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Transitional issues in Goods and Services Tax - Series 1

Goods and Service Tax - GST - By: - Ravi Kumar Somani - Dated:- 30-9-2015 Last Replied Date:- 30-9-2015 - Constitutional amendment bill for levying Goods and services tax has already been passed in loksabha. Had it not been for the rigid stand of the opposition the same would have been passed in the monsoon session of the parliament held in august 2015. Past apart, with the current business mood along with support from the states and sheer determination of the central government to bring the rev .....

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ranche of those efforts will have to be devoted in ensuring smooth transition into the new regime. Current article is written to bring about an awareness in respect of various transitional aspects that needs to be taken care of by the business entities to ensure smooth transition into the new world of taxation. In this regard, major transitional issues in the GST regime are listed below: Obtaining registration certificate; Transition of CENVAT or input tax credits; Taxation on overlapping transa .....

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entries in the books of accounts; Treatment for transactions covered under Purchase tax/reverse charge; Pending refund claims; Filing of returns, completion of assessments, audits, appeals etc. This article focuses on the transitional issues that shall be faced in respect of Obtaining registration under GST and the immediate action that needs to be taken by the business entities to ensure smooth registration process. Transitional issues in registration under GST Transitional provisions are requi .....

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physical inspection or verification by the tax authorities. However, for security reasons and to ascertain authentication of the application, it is expected that the online application may need to be mandatorily signed with the digital signature of the authorized person. Time-limit is expected to be pre-fixed for submission of various proofs, documents etc. supporting the registration application to be submitted at a later date. Also, verification/inspection may be done if any required by the t .....

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r any other fixed or permanent establishment. Single centralized registration is expected to be issued covering all the units, branches of the assessee within that state and the jurisdiction shall be decided based on the principal place of business within that state. A nominal fee may be charged for grant of registration certificate in the GST regime to recover the administrative costs of physical inspection etc. All the existing registration certificates are expected to be continued for the pur .....

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registration is the turnover during the previous financial year is less than ₹ 25 lakhs/- Registrations under various countries. Immediate action to be taken: Since, a need for re-engineering of entire supply chain would be required in the GST regime, therefore in case a branch, warehouse, depot established at other states mainly for obtaining the tax benefits under the current VAT/CST regime, then a consequent GST registration may also be required to be taken for the said premises leading .....

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cept of Group registration that is prevalent in few of the world s major economies, Such concept of group registration if brought in India can have following benefits: Reduction in the compliance costs; Simplified administration for supplies between the group companies; One GST return & one payment for the entire group. This is especially useful for businesses with a centralized accounting function. Cash flow benefits in the form of real cash savings for taxable supplies made between the gro .....

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d submit a single VAT return. No VAT is charged on supplies made between group members. Group members are jointly and severally liable for all VAT liabilities. Subject to certain requirements, two or more entities that are closely related may form a GST group. The effect of GST grouping is to treat the group members as a single entity for certain purposes. In general, all GST liabilities and input tax credit entitlements for group members are attributed to a representative member of the group, a .....

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making supplies outside the group must issue tax invoices. The representative group member must account for GST with respect to all group members taxable activities and file returns. Group members must adopt the same tax periods and accounting basis for GST purposes. Group members are also jointly and severally liable for all GST liabilities. Transactions between group members are not generally liable to GST. This measure applies on the condition that the supply is made to a group member that wo .....

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