Making tax payments less cumbersome for tax-payers, the government has cleared that over-the-counter cash payments of Rs.10, 000 and above as tax by private companies and traders will not be allowed under the Goods and Services Tax (GST) regime. The draft payment rules, released by the Central Board of Excise and Customs (CBEC), have instead recommended that all tax payments under GST be done electronically through Internet banking, debit/credit card or NEFT/RTGS. Only outstanding dues and funds seized during investigation or recovery by notified persons, officers or government departments may be deposited over-the-counter in cash, according to the new norms. The CBEC has also issued draft rules for registration and invoices under the GST, both of which depend on electronic interface through the GST Network (GSTN) portal. Seeking public comments on the three sets of draft rules and that corresponding changes in the Model GST Law are being carried out separately, said official sources.
📅Published on:
28 September 2016
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