GST ROLL OUT – 1st SEPTEMBER 2017? – Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 4-5-2017 Last Replied Date:- 5-5-2017 – The implementation of GST in India has been taken effort since 2010. Now it has come true after making amendment in the Constitution and passing of four acts viz., Central Goods and Services Tax Act, 2017, Union Territory Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017 and the Goods and Services Tax (Compensation to States) Act, 2017. It is expected that the implementation of GST would be with effect from 1st July, 2017. The following rules have been approved by GST Council (as on 02.04.2017)- Composition Rules; Valuation Rules; Transition Rules; ITC Rules; Revised Invo
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with effect from 01.09.2017. Migration of existing assessees to GST is also another challengeable issue. 30.03.2017 was fixed as the deadline for migration to GST by the existing assessees. It is reported that only 70% of them migrating as of April 30 deadline. Migration of service tax and Central excise assessees was also low at 43.73% and 24% respectively. This lacking is to be discussed in the GST Council to be conducted at Srinagar on 18.05.2017 and 19.05.2017. It is reported in www.gst.gov.in that more than 60 lakhs tax payers enrolled on GST portal between 8th November, 2016 to 30th April, 2017. The enrolment process has been closed with effect from 01.05.2017. Data of all those who have signed the enrolment form will be migrated to
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use in CGST Act is another challenge to the assessees. Because of it every one wants to be very careful. Detailed guidelines are to be issued by the Government in this regard. The Finance Minister is keen in introducing GST by 01.07.2017. Every wing in service sectors, industries and traders wants some time to come up with the GST. Whatever date GST may be implemented there shall be a smooth transition to the new environment. Source: 1. www.gst.gov.in 2. Business Line 3. www.cbec.gov.in – Reply By KASTURI SETHI – The Reply = Dear Sir,Very informative and educative article. Writing an article is an innate art gifted by God.You are really a great hard worker coupled with appreciable stamina. God does not shower such grace on everybody. – Repl
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