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Transition provisions under the GST laws address three important issues, related to all those Transitions of registrations, Transition of credit of central taxes paid on goods in stock and Transition of credit of state taxes paid on goods in stock.
Giant e-commerce marketplace Amazon is in the herd of those who are not clear of GSTs future probabilities and impact the business internally and externally both. Recently it was learned that the highly privileged seller’s program i.e. invites only Platinum Seller Program (PSP) has been suspended due to the uncertainties arising from GST.
On Sunday, the GST Council of India, in its 17th official meet gave some relaxation on return filing deadline until September and made the terrific anti-profiteering clause more pleasant. Moreover, the council also approved five set of rules and postponed a decision upon the E-Way Bill rule. The upcoming tax reform (GST) is going to be implemented at midnight on June 30, still, the Jammu and Kashmir, and Kerala are yet to give their approval on it.
As expected Goods and Services Tax (GST) Act, 2017 has changed the Indian tax system fundamentally and is the biggest tax reform since Independence.
One of the complex taxation structure Goods and Service Tax (GST) Regime will come into force from 1st July. Due to some complexities or problems in the new regime, the government itself is not confident enough how things will work out.
Today, market scenario combination of goods and services are supplied together to attract more consumer. In service tax, this is called bundled service and under GST law it can be classified as Composite supply and Mixed supply is entirely new concept introduced under GST law
The GST Council is again to set its 17th meeting on Sunday to discuss all those long awaited topic namely anti-profiteering and the e-way bill which was opposed by many sectors in which the transport sector was the major one.
Telangana is now ready for the implementation of new GST Regime from 1st July from technology and preparedness perspective said Government official.
The GST is approaching at a very fast pace and there are only 20 or fewer days left to tackle the issues which the traders are facing currently. According to the provisions, a taxpaying entity must be registered under GST if the turnover crosses the threshold limit of 20 lakh but there are very shortfalls on this point.
