Monthly returns to be mandatory under GST

The tax department on Tuesday came up with two more draft rules and their formats on GST returns and refunds requiring assessees to file monthly returns and specifying procedure for claiming refunds of taxes, interest and fees. The stakeholders have been given time till Wednesday to give their comments on the two draft rules which, along with other rules, will be finalised at the second meeting of the Goods and Services Tax (GST) Council on September 30.