CA - Ankg & Associates

Goods & Service Tax – Awareness on Important Issues

Posted on June 18, 2017
by Asha K. Sharma

Greeting of the day !!

Various GST Acts like CGST Act, UTGST Act, GST (Compensation to States) Act has been notified.
As of now ( (ie upto 17th June, 2017) barring 2- 3 states like West Bengal, Jammu & Kashmir, all other states and UTs have also passed their SGST law.

Various GST Rules like – Registration Rules, Returns Rues, Valuation Rules, Input tax Credit Rules, Composition Rules, Invoice Rules, Accounts & Records Rules etc have been approved by GST Council in its meeting. Rules & Formats are yet to be notified.

Govt, is keen on implementing GST from 1st July, 2017, but if various news reports are to believe , various institution / sectors like Banking Sector (IBA), ASSOCHAM have shown their voice of dissent for 1st July date.

I think this is the first time that our govt is going at much faster pace than that of business community. Our suggestion to the industrialist / business community is to forget whether GST is coming from 1st July or not , you have to make yourself ready for the GST Regime.

GST is not only a tax reform but your complete business strategies has to undergo complete revision. This has to be done in close supervision of your consultant so that your all requirements w.r.t. business and taxation part can properly be merged with.

Keeping all these things in mind we are sharing with GST Background Material which was discussed in “GST Awareness and Implementation Discussion Meeting” held on date 16th June, 2017.

This Background Material is prepared on the basis of provisions contained in CGST Act and GST Rules as approved by GST Council.

Hope this will prove to be useful. For detailed explanations on any provision and to consult for implementation of GST for your business you are most welcome to contact us.

GST – Awareness on important Issues & Implementation

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