This will add to the compliance burden of the industry Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1. Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the compliance burden of industry. “Every registered person … shall maintain accounts of stock in respect of each commodity received and supplied ... Rediff.com, 4 days ago
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey. Government services such as issuing of passport, birth certificate and driving licence would attract the goods and services tax, according to a revised draft of the Central GST Bill, which was passed by the Lok Sabha on Wednesday. This is a departure from the draft bill introduced in November, which had included these services in Schedule IV, a ...Rediff.com, 3 weeks ago
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