GETTING READY FOR GST

As per the latest decision of the GST Council, GST will be introduced in India from July 1st. It is going to be launched on 30th June 2017 midnight. This, despite the fact that taxpayers have no idea how the portal would work save for some screen-shots which ask more questions that they answer. The GST Council has made an announcement that the GSTR 1 form, with invoice-wise details, which has to be filed by the 10th of the month following the assessing month has to be filed by September 5 and for August by September 20. A new form Read more


BIDDING GOODBYE TO EXISTING INDIRECT TAX LAWS

There is enough literature on the pluses and minuses of GST- this article doesn’t want to add to the literature. Instead, it shall focus on bidding adieu to the Central Excise Act, Finance Act 1994 and VAT Acts of State Governments. Though these Acts will continue to be used for goods and services that have not been subsumed under GST (petroleum products) and for the existing cases pending, they will no longer be used on a day to day basis from July 1st.   Central Excise Act The Central Excise Act is the oldest of the lot-it has lived for Read more


THE RIGOURS OF REGISTRATION

While many existing indirect tax payers have got provisional GST numbers, there are a few who haven’t. Well, www.gst.gov.in asks them not to worry. Because, the tax department says:-   Your present registration position under GST What action should you take? If you are a Taxpayer having received Acknowledgement Reference No You should be able to download the Provisional Registration Certificate from “Download Certificates” at GST website from 27th June 2017. If you are a Taxpayer, who has saved the enrolment form with all details but has not submitted the same with DSC, E-Sign or EVC You will receive the Read more


MISMATCH REPORT

As a law, GST has been structured on the fundamental principle of matching of invoices. The GST portal will do the matching and intimate both the parties with mismatch reports. One of the harshest provisions in the GST law is the one which states that if the mismatch that has not intimated is not rectified in the return for the next month, it will be added to the output tax liability. As a concept, when matching has not worked very well even for exciting areas like matrimony, one wonders how it would work with unexciting areas such as invoices. It Read more


LIFE IN THE GST ERA

With the appointed day for GST nearing, all taxpayers should be preparing themselves to transition to the new regime. How is life going to be under GST? While we still do not know the most important part of GST, the rates of GST that would be applicable to individual goods and services, we have a broad idea about the possible rates.         Being a tax that is based on technology, life in the GST era would be spent in front computer screens than in tax offices. There appears to be no limit to the number of forms Read more