Goods and Services Tax

GST – States – 1763-F.T. – Dated:- 10-10-2017 – GOVERNMENT OF WEST BENGAL FINANCE DEPARTMENT Revenue NOTIFICATION No. 1763-F.T. Dated, Howrah, the 10th day of October, 2017. In exercise of the powers conferred by section 164 of the West Bengal Goods and Services Tax Act, 2017 (West Ben. Act XXVIII of 2017), the Governor is pleased hereby to make the following rules further to amend the West Bengal Goods and Services Tax Rules, 2017, namely:- 1. (1) These rules may be called the West Bengal Goods and Services Tax (Eighth Amendment) Rules, 2017. (2) They shall be deemed to have come into force from the 29th day of September, 2017. 2. In the West Bengal Goods and Services Tax Rules, 2017, – (i) in rule 24, in sub-rule (4), for the figures, le

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2017 (12) TMI 515 – MADRAS HIGH COURT – 2017 (7) G. S. T. L. 4 (Mad.) , [2017] 1 GSTL 11 (Mad) – Rate of tax of GST – works contract – case of petitioners is that the contract works for which the agreements were executed prior to 01.07.2017, GST cannot be imposed and 2% VAT alone is applicable – Held that: – since the petitioner's representations are pending, it is to appropriate for the respondents to respond to the same by giving them a reply. The appropriate person, who would be in a position to give reply, is that the Commissioner of Commercial Taxes shall give a reply. Because all other authorities are the department of Highways and National Highways etc., who would not be in a position to specifically address the issue pointed out by the petitioner.
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There will be a direction to the Commissioner of Commercial Taxes to consider the representations given by the petitioner/Association and pass orders on merits and in accordance with law – petition disposed off. – W.P.No.26222

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al Goods and Services Tax Act, 2017 with effect from 01.07.2017 certain terms has arisen, which has compelled the petitioner to submit representations to the respondents. 3. The petitioner would state that on 22.08.2017, the Central Government issued notification notifying that 6% of the tax is leviable by the Central Government towards works contract. The State Government is empowered to levy towards contract tax in addition to the works contract tax imposed by the Central Government. Therefore, the contractor would be liable to pay 12% of tax towards the works contract. Therefore, the petitioner/Association made representations on 05.07.2017, 28.08.2017 and 11.09.2017 to the respondents stating that the contract works for which the agreements were executed prior to 01.07.2017, GST cannot be imposed and 2% VAT alone is applicable. 4. Alternatively, the petitioner/Association stated that if the petitioners are compelled to pay anything over and above 2%, the respondents, in addition to

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The appropriate person, who would be in a position to give reply, is that the Commissioner of Commercial Taxes shall give a reply. Because all other authorities are the department of Highways and National Highways etc., who would not be in a position to specifically address the issue pointed out by the petitioner. 8. The learned Government Advocate has drawn the attention of this Court to G.O. Ms.No.264, Finance [Salaries] Department, dated 15.09.2017. The operative portion of the Government Order reads as follows :- 5 .Under the new tax regime, GST (comprising CGST, SGST and IGST) on works contracts for Government work was intially notified at 18 percent. This had resulted in representations from contractors of ongoing works for compensation by procuring entity for increased tax liability over and above the contracted value of work. The difficulties arising out of increased GST on works contracts for Government work was deliberated in the GST Council Meetings held on 20th August 2017

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2017 (11) TMI 731 – DELHI HIGH COURT – TMI – Interpretation of statute – requirement of furnishing of Bond with bank guarantee or filing of LUT- Rule 96A of the Central Goods and Services Tax Rules, 2017 – Circular No. 4/4/2017 – Held that: – Respondent Nos. 2 and 4, has produced before the Court, Notification No. 37/2017-Central Tax, dated 4th October 2017, issued by the Central Board of Excise and Customs, whereby the grievance of the Petitioner in the present petition no longer survives – pe

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GST – States – D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8 – Dated:- 10-10-2017 – COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated the 10th October 2017. Order No. D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8.-In exercise of the powers conferred by sub-sections (1) and (3) of section 5 read with clause (91) of section 2 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as the said Act ), the Commissioner of State Tax, Maharashtra State, hereby with effect from the 1st July 2017,- (a) pleased to delegate the powers and duties conferred or imposed upon the Commissioner to the Special Commissioner of State Tax, to all the Additional Commissioners of Stat

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GST – States – D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8 – Dated:- 10-10-2017 – COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated the 10th October 2017. Order No. D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8.- In exercise of the powers conferred by sub-sections (1) and (3) of section 5 read with clause (91) of section 2 the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as the said Act ), the Commissioner of State Tax, Maharashtra State, hereby with effect from the 1st July 2017, pleased to delegate and assign to the authorities holding any of the posts, mentioned in column (2) of the Schedule-II appended hereto, the functions and perform the duties as the officer stated in column (b) of the Schedule-I appended hereto, in relation to the sections of the said Act as mentioned in column (c) of the said Schedule-I, for the period during which any such authority continue to hold such post :- Schedule-I

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ai. MUM-INV-D-009 10 Assistant Commissioner of State Tax (Investigation- 10), Mumbai. MUM-INV-D-010 11 Assistant Commissioner of State Tax (Investigation- 11), Mumbai. MUM-INV-D-011 12 Assistant Commissioner of State Tax (Investigation- 12), Mumbai. MUM-INV-D-012 13 Assistant Commissioner of State Tax (Investigation-13), Mumbai. MUM-INV-D-013 14 Assistant Commissioner of State Tax (Investigation-14), Mumbai. MUM-INV-D-014 15 Assistant Commissioner of State Tax (Investigation-15), Mumbai. MUM-INV-D-015 16 Assistant Commissioner of State Tax (Investigation-16), Mumbai. MUM-INV-D-016 17 Assistant Commissioner of State Tax (Investigation-17), Mumbai. MUM-INV-D-017 18 Assistant Commissioner of State Tax (Investigation-18), Mumbai. MUM-INV-D-018 19 Assistant Commissioner of State Tax (Investigation-19), Mumbai. MUM-INV-D-019 20 Assistant Commissioner of State Tax (Investigation-20), Mumbai. MUM-INV-D-020 21 Assistant Commissioner of State Tax (Investigation-21), Mumbai. MUM-INV-D-021 22 Assi

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Tax (Investigation-34), Mumbai. MUM-INV-D-034 35 Assistant Commissioner of State Tax (Investigation-35), Mumbai. MUM-INV-D-035 36 Assistant Commissioner of State Tax (Investigation-36), Mumbai. MUM-INV-D-036 37 Assistant Commissioner of State Tax (Investigation-37), Mumbai. MUM-INV-D-037 38 Assistant Commissioner of State Tax (Investigation-38), Mumbai. MUM-INV-D-038 39 Assistant Commissioner of State Tax (Investigation-39), Mumbai. MUM-INV-D-039 40 Assistant Commissioner of State Tax (Investigation-40), Mumbai. MUM-INV-D-040 41 Assistant Commissioner of State Tax (Investigation-41), Mumbai. MUM-INV-D-041 42 Assistant Commissioner of State Tax (Investigation-42), Mumbai. MUM-INV-D-042 43 Assistant Commissioner of State Tax (Non Resident Circle), Mumbai. MUM-INV-D-043 44 Assistant Commissioner of State Tax (Investigation-1), Thane. THA-INV-D-001 45 Assistant Commissioner of State Tax (Investigation-2), Thane. THA-INV-D-002 46 Assistant Commissioner of State Tax (Investigation-3), Thane.

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Investigation-5), Pune. PUN-INV-D005 60 Assistant Commissioner of State Tax (Investigation-6), Pune. PUN-INV-D006 61 Assistant Commissioner of State Tax (Investigation-7), Pune. PUN-INV-D007 62 Assistant Commissioner of State Tax (Investigation-8), Pune. PUN-INV-D008 63 Assistant Commissioner of State Tax (Investigation-1), Kolhapur. KOL-INV-D-001 64 Assistant Commissioner of State Tax (Investigation-2), Kolhapur. KOL-INV-D-002 65 Assistant Commissioner of State Tax (Investigation-3), Kolhapur. KOL-INV-D-003 66 Assistant Commissioner of State Tax (Investigation-1), Solapur. SOL-INV-D-001 67 Assistant Commissioner of State Tax (Investigation-2), Solapur. SOL-INV-D-002 68 Assistant Commissioner of State Tax (Investigation-1), Nashik. NAS-INV-D-001 69 Assistant Commissioner of State Tax (Investigation-2), Nashik. NAS-INV-D-002 70 Assistant Commissioner of State Tax (Investigation-3), Nashik. NAS-INV-D-003 71 Assistant Commissioner of State Tax (Investigation-1), Dhule. DHU-INV-D-001 72 As

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GST – States – D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8 – Dated:- 10-10-2017 – COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated the 10th October 2017. Order No. D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8.-In exercise of the powers conferred by sub-sections (1) and (3) of section 5 read with clause (91) of section 2 and section 167 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as the said Act ), the Commissioner of State Tax, Maharashtra State, hereby with effect from the 1st July 2017, is pleased to delegate and assign to the the authorites holding any of the posts, mentioned in column (2) of the Schedule appended hereto, the functions and pe

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006 7 Deputy Commissioner of State Tax (Investigation), Raigad RAI-INV-E-001 8 Deputy Commissioner of State Tax (Investigation -1), Thane THA-INV-E-001 9 Deputy Commissioner of State Tax (Investigation – 2), Thane THA-INV-E-002 10 Deputy Commissioner of State Tax (Investigation), Palghar PAL-INV-E-001 11 Deputy Commissioner of State Tax (Investigation – 1), Pune PUN-INV-E-001 12 Deputy Commissioner of State Tax (Investigation – 2), Pune PUN-INV-E-002 13 Deputy Commissioner of State Tax (Investigation), Solapur SOL-INV-E-001 14 Deputy Commissioner of State Tax (Investigation), Kolhapur KOL-INV-E-001 15 Deputy Commissioner of State Tax (Investigation), Nashik NAS-INV-E-001 16 Deputy Commissioner of State Tax (Investigation), Dhule DHU-INV-E-0

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GST – States – D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8. – Dated:- 10-10-2017 – COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010 dated the 10th October 2017. Order No. D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8.-In exercise of the powers conferred by sub-sections (1) and (3) of section 5 read with clause (91) of section 2 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as the said Act ), the Commissioner of State Tax, Maharashtra State, hereby with effect from the 1st July 2017,- (a) pleased to delegate the powers and duties conferred or imposed upon the Commissioner, to all the State Tax Officers, for carrying out the functions under various sections

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GST – States – D.C. (A and R)-2/GST/PWR/Sections/2017-18/ADM-8. – Dated:- 10-10-2017 – COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated the 10th October 2017 Order No. D.C. (A and R)-2/GST/PWR/Sections/2017-18/ADM-8.-In exercise of the powers conferred by sub-sections (1) and (3) of section 5 read with clause (91) of section 2 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as the said Act ), the Commissioner of State Tax, Maharashtra State, hereby with effect from the 1st July 2017,- (a) pleased to delegate the powers and duties conferred or imposed upon the Commissioner to all the Assistant Commissioners of State Tax, for carrying out the functions u

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1) and (5) of section 66 except in relation to the nomination of the Chartered Accountant or the Cost Accountant. (10) Section 70. (11) Sub-section (2) of section 71. (12) Section 73. (13) Section 74. (14) Section 75 (15) Section 76. (16) Section 78. (17) Section 79. (18) Section 84. (19) Sub-sections (1) and (5) of section 113. (20) Clause (a) of section 121. (21) Section 123. (22) Sub-section (5) of section 126. (23) Section 127. (24) Sub-section (1) of section 142. (25) Sub-section (2) of section 150. (26) Section 153. (27) Section 154. 2. The powers and duties assigned or delegated by or under this order shall be exercised within their jurisdiction subject to such conditions and restrictions as the Commissioner may impose from time to t

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GST – States – D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8 – Dated:- 10-10-2017 – COMMISSIONER OF STATE TAX, MAHARASHTRA STATE GST Bhavan, Mazgaon, Mumbai 400 010, dated the 10th October 2017 Order No. D.C. (A&R)-2/GST/PWR/Sections/2017-18/ADM-8.-In exercise of the powers conferred by sub-sections (1) and (3) of section 5 read with clause (91) of section 2 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as the said Act ), the Commissioner of State Tax, Maharashtra State, hereby with effect from the 1st July 2017,- (a) pleased to delegate the powers and duties conferred or imposed upon the Commissioner to all the Deputy Commissioners of State Tax for carrying out the purposes under vario

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of section 65. (9) Sub-sections (1) and (5) of section 66. (10) Section 70. (11) Sub-section (2) of section 71. (12) Section 73. (13) Section 74. (14) Section 75 (15) Section 76. (16) Section 78. (17) Section 79. (18) Section 80. (19) Section 84. (20) Sub-sections (1) and (5) of section 113. (21) Clause (a) of section 121. (22) Section 123. (23) Sub-section (5) of section 126. (24) Section 127. (25) Section 134. (26) Sub-section (1) of section 142. (27) Sub-section (2) of section 150. (28) Section 153. (29) Section 154. 2. The powers and duties assigned or delegated by or under this order shall be exercised within their jurisdiction subject to such conditions and restrictions as the Commissioner may impose from time to time. PARAAG JAIIN N

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GST – States – 38/1/2017-Fin(R&C)(19) – Dated:- 10-10-2017 – GOVERNMENT OF GOA Department of Finance Revenue & Control Division __ Notification 38/1/2017-Fin(R&C)(19) In exercise of the powers conferred by section 164 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017), the Government of Goa hereby makes the following rules further to amend the Goa Goods and Services Tax Rules, 2017, namely:- (1) These rules may be called the Goa Goods and Services Tax (Eighth Amendment) Rules, 2017. (2) They shall be deemed to have come into force with effect from the 29th day of September, 2017. 2. In the Goa Goods and Services Tax Rules, 2017,- (i) in rule 24, in sub-rule (4), for the figures, letters and word, 30th September , the f

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GST – States – S.O. 209. – Dated:- 10-10-2017 – Bihar Government Commercial Tax Department Notification The 10th October 2017 S.O. 209, dated the 10th October 2017-In exercise of the powers conferred by section 168 of the Bihar Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Bihar Goods and Services Tax Rules, 2017 and notification S.O. No.169 dated 21st September, 2017 published in Bihar Gazette, Extra ordinary, vide Gazette No. 875 dated 21st September, 2017, the Commissioner, on the recommendations of the Council, hereby specifies that the return for the month as specified in column (2) of the Table below shall be furnished in FORM GSTR-3B electronically through the common portal on or before the l

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GST – States – S.O. 205. – Dated:- 10-10-2017 – Bihar Government Commercial Tax Department Notification The 10th October 2017 S.O. 205, dated the 10th October 2017- In exercise of the powers conferred by section 164 of the Bihar Goods and Services Tax Act, 2017 (12 of 2017), the Governor of Bihar hereby makes the following rules further to amend the Bihar Goods and Services Tax Rules, 2017, namely:- 1. (1) These rules may be called the Bihar Goods and Services Tax (Sixth Amendment) Rules, 2017. (2) They shall come into force with effect from 29th September, 2017. 2. In the Bihar Goods and Services Tax Rules, 2017, – (i) in rule 24, in sub-rule (4), for the figures, letters and word, 30th September , the figures, letters and word 31st Octob

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Customs – 128/2017 – Dated:- 10-10-2017 – OFFICE OF THE COMMISSIONER OF CUSTOMS, NHAVA SHEVA-II JAWAHARLAL NEHRU CUSTOM HOUSE, NHAVA SHEVA, DIST. RAIGAD, PIN400707 F.NO.S/12-GEN-MISC-151/17-18DBKNS-II DATED:10/10/2017 PUBLIC NOTICE NO 128/2017 Sub: Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017-reg. Attention of Importers /Exporters, Custom Brokers & Trade isinvited to Board s Instruction No.15/2017 – Customs dated 09/10/2017 on the above mentioned subject whereby Boardhas issued guidelines for refund of IGSTpaid on exports of goods under Rule 96 of CGST Rules 2017. Export General Manifest 2. Filing of correct EGM is a must for treating shipping bill or bill of export as a refund claim. The concerned airlines/s

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nce, the details available in the Customs System have been made available for viewingin their ICEGATE login. 3.1 Exporters who have not filed their GSTR-1 for the month of July 2017 are advised to do so immediately. 3.2 For month of August 2017 and subsequent months, facility of filing GSTR-1 has not been made available by GSTN at present. In order to facilitate processing of refunds, GSTN is making available a separate utility for filing details in Table 6A of GSTR-1 on the GSTN Webportal. Exporters are advised to submit the requisite details once GSTN develops the utility. Valid return in Form GSTR-3 or Form GSTR-3B 4. Filing of valid return in GSTR-3 or GSTR-3B is another pre-condition for considering shipping bill/Bill of Export as clai

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the bank account of the exporter registered with Customs even if it is different from the bank account of the applicant mentioned in his registration particulars. However, exporters are advised to either change the bank account declared to Customs to align it with their GST registration particulars or add the account declared with Customs in their GST registration details. 5.1 Further, as the refund payments are being routed through the PFMS portal, the bank account details need to be verified and validated by PFMS. The status of validation of bank account with PFMS is available in ICES. Exporters are advised that if the account has not been validated by PFMS, they must get their details correctedin the Customs system so that their bank ac

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Goods and Services Tax – Started By: – RAJNI TOMAR – Dated:- 9-10-2017 Last Replied Date:- 11-10-2017 – We are situated in Haryana; we were traders and registered under the existing law (Service Tax, VAT) and having import export number. We also having Branches in few states in the pre -GST regime they were also registered in VAT, & Service tax. Now, we have registered in GST and having closing stock as on 30.06.2017. In this stock some goods imported, purchased from manufacture and some stock transfer received from our Branched against Form F. We want to take credit on closing stock as on 30.06.2017. We have purchased Invoices showing Excise duty and Bill of Entry also. We have Branch s invoices but not showing Excise amount thereon.

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h VAT, Central Excise & Service Tax and TRANS-2 for those who are newly registered under GST laws. – Reply By Ganeshan Kalyani – The Reply = Sir, branches are considered as extended warehouse of the factory. Though you have received goods from factory under stock transfer invoice but actually those goods have suffered excise duty. Also, since goods were manufactured by your factory and material was dispatched to branches, so the goods lying at the breaches are duty paid and are considered to have excise invoice i.e. duty paid documents. Hence , in my view you are eligible to claim 100% credit of the duty paid. – Reply By Ganeshan Kalyani – The Reply = Sir, i welcome views of the expert collegues in this regard. Thanks. – Reply By KASTUR

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Goods and Services Tax – No extension of last date for filing GSTR-1 for July, 2017 – TMI Updates – Highlights

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Goods and Services Tax – GST – Dated:- 9-10-2017 – The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately. Once a taxpayer files GSTR-1 by 10th October, the corresponding entries in GSTR-2A of his buyer shall get auto populated. The buye

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Customs – Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017 – TMI Updates – Highlights

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Indian Laws – Scheme of budgetary support under Goods and Service Tax Regime to the units located in specified states – refund of 58% of CGST or 29% of IGST paid through debit in the cash ledger – TMI Updates – Highlights

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Goods and Services Tax – Started By: – gvenugopal g – Dated:- 9-10-2017 Last Replied Date:- 10-10-2017 – Hi All,Our Company engaged in Freight Forwarding (GTA) and we are charging our customers CGST @6% and SGST @6% on freight charges. We are paying the entire GST collection without adjusting ITC (on our purchase & labour bills). Kindly clarify whether we (GTA) are eligible to take ITC (GST) on our purchase made by us for tyres, consumables and GST paid on vehicle repairing and body buildin

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Goods and Services Tax – GST – Dated:- 9-10-2017 – Mumbai, Oct 9 (PTI) Wide fluctuations prevailed in the stock market today before key indices Sensex and Nifty closed with measly gains, with institutional investors lending all- crucial support. The GST Council last week offered relief to exporters and small and medium businesses. Caution prevailed as earnings season for the September quarter kicks off this week, traders said. The 30-share Sensex rallied to the day's high of 31,935.63, but

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Goods and Services Tax – Started By: – Ramakrishnan Seshadri – Dated:- 9-10-2017 Last Replied Date:- 10-10-2017 – Dear Sir,We are manufacturers of automobile parts. We use to hire transport agencies to transport our goods to our customer.The transport agency is also registered with the gst and having a valid gstin.Now our question, the transport agency is issuing invoice charging gst of 5%.. In another case the gta is charging cgst 6%+sgst 6%. Could you please confirm credit is eligible on this

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Goods and Services Tax – Started By: – Ramakrishnan Seshadri – Dated:- 9-10-2017 Last Replied Date:- 10-10-2017 – Dear Sir,Could any please inform us the correct gst rate for Goods transport agency for outward supply. Whether it is 5% (CGST 2.5%+SGST 2.5%) or 12% (CGST 6% +SGST 6%)Awaiting the replyThanks & Regards,S.Ramakrishnan – Reply By Rajagopalan Ranganathan – The Reply = Sir, According to Sl. No. 11 of Notification No. 11/2017-Central Tax (Rate) dated 2806.2017 as amended- Heading 99

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Goods and Services Tax – Started By: – Ramakrishnan Seshadri – Dated:- 9-10-2017 Last Replied Date:- 10-10-2017 – Dear Sir,Good afternoon Could any please give opinion that the gta paid on freight outwards is eligible for ITC credit. If eligible under which rule it is eligible.Thanks & REgards,S.Ramakrishnan – Reply By Himansu Sekhar – The Reply = The issue has been deliberated in FAQs which is reproduced below: – Reply By Himansu Sekhar – The Reply = Question 28. Can GST charged as per transport bilti on movement of mineral from mine to the buyer be allowed as ITC to the buyer irrespective of the ownership of the transporting vehicle?Answer: In case of an FOR contract for supply of mineral from the mine to the buyer, it is a composite

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 9-10-2017 – Yet another tax reform in the world in Gulf Countries is taking place. VAT is being introduced for the first time in Gulf countries as recommended by Gulf Cooperation Council (GCC). Genesis The GCC group of nations have historically worked together in designing and implementing new public policies as they recognize that such a collaborative approach is best for the region, therefore they framed a VAT agreement for all the member states. GCC VAT AGREEMENT is a framework agreement signed by all six GCC countries: Broad framework that mainly states provisions for intra GCC trade Gives countries discretion to choose treatment in certain sectors where it does not affe

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able person is a person, persons or entity that carries out an economic activity that requires them to be registered for VAT. VAT is levied at each stage in the supply chain and is collected by businesses on behalf of the Government. VAT is ultimately incurred and paid by the end consumer. From when? For UAE and KSA 1st January, 2018 is the go-live date for VAT and other GCC countries have time from January 1st , 2018 to January 1st, 2019 to implement VAT. Registration for VAT will commence prior to implementation date. In UAE, Registration has commenced w.e.f. 1.10.2017. What tax laws? There will be three Federal laws applicable in UAE and KSA: Executive Regulation of Federal Law on Tax Procedures Federal Decree Law on Value Added Tax Fede

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te prepared scenarios Understand the key areas of impact in business and plan for adversely affected areas. Cash flow impact analysis as VAT is paid on an accrual basis Analyse the capabilities of existing accounting systems to deal with VAT Contract reengineering and documentation Analyse and understand transitional issues. Evaluate the impact of new tax on pricing of any supplies. Plan for the training of existing staff and the recruitment of skilled resources/outsourced agencies Prepare the implementation road map and align relevant teams IT preparedness and software upgradation Inventory management Working capital reassessment and management Due diligence of existing system and procedure VAT in gulf countries is likely to be simple as c

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Goods and Services Tax – Started By: – Abhishek Panicker – Dated:- 9-10-2017 Last Replied Date:- 10-10-2017 – I would like the experts to kindly inform whether -The tax rates on commodities which the GST council has been reducing in almost every meeting is applicable retrospectively.This is because if it is so, then the prices of these goods should see a downward revision which necessarily does not seem to be the reality. And if this is the reality, then the Anti-Profiteering mechanism should come into play. But is the department doing so?Moreover, even if the reduced rates are not retrospective, then the goods which are packaged prior to this reduction exhibit the prices which were arrived at on the basis of the higher taxation rates.How

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