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TMI BlogGST : WHAT IS IN STOREX X X X Extracts X X X X X X X X Extracts X X X X ..... GST : WHAT IS IN STORE - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 13-12-2016 - - The GST Council has had six meetings so far. They plan big but perform short. On last three occasions, its meetings were scheduled for two days but concluded in just one day each. Their seriousness and lack of home work can be gauged from the very fact they have not even vetted the draft l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aws in last three sittings. Till yesterday's meeting, they could read down only first 99 provisions out of 195 sections of GST law . Moreover, IGST law and State's Compensation Bill are also there to be gone through. Since the Bills have not been discussed fully, there is no question of their being presented before Parliament in the ongoing disruption - full winter session. Even if i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t could go, Parliament would not have allowed it to be passed. With entire winter session of Parliament, with three days left, going waste because of irresponsible parliamentarians, of both factions (Government or Opposition), the country is going to suffer on many fronts no legislative business being transacted, failure to discuss demonetization and review economy, besides of course, takin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g up GST Bills. After one year was wasted by opposition in clearing the Constitutional Amendment Bill (from last monsoon to this monsoon), if GST Bill is not tabled in Parliament, discussed and approved in next three days, as it is likely to happen now, country and all of us will suffer economically as well as financially. Already lot of people's money has flown so far into the making of GST l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw by various quarters, not just Government, GST's impact - positive or negative will affect economy, more so in post demonetization regime. With lesser time with every day passing by till September 2017, the date by which India needs to roll out GST, it will become challenging as well as risky for the nation. With next elections also narrowing down in time terms, Government's will may als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be at test. States and centre are locked on contentious issue of dual control, i.e., who will 'tax and monitor' whom. Further, in post demonetization scenario, amount of compensation has become an issue States claim, and may be right in doing so, that their revenues will be substantially impacted adversely due to demonetization. All State Governments as well as Centre represented ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by politically elected leaders does not seem to be bothered about country, tax payers and economy but with their own selfish and politically vested interests are taking the country, its economy and countrymen for a ride. Who will interfere at this stage ? Let there be general referendum on the unresolved issues on GST or else, we can hope something from the Apex Court or does it means that, do we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indeed need a Government at all ? Someone ought to address this issue to the people irresponsible for this mess. The GST, so called biggest tax reform for now, is in a big mess arising out of inflated political ego of all partymen trying to show down each other. While centre can be blamed for improper management, opposition's non-agreement is also unwanted to large extent. It is not that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here could be no solution. They should all agree, sooner the better or else 16 th September will come after which all present indirect taxes which are to be subsumed in GST can not be levied and we can not also go back to old taxes unless constitutional changes are reversed. That would be suicidal. - Reply By Suryanarayana Sathineni as = Dear Sir, You are right and in the worst scenerio, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hey may take shelter under Section 20 of the Constitutional Amendment Act to overcome this problem. As opined by you,Technically no more indirect taxes from that date. But is there no way out? It seems there is. As per Section 20 of the Constitution (One Hundred and First Amendment) Act, 2016 , the President seems to have the power to solve this issue If any difficulty arises in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... giving effect to the provisions of the Constitution as amended by this Act (including any difficulty in relation to the transition from the provisions of the Constitution as they stood immediately before the date of assent of the President to this Act to the provisions of the Constitution as amended by this Act), the President may, by order, make such provisions, including any adaptation or modif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication of any provision of the Constitution as amended by this Act or law, as appear to the President to be necessary or expedient for the purpose of removing the difficulty. Maybe the implementation can go beyond the September deadline. But it is unfortunate that as mentioned by you, the whole problem is the question as to who will have control over the assessees. Dated: 13-12-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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