Government issues draft GST accounting rules

The Central Government has issued draft GST rules for accounts and records, appeals and revisions, and advance rulings. This is in addition to rules issued earlier for comments from stakeholders. With this latest release, the Government has now issued most of the rules for the Goods and Services Tax regime. However, these latest draft rules are being viewed as creating fairly onerous recordkeeping requirements, bearing in mind the need to have ERP systems etc configured in time for the planned 1 July 2017 GST implementation date.