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GST: PREPARING FOR JULY 2017 NOW!!

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 24-1-2017 Last Replied Date:- 24-1-2017 - GST Council's 9th meeting was held recently on 16th January, 2017 for the ninth time, second time in 2017, for deciding upon the unresolved issues, mainly about the cross empowerment and territorial jurisdiction of states. This meeting was considered significant for timing of GST as the last attempt to reconcile and make the states agree, if the Union Government was still eyeing at 1st .....

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fficers of Union Government are now being trained for GST. Similarly, State revenue officers can also be trained on service tax front. However, we know that how many officers have thorough knowledge of service tax despite service tax being in place since 1994. In some cases, quality of adjudication orders vouch for this. The 9th GSTC meeting has been able to break the deadlock between Centre and States on the issue of dual control of assessees and territorial jurisdiction. Good or bad, GSTC agre .....

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states being allowed to have control over territorial waters. Though general consensus is being looked at, States like West Bengal and Kerala still continue to be in opposite camp. The Centre and States have agreed to share the entire taxation base for assessment with a horizontal division. According to the agreed formula, which will apply for both goods producers and service providers, States will have the power to assess 90 per cent of all assessees with a GST turnover of ₹ 1.5 crore or .....

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nvolved in movement of goods and services between States, will also be administered equally by the Centre and States. The Centre will retain the power to collect this levy. The Centre also gave the right to tax economic activities within 12 nautical miles of seas to coastal states, even as these will continue to be considered Union Territories. At present, these states have the right to tax these activities. The next (10th) meeting of GSTC has been convened for 18th February, 2017 to have final .....

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., in 2017-18 fiscal, for quarter-I, we will have present tax regime and for remaining three quarters, we will be having GST in place. Even if it is delayed beyond July 2017, the transition may not be an issue as it is a transaction tax. July may be a reality, hopefully so. GST Council is also understood to be working on tax rate structure for services. This could be in 2-3 slabs for basic, standard and luxury / high end services. If this is through, we will end up in having too many GST rates w .....

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