MY GST

 

The path breaking reform, since independence, is expected in INDIA by middle 2017 under Indirect Taxes regime.

Goods and Services Tax (GST), when implemented will formulate great change in the tax structure, incidence, computation, tax credits and compliance besides many other operational models within/across industries.

As many as 160 countries have already implemented GST around the world, India stand to collaborate well in the supply chain standards of International level in doing business. In domestic market this is expected to boost the GDP growth of the country, thereby increasing revenue. Since there is seamless flow of supply across states and utilization of credits without any barriers, a common market will be created, enhancing the efficiency and trim down the costs.

India will follow a duel system of tax levy under GST, wherein tax will be levied by Centre and State on both goods and services. Since the concept of supply is significant under GST law, this would replace several tax incidences under the present acts for manufacture, services and sales. This enables a uniform and single taxable event bringing in one nation one tax formula.

Technology is the focal strength in GST implementation. Presently in India, technology is used in public domain, under different taxation departments. However, under GST this is going to be a collaborative system with flow of information between Business to Business through Government and between Government and Business community with a seamless integration.

GST Migration

The Enrollment process is open from 1st June 2017 till 15th June 2017 for existing tax payers, for enrolement as well for updating DSC or E Signature.

Those who could not complete by the above dates, the provisional id will be cancelled and they have to register as a new assessee under GST after 1st July 1017.

Update

We are pleased to interact with you for any of your queries relating to GST. Contact us in the following address or mail id or mobile no.

Mohan delivers speech about GST in awareness programs conducted by Tally Solutions

Key events

03/06/2017

All Rules and Rates finalized and changes in formats for Return etc. are available in GST Portal underhttp://www.cbec.gov.in/htdocs-cbec/gst/index   

12/04/2017

Assent given by President of India to the four subordinate GST legislations

06/04/2017

Parliament passes four bills to pave way for GST rollout

31/03/2017

13th  GST Council meeting Held - Draft Rules dealing with   1. Registration  2.  Refunds  3. Returns   4. Payment and  5. Invoice,  Debit Note and Credit Note originally approved needs to be altered in accordance to legislation

Four more sets of Draft Rules relating to GST  Input Tax Credit,  Valuation,  Transitional Provisions and the Composition scheme need to be cleared

29/03/2017

Lok Sabha cleared the four bills on GST, a great forward movement in the Goods and Services Tax regime

27/03/2017

The four bills - on Central GST, Integrated GST, Union Territory GST and GST (Compensation to States) tabled in Lok Sabha for further discussion

20/03/2017

Cabinet has approved four Goods and Services Tax (GST) supporting legislation namely C-GST, I-GST, UT-GST and Compensation Law