9911796707
| Discussions Forum | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home  Forum Goods and Services Tax - GST This
A Public Forum.
Submit new Issue / Query
My Issues
My Replies
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Goods and GST Bill passed, Goods and Services Tax - GST |
||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Goods and GST Bill passed |
||||||||||||||||||||||||||||||||||||||||||||||||||
Dear All, GST Bill is passed in Rajya Sabha on 03. 08.2016. A panel under chief economic adviser Arvind Subramanian has recommended a revenue-neutral rate of 15-15.5%, with a standard rate of 17-18% be levied on most goods and all services. But, there has been no agreement yet on rates of various goods and services, which remains a tricky issue. According to the Bill, passed in the Lok Sabha in May 2015, the rates were to be decided by a GST council headed by the central finance minister with state finance ministers as members. Let us wait. Thanks. Posts / Replies Showing Replies 1151 to 1175 of 1401 Records Page: 1 ....434445464748495051........ 57
Dear all experts, I need your help on the following points 1. I we fail to make payment to supplier within 180 days from date of invoice, credit has to be reversed. can we take credit once we complete the payment?. 2. GST is payable on advance if any received from customer. In that case, advance tax paid to be adjusted at the time of supply of goods and details to be reflected on invoice. is it correct? Regards Arunachalam
1) yes once you make the payment to the supplier you are eligible to the credit which was reversed. 2) yes the tax paid on the advance amount received can be adjusted against the tax payable on the actual supply. Thanks
Dear Sir, for point No. 2, there may be two scenario. a) GST liability is paid by supplier on advance received from customer and at the time of supply, supplier raise the invoice by charging the GST reduced by what has been discharged on advance payment by mentioning the same in invoice. b) GST liability is paid by supplier on advance received from customer and at the time of supply, supplier raise the invoice by charging full GST as applicable and at the time of payment, pay the GST by taking credit of GST paid on advance against the said supply. That means whether what we say " will be adjusted for payment against supply " will be treated as taking the credit of GST paid on Advance received. In that case whether the input tax credit section/rule empower the supplier to take credit/adjust the GST on advance paid.
Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage.
During GSTIN registration, ensure declaration of correct IEC and the same PAN [earlier registered with DGFT for getting IEC]. In case of any difference in PAN declared for GSTIN vis-à-vis the PAN declared for IEC registration, amendment of PAN in IEC may be undertaken immediately. All concerned may make use of the special drive by GSTN from 01-06-2017 to 15-06-2017 for updation of IEC in GSTIN.
"India’s GST is the most complex of all the countries which have implemented GST," chairman of the GSTN Navin Kumar told Bloomberg, noting that work on the system began two years ago when the only available guidance available was draft laws. "Despite not having all the input, we have been working on it and we will be ready by July."
The GST Network, the company providing IT backbone for GST rollout, has received as many as 160 applications from firms that have evinced interest in acting as GST Suvidha Providers.
The GSTN in December last year had named 34 firms, including Tata Consultancy Services, Deloitte Touche, EY and Tally Solutions, to act as GST Suvidha Providers (GSPs).
The fitment of rates of goods were discussed during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council had broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The information was also being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.
With few weeks to go before the nationwide goods and services tax (GST) is implemented, Indian companies are rushing to bring in experts to help prepare the accounting and information technology systems for the tax-system overhaul. That’s created a windfall for international professional services firms, including PricewaterhouseCoopers LLP and KPMG LLP.
The Revenue Secretary Dr Adhia had reviewed the progress on enrollment of existing taxpayers. As on 30th April 2017, when Phase-1 of enrollment was closed, 60.5 lakh taxpayers out of 84 lakh had enrolled. The enrollment window was said to be re-opened for 15 days from 1st June,2017 to give another opportunity to taxpayers to enroll.
The Constitution (101 amendment) Act, 2016 provides that every decision of the GST Council shall be taken at a meeting by a majority of not less than 3/4th of the weighted votes of the Members present and voting. The vote of the Central Government shall have a weightage of 1/3rd of the votes cast and the votes of all the State Governments taken together shall have a weightage of 2/3rd of the total votes cast in that meeting. One half of the total number of members of the GST Council shall constitute the quorum at its meetings.
Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities.
The all important and most powerful body-GST Council in recent past released its logo. Arun Goyal, additional secretary, GST Council tweeted to inform about the logo launch. GST Council was formed on 12th September 2016.
The Finance Ministry will be setting up a new dedicated team to dispose of the cases related to tax issues pending before the Central Board of Excise and Customs (CBEC) before the implementation of the Goods and Services Tax (GST) regime. As per the ministry sources, a separate Legacy Commissionarate will be established at the zonal level, which will be headed by Commissioner level officer whose responsibility will be to resolve the cases which are pending before the department.
Migration of existing assessees to GST is a challengeable issue. 30.03.2017 was fixed as the deadline for migration to GST by the existing assessees. It is reported that only 70% of them migrating as of April 30 deadline. Migration of service tax and Central excise assessees was also low at 43.73% and 24% respectively.
The onus lies on the Centre and states to ensure a smooth transition to the goods and services tax, which is the biggest indirect tax reform to create a unified market. Malaysia, which introduced GST two years ago, educated businesses and customers, but that did not suffice. India should be prepared better for the switch over to avoid any choas. So, rules must be clear, and the tax administration well-equipped to handle GST. Ideally, the new levy should be rolled out three months after the publication of GST rules to make transition smooth for businesses.
Testing of the GSTN is under progress.
The provision of input tax credit in the upcoming GST tax regime, scheduled to roll out from July 1 this year, will be beneficial for the construction and infrastructure sector, according to a study.
In case of real estate ,prima facie, the GST rate does appear higher than the current taxation regime, the availability of input tax credit under the GST will neutralise the impact of higher taxes, Icra said in its report on Impact of GST on Corporate Sector.
"Under GST, the composite supply of works contracts fall under the 18 per cent GST rate with full input tax credit (ITC). While prima facie, the GST rate does appear higher than the current taxation regime, in which majority of construction contracts fall under the nature of work contracts (which is overlapping between supply of services and supply of goods) and a combination of service tax and VAT is applicable," Icra said.
Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage. Accordingly, during GSTIN registration, please ensure declaration of correct IEC and the same PAN [earlier registered with DGFT for getting IEC]. In case of any difference in PAN declared for GSTIN vis-à-vis the PAN declared for IEC registration, amendment of PAN in IEC may be undertaken immediately. All concerned may make use of the special drive by GSTN from 01-06-2017 to 15-06-2017 for updation of IEC in GSTIN.
GST Council is meeting for the 15th time today to finalise pending draft rules namely transition, accounts and records, return filing, advance ruling etc. GST Council will also finalise taxes to be levied on six commodities, including gold, textiles and biscuits, as the Centre and states gear up to roll out the new indirect tax regime from July 1.
Goods and Services Tax (GST) is expected to roll out from July 1, 2017. With not much time left for roll out, the Indian Banks’ Association (IBA) has informed a Parliamentary panel that lenders are not yet geared up for implementation of the new indirect tax regime.
“Since the GST will be operational from July 1, 2017, banks have to make lot of changes in their systems and other procedures. The preparedness of all banks for implementation of GST on July 1, 2017, is a question mark,” the IBA has conveyed to the Parliamentary Standing Committee on Finance. Old Query - New Comments are closed. |
||||||||||||||||||||||||||||||||||||||||||||||||||
