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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 will be there which are bound to be, and will also be sorted out at last, the Government including the all powered GST Council, Ministry of Corporate Affairs (MCA), Central Board of Direct Taxes (CBDT) and the Institute of Chartered Accountants of In .....

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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 standard under the Companies Act, 2013. All Companies are required to prepare the financial statements in compliance with the accounting standards. Disclosure requirements will also undergo a change from SEBI's view point. Moreover, treatment of ex .....

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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 'supplies'. These will never match as such. Will the business entities be burdened with one more statement or reconciliation between figures as per financial statements, as per Income Tax returns and as per GST returns ? How will auditors compl .....

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