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As expected Goods and Services Tax (GST) Act, 2017 has changed the Indian tax system fundamentally and is the biggest tax reform since Independence.
The problem with banking forum is getting worse by each day and each decision which is coming under its way. Earlier it was speculated that banking community will be getting a huge sum of extra load due to the GST and will have to process this financial reform through its own means.
The provisions are never ending and now the government has directed that the small vendors listed on the e-commerce giants like Flipkart and amazon will have to pay a GST in advance under the goods and services tax scheme when they get their payments even if they fall into the exempted series.
Goods and services tax in India will be very much positive for the automobiles sector as the tax regime holds the efficiency to remove the cascading effects of the current tax scheme.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
Goods and Services Tax is a significant step taken by the government of India to subsume all the additional indirect taxes which was previously levied such as VAT or sales tax, entertainment tax, entry tax, purchase tax, luxury tax, and octroi on the movement and purchase of goods and service
In GST model Law separate provisions have been prescribed to determine the time of supply of goods and services. Liability for GST will arise only at time earliest of occurrence of events of supply, which will be determined as under-
The GST has been very significant reform upcoming in India as it is seen by very positive eyes because it will be a business uplifting scheme after the Independence and certainly a page turner. Another term (MGL) Model GST Law has been studied and has been taken into the consideration in the context of Employer and Employees relation.
All under-construction properties will invite a GST of 5 per cent with no input tax credit. However, GST will not be applicable to ready-to-move-in properties.
