementation is notified. The Govt and the industry & trade are largely of the view that September 1 would give some more breathing time to the industry after the rates are known, to arrange their affairs better. And the Government is likely to accept such a demand.