GST IN INDIA IN CONSULTANTS

GST IN INDIA IN CONSULTANTS

The implementation of the long-pending indirect tax reform – Goods and Services Tax (GST) – has become closer to reality with the passing of the GST Constitutional Amendment Bill in the Rajya Sabha on August 3, 2016 and further with approval of the amendment by the Lok Sabha on August 8, 2016. There is still a long way to g

o and many hurdles to surmount before the GST becomes a reality.

GST IN KERALA IN CONSULTANTS

GST IN KERALA IN CONSULTANTS 

The BJP and the union government are happy that the roadblocks to the GST Bill have now been removed and that the country will soon become a single market with a single tax; but the inherent contradiction in the economic homogenisation of India cannot be shrugged off with two neighbouring states - Tamil Nadu and Kerala - expressing diametrically opposite viewpoints.

What's more, while the CPM is still sticking to its dissenting note mainly on the point of the Bill's threat to India's federalism, its government in Kerala is quite eager.

Is a Bill with such a defective political gene good for the country, or rather inter-state relations? Tamil Nadu's grouse will be permanent because it believes that the Bill will cost them a perpetual annual loss of more than Rs 9000 crore, while Kerala is privately rejoicing because it will get more money. A genuine case of a hardworking Tamil Nadu feeling discriminated against because it produces wealth, while its lazy neighbour Kerala gets rewarded because it consumes what others produce.

GST IN KERALA IN CONSULTANTS...............TAX SERVICES....

GST IN KERALA IN CONSULTANTS

Situations where refundwould arise: – Excess payment due to mistake and inadvertence, Export (including deemed export), Finalization of Provisional Assessment, Refund of pre deposit in case of Appeal or Investigation, Refund for Tax payment on transactions by UN bodies, CSD Canteens, Para-military forces canteens, etc. Refund from Manufacturing / Generation/ Production/ Creation of Tax- free.BROAD FEATURES Electronic payment process- no generation of paper at any stage Single point interface for challan generation- GSTN Ease of   payment    –     three    modes  including      CC/DC &NEFT/RTGS Common challan form with auto-population features Use of single challan and single payment instrument Common set of authorized banks Payment through any bank

Common Accounting Codes TAX

GST IN INDIA IN CONSULTANTS

GST IN INDIA IN CONSULTANTS

The implementation of the long-pending indirect tax reform – Goods and Services Tax (GST) – has become closer to reality with the passing of the GST Constitutional Amendment Bill in the Rajya Sabha on August 3, 2016 and further with approval of the amendment by the Lok Sabha on August 8, 2016. There is still a long way to go and many hurdles to surmount before the GST becomes a reality.

In fact, there are many formalities and procedures to complete for the rolling out of GST from April 1, 2017 onwards. It is expected that the GST Council will be formed at the end of September. There will be six more months to complete other formalities. The crucial problem will be the passing of the State GST Bill by at least 16 States i.e. more than half of the States in India. It is hoped that all the formalities will be over by February, 2017 and the Bill will be rolled out from  April, 2017 onwar

GST IN KOCHI IN CONSULTANATS

GST IN KOCHI IN CONSULTANATS

Kerala State Industrial Development Corporation (KSIDC) managing director M Beena said the introduction of GST will be a game-changer in terms of uniformity and transparency in taxes. "From a taxation and production point of view, GST will be advantageous for Kerala which is a consumerist state. The services sector will be covered and there will be no double taxation," she said.

CII Kerala State Council chairman Harikrishnan R Nair said once GST is in place, government revenues would improve. "Exporters will benefit with zero-rated tax on exports. At check posts, there will not be further commercial tax levy and goods vehicles will not have to wait for hours to pay tax," he said.

GST IN KERALA IN CONSULTANTS

GST IN KERALA IN CONSULTANTS

The training programme is jointly organized by the central government, National Academy of Customs, Excise and Narcotics and state commercial taxes department.

Isaac said that training cannot be limited to officials alone.The new tax regime can be effectively implemented only through discussions and con sensus with traders, industry leaders and trading management experts, he said.

GST KERALA IN INDIA

 The major con cern about the intro duction of GST is abo ut the tax cap. “When GST replaces all exis ting taxes, there sho uld be wider consultan what should be the tions on what should be the maximum tax. It shouldn’t become a burden on the consumer and lead to price rise,” he said.

The five-day training programme at Kovalam here would delve deep into the nittygritties of GST implementation, e-commerce, and transition from VAT to GST.