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GST: CHALLENGES AHEAD

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 2-8-2017 Last Replied Date:- 3-8-2017 - GST is now one month old and Government as well as other stakeholders face a testing and challenging timings ahead. While implementation issues .....

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dia (ICAI) ought to address the following issues, sooner the better: Scope of turnover in laws / enactments, viz, Companies Act, Income Tax Act and GST legislations. While up till now turnover comprised of sales turnover, GST now talk about turnover .....

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39; may not be a 'sale' and this will create disparity for accounting and different taxation purposes. The Institute of Chartered Accountants of India (ICAI) has a Accounting Standard (AS-9) on revenue recognition which is also a mandatory st .....

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cise duty as a tax on production or manufacture of goods will be no longer be there and it would no longer be a tax on sale or supply. This would make the figures non-comparable and result in reduction of top line of companies dealing in goods. The q .....

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ncial statements? Will 'supplies' be considered as sales? How 'supplies not being sale' will be disclosed in financial statements Returns under Income Tax will be based on 'sales' where as returns under GST will be based on &# .....

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y with the various tax / corporate laws It appears that accounting and tax returns may end up with more confusions and need for new reconciliation statements. It is desirable that the GST Council and Government should immediately address this very im .....

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