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Game changing GST law has brought-in lot of practical difficulties for a tax payer. Many of these difficulties are being addressed by the government which is a positive sign. One major issue which is being faced by the tax payer now is on compliance with anti-profiteering provisions. It is also a fact that implementation of anti-profiteering provisions was never been easy in any of the countries wherein GST system was introduced in the past. Even in our country it may not be a smooth sailing...

The success of GST would largely depend on how the resistance to change which is inbuilt in humans is dissipated. The ethical needs and ground realities of each of the stakeholders needs to be considered when sharing the information on GST. The knowledge level and possible concerns of that sector should be met in the awareness/ training.1   

The stakeholders in GST regime are obviously the tax compliant assessees, errant (not compliant assessees - registered or not), GST officers at...

Advantages and Dis-advantages of GST

Implementation of Goods and Services Tax (GST) was one of the long awaited fiscal reform and due to various reasons it was only hanging around and could not circumvent the obstacles for substantially long period of time so much so that people started saying that the reform may not see a light of the day. However, all that is history now and we are lucky to witness the eventual implementation of this tax reform and today we stand at a timeline of 200...

Transitional provisions in GST law provides the tax treatment for transitional transactions and issues arising thereof. One of the key transitional issues is whether input tax credit can be availed in respect of stocks lying with the business on the appointed day (i.e. 01.07.2017). This issue does not bother much to the manufacturers since they were availing the input tax credit of Central Excise and local VAT in their returns filed and were also utlizing the same against the output tax...

Transitional provisions have been prescribed in the GST law which provides tax treatment for transitional matters like spill over transactions, transitional credits etc. It allows existing taxpayers to transfer the input tax credit available as closing balance in the existing tax returns to the GST returns. Therefore, assesses were able to transfer the closing balance of credit in respect of Central Excise duty, Service Tax, Local VAT etc. as the opening credit balance in the GST returns....

1. Availability of Transitional credit for Traders: 

It is seen that based on the concerns raised by various exporters, government has immediately acted upon and created a mechanism in GST portal enabling exporters to claim refund of the taxes paid. This step has been widely appreciated and exporters are at ease as their issue of working capital has been now resolved. 

We urge government to immediately address the similar issue in case of traders wherein as per transitional...

1. What is the requirement for filing transition Form GST TRAN - 1?

Every registered person in GST would be required to file form GST TRAN-1 to carry forward credit of eligible duties and taxes paid under earlier laws such as Central excise, service tax and VAT in respect of input or input services or capital goods. 

2. Who has to file TRAN forms under GST regime?

The benefits to professionals in learning and providing service in GST as soon as possible could among many more be as under:  

1. Retain existing clients by providing the initial services to transit and comply with GST.  
2. Get many new clients shifting from those consultants who are not updated with GST.  
3. Increased/ wider basket of services- expand the firm capability.  
4. Increased fees due to increased work & time requirement especially in regular compliance and...

Countries which are developing are economically sustained in a major way by the manufacturing sector of the particular country. India presently is a way behind in this sector but catching up. The topographical and the demographical position of India are promising but the country has not been able to take advantage of this benefits. The manufacturing sector in India has been beleaguered by the multifaceted tax structure, insufficient infrastructure and administration though it has the...

Background:  

The implementation of GST would be a milestone for the Indian economy that is expected to cause overall growth in the long run, subject to few temporary adverse impact on portion of the industry say those who are currently enjoying the tax exemption benefits or service industries whose cost is expected to raise due to increase in rate of tax etc.   

The industry has already initiated the cost benefit analysis that may result from GST implementation. At the same time,...