India’s decade long wait for a national tax on supply of goods and services that will create one of the world’s biggest single market could be almost over by July 1.
GST implementation is likely to be the biggest change in Indian tax history, and hence it becomes vital for every business to gear itself for smooth transition from the existing regime to GST regime.
One of the perennial issues in taxation of goods is the determination of the nature of transaction as inter-State sale subject to Central Sales Tax or local sale subject to VAT.
The revised Model GST Law proposes to bring price control mechanism to ensure that input tax credits availed by a registered taxable person or the reduction in the price on account of any reduction in the tax rate under GST, have actually resulted in commensurate reduction in the price of the goods or services.
It is said that in GST, the cascading effect of taxes would be removed with a continuous chain of set-off from the original producer’s or service provider’s point upto the retailer’s level.
Article GST – A look at certain grey areas in transition provisions Date of implementation of Goods & Services Tax (GST) is now certain, however, there are several grey areas in transition provisions as contained in the Model Law
India is on the expressway in implementing the biggest reform ever in its indirect tax system and the tax administration on its part is releasing draft rules and forms almost daily.
India is now set to introduce its biggest indirect taxes reform by launching the Goods and Services Tax (GST) regime.
Model law on GST contains certain indicative provisions relating to credit or Input Tax Credit (ITC). Though one has to wait for the final version and finer details including draft ITC Rules, article in this issue of Amicus attempts to take a broad look at the emerging scenario on ITC.
India is now poised to launch the next generation reform on the indirect tax front and this momentous change is being heralded as GST.
Assessees under Central Excise ordinarily discharge duty on the goods cleared by them on the basis of invoices raised indicating the value of these goods as on the date of the clearance of these goods.
'Ease of doing business' is the buzz-word today and with India going ahead with the WTO’s Trade Facilitation Agreement, conditions for doing business in India are bound to improve.