TMI BlogGST ROLL OUT - 1st SEPTEMBER 2017?X X X X Extracts X X X X X X X X Extracts X X X X ..... GST ROLL OUT - 1st SEPTEMBER 2017? - By: - Mr. M. GOVINDARAJAN - Goods and Services Tax - GST - Dated:- 4-5-2017 - - The implementation of GST in India has been taken effort since 2010. Now it has come true after making amendment in the Constitution and passing of four acts viz., Central Goods and Services Tax Act, 2017 , Union Territory Goods and Services Tax Act, 2017 , Integrated Goods a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Services Tax Act, 2017 and the Goods and Services Tax (Compensation to States) Act, 2017 . It is expected that the implementation of GST would be with effect from 1 st July, 2017. The following rules have been approved by GST Council (as on 02.04.2017)- Composition Rules ; Valuation Rules; Transition Rules; ITC Rules; Revised Invoice Rules; Revised Payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rules ; Revised Refund Rules; Revised Return Rules; Revised Registration Rules The following draft rules have been uploaded in the website of the Board for the comments of the stakeholders- Accounts and Records ; Advance Rulings ; Appeals and Revision; Assessment and Audit; e-way bill. The above said draft rules are to be approved by GST Council i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the next meeting to be held on 18.05.2017 and 19.05.2017. Further the above rules are not catering to the needs to implement the provisions of the Acts. Only five States have passed the SGST Bills by convening the special sessions. The Finance Minister expects all States to enact GST by 31.05.2017. A number of States as well as businesses want the new levy to be introduced with effect fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 01.09.2017. Migration of existing assessees to GST is also another challengeable issue. 30.03.2017 was fixed as the deadline for migration to GST by the existing assessees. It is reported that only 70% of them migrating as of April 30 deadline. Migration of service tax and Central excise assessees was also low at 43.73% and 24% respectively. This lacking is to be discussed in the GST Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncil to be conducted at Srinagar on 18.05.2017 and 19.05.2017. It is reported in www.gst.gov.in that more than 60 lakhs tax payers enrolled on GST portal between 8 th November, 2016 to 30 th April, 2017. The enrolment process has been closed with effect from 01.05.2017. Data of all those who have signed the enrolment form will be migrated to the new GST System. The enrolment window will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reopen at a later date for taxpayers who could not enroll themselves as well as for those who enrolled but did not sign the enrolment form. Keep watching this space for further announcement. The IT infrastructure for GST by the GST Network is still being tested. GST could be ready only the GST network is tested. Another challenge is the fitment of commodities. A committee of officers unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the GST Council is finalizing the exact rate on goods and services under GST in the four tier structures viz., 5%, 12%, 18% 28% and also compensation cess. If the GST council finalizes the rates and rules in the May meeting, companies will still need some time to tune their systems. Anti-profiteering clause in CGST Act is another challenge to the assessees. Because of it every one wants ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be very careful. Detailed guidelines are to be issued by the Government in this regard. The Finance Minister is keen in introducing GST by 01.07.2017. Every wing in service sectors, industries and traders wants some time to come up with the GST. Whatever date GST may be implemented there shall be a smooth transition to the new environment. Source: 1. www.gst.gov.in 2. Business Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne 3. www.cbec.gov.in - Reply By KASTURI SETHI as = Dear Sir, Very informative and educative article. Writing an article is an innate art gifted by God.You are really a great hard worker coupled with appreciable stamina. God does not shower such grace on everybody. Dated: 5-5-2017 Reply By Ganeshan Kalyani as = I too agree with you Sri Kasturi Sir. He is great. His write up is too good. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thanks to him. Dated: 5-5-2017 Reply By NANDAKUMAR PANICKER as = Simplicity is the hall mark of this article. Great sir!!! Dated: 5-5-2017 Reply By MARIAPPAN GOVINDARAJAN as = Thank you all Sirs for your kind opinion on me. It is to further inform that 8 States passed GST Bill till date. Telengana on 09.04.2017; Bihar on 24.04.2017; Rajasthan on 26.04.2017; Jharkhand on 27.04.2017; Chhatisga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rh - 28.04.2017; Uttarakhand on 02.05.2017; Madhya Pradesh on 03.05.2017 and Haryana on 04.05.2017. Dated: 5-5-2017 - 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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