Govt releases further draft rules on GST

Every entity registered under the proposed goods and services tax (GST) might have to maintain separate accounts relating to each activity. This is a part of the draft GST rules on accounts and records released by the Centre on Wednesday. It also released draft norms on advance ruling and appeals and revision. “Tax payers need to maintain invoices, supply bills, challans, credit & debit notes, etc for each activity,” said Rakesh Nangia, managing partner Nangia & Co.