Preliminary Steps
Query (Issue) Started By: – Aitha RajyaLakshmi Dated:- 1-3-2017 Last Reply Date:- 13-3-2017 Goods and Services Tax – GST
Got 10 Replies
GST
Can anyone say what are the preliminary steps and cautions to be taken to get ready for GST.
\nReply By KASTURI SETHI:
\nThe Reply:
\nUpdate yourself with daily dose of GST on TMI and wait for enactment. Uncertainty is still there.Any change can take place before enactment of GST.
\nReply By YAGAY AND SUN:
\nThe Reply:
\nYou may enlist all your transactions which are being conducted in current scenarios and simulate it in GST scenarios to know the effect and savings etc. Say on stock transfer, in GST you would have to pay the IGST. Further, if stock are lying in the Depot more than of one year then you cannot pass on the taxes. Start collecting all statutory forms. Submit timely proof of export. Make changes in Power of attornies to incorporate the phrase GST. Attend seminars, trainings etc. Check the feasibilities of the ver<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n for the same. However final version of the GST Impact Analysis would be submitted when the final GST Law will come in force. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ortal to help traders and other stakeholders' transition to the upcoming Goods and Services Tax (GST) regime has been launched. Through the portal, businesses can ascertain the impact of GST on their business, profits and revenues and also understand steps for smooth transitioning to the new indirect tax regime that is likely to be rolled out from July, Reina Consulting, which has launched the website, said in a release. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Preliminary Steps Query (Issue) Started By: – Aitha RajyaLakshmi Dated:- 1-3-2017 Last Reply Date:- 13-3-2017 Goods and Services Tax – GSTGot 10 RepliesGSTCan anyone say what are the preliminary steps and cautions to be taken to get ready for GST. Reply By KASTURI SETHI: The Reply: Update yourself with daily dose of GST on TMI … Continue reading “Preliminary Steps”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2199","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2199"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2199\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nRegards,
\nYAGAY & SUN
\nReply By KASTURI SETHI:
\nThe Reply:
\nDear All Experts,. One nation, one tax does not mean 5 slabs. What ever may be reason or basis or background. Peak rate 20 % for IGST 20 % for CHEST. 40 %. When GST implemented, chaos is feared. So many registrations. How justified ? So many problems are in the offing.
\nReply By KASTURI SETHI:
\nThe Reply:
\nLet us see which way the wind blows. Whether it proves 'ease of doing business' or disease of doing business ?
\nReply By KASTURI SETHI:
\nThe Reply:
\n Rectification pl.
\n Pl. read SGST in place of CHEST.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nI agree with Sri Kasturi Sir's view.
\nFurther, the big corporates are getting tax impact study done from consultants who are charging good amount. The fun is they do the work in assumptions. Why are they assuming? Simple the law is on draft stage. Only<\/p>\n
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\nBy using free basic tools, small traders, service providers and manufacturers can determine their financial gains under GST on a real-time basis by simply inserting their existing purchase and sale details, Ankur Jain, the Partner of the firm, said. Large businesses can use advanced tools on the portal, gstimpact.com, for obtaining a detailed report on GST's impact, the company said.
\nThe report highlights various factors contributing to the gains apart from advisory on vendor negotiation, logistics management, and vendor re-negotiation under GST regime. Reina Con<\/p>\n
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