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TMI BlogGST COUNCIL'S 13TH MEETING: AGENDA STILL UNFINISHEDX X X X Extracts X X X X X X X X Extracts X X X X ..... GST COUNCIL'S 13TH MEETING: AGENDA STILL UNFINISHED - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 1-4-2017 - - GST Council (GSTC) met for the 13 th time yesterday in last 6 months at New Delhi. The GSTC inter alia, decided on following Approval to draft GST rules (5 out of 9) which were released in September 2016 duly aligned with GST law as approved by Lok Sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bha on 29 March, 2017. The rules approved by GSTC are in relation to- Registration of taxpayers Payment of tax Filing of returns Invoicing, debit credit notes Refunds The tentative approval has been accorded to the remaining four set for rules which relate to: Valuation of supply of goods / services Input tax credit Transition provision for migration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to GST regime Composition scheme rules The four rules which have not been approved but deferred for May meeting are crucial for migration to GST regime. Cenvat or input credit to be carried over for current fiscal year (i.e. year ended on 31 st March) as also for June, 2017 quarter has to be carried forward and properly accounted for keeping the input rules in mind. Similarly transition p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions should be known now as what one transits from 2016-17 to next fiscal may also go to post June GST era. Valuation rules will also help decide logistics arrangements and distribution chains as companies may like to amend their contracts from new fiscal year. Trade and industry will be left only with mere 41 days if such rules are finalized on 18-19 May, 2017. The 14 th meeting of the G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ST Council has been scheduled for 18-19 May, 2017 (after a gap of 48 days from now) at Srinagar (J K) which has been kept out of CGST of regime as per the law passed for technical / legal reasons. The main agenda for the next GSTC meeting would be to: Grant final approval to tentatively approved four set of rules, and Approval of rate structure in relation to individual items of goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and services While it is expected that group of officers, both from the centre and states will now work as fitment of goods and services into the four GST rate slabs, there are few questions that remain to be answered : Why this long gap of 48 days before next meeting ? Fitment of rates is crucial to be known to trade and industry to take strategic decisions and so are transition and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... input credit rules. Would mid May will not be too late ? What is the time frame for SGST legislation which has to be enacted by all 31 State legislative assemblies ? Administrative set of CGST / SGST / dual control must also be made public now Training and awareness campaign has also not picked up If the remaining rules, which are important and rates are to be decided after mid May ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... / with less than 45 days for proposed 1 st July date, it may be difficult for all stake holders to implement w.e.f. July, 2017. All said and done, it appears that 1 st July, 2017 roll out date may not be achievable and we may end up with 1 st September, 2017 as the roll out date. - Reply By KASTURI SETHI as = Sir, Thanks for updation and enrichment about GST. There is no doubt now abou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t every possibility of implementation of GST from 1.9.2017. Dated: 3-4-2017 - 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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