Monthly Archives: Jul 2017

GST

GST Course for 3rd Batch – ADMISSIONS OPEN (Limited Seats)

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GST Training Course –

Considering upcoming implementation of GST, business working model will change to a great extent. And updated practical knowledge is required by owners & accountants on all the changes taking place in GST for hassle free GST implementation.

To empower business to understand GST, transitional provisions (Opening Stock), accounting filing of returns etc, we have started GST training course from June-2017 (Batch wise).

 

Highlights of Course –

  • Practical Approach
  • Conceptual understanding of various GST concepts.
  • Query solving
  • Accounting treatment
  • Information on Return Filing, E-way bills

 

Course Pattern –

  • Practical Training
  • Accounts – Master, Data Entry
  • Return Filing
  • E-Way Bills
  • Query Solving- Tally & software’s related GST questions 

 

About Seminar Details-

  • We will take a free seminar for Associations, if you want some other training, like CORPORATION TRAINING AND PARTICULAR REQUIREMENT (depends upon days) then it will be chargeable.
  • In that case we will provide you a particular notes related to GST or queries get solved according your staff need.

We assure best quality services look forward for a long term professional relationship.

VISION KNOWLEDGE CENTER

Contact : 8624892442 ; 0231-2656520

 

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GST

Want us to carry your goods? Show GST number first: Transporters to traders

Transport companies are now insisting traders furnish their GST numbers before accepting goods for transportation anywhere. Traders who have not acquired GST numbers will not be entertained

Chairman of V- Trans, a large Mumbai-headquartered logistics company and past chairman of Bombay Goods Transport Association confirmed the development.”Octroi being subsumed in GST is a big relief and will save both, time in transit and fuel. However, for transporting goods, the sender’s GST number is required, because given the way tax provisions for transporters have been structured, that becomes necessary”.

Under the old tax regime, transport services suffered 5 per cent service tax. That rate has been retained under GST. However in their business, transporters did not have to be registered, collect taxes from the sender on rent or transport charges and deposit them with the government. This responsibility vested with the sender who paid transport charges. He was responsible for depositing the tax with the service tax department.

Under GST, if transporter doesn’t take the GST number, then he will have to register with the department and collect and deposit tax, which is an arduous task for players in this segment, many of whom are unorganised or run very small businesses. This is the reason they insist on GST number from traders. “If you have yet not taken GST number, don’t send your goods to us,” said another small transporter.

Even an aggregating agency running a cargo service said that it is asking the sender for his GST number. Narrating his experience, a senior official this agency said, “We were rotating some of the cargo to another company who was insisting on the GST number from receiver of goods also, if the document mentioned valuation of goods.”

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GST

Soft launch to fewer rates: 5 things govt should focus on post GST

Now that the goods and services tax (GST) is a reality, it is necessary to look at some key areas that the government should focus on to unleash the true potential of the indirect tax regime.

Fewer rates and classifications

The GST has four base rates (5 per cent, 12 per cent, 18 per cent and 28 per cent), two special rates (0.3 per cent and 3 per cent) and three rates of cess (1 per cent, 2 per cent and 15 per cent). While services were earlier taxed at a uniform 15 per cent, the four base rates are now applicable to services as well. The classification of goods and services across these rates is going to lead to disputes. The rates have also been changed a couple of times even before the launch, giving credence to the fact that the multi-tier rate structure and the rate equalisation exercise has created certain anomalies. Some of these issues have been addressed, while some would hopefully get resolved soon.

Hence, it is necessary that the government now focus on reducing the rate slabs to possibly two base rates of 18 per cent (standard rate) and either of 5 per cent or 12 per cent as the merit rate. This would reduce the potential for disputes.

Inclusion of petroleum products, realty and electricity

The GST leaves out three important sectors, making the coverage sub-optimal. Petroleum, real estate and electricity generation would continue to have the older indirect taxes. The problem is exacerbated by the fact that these sectors would pay input taxes in the form of GST, which cannot be offset against the existing taxes. It is essential that the government work on a time-bound plan to get these sectors into the GST framework. This will not only expand the GST basket but also make it a more comprehensive tax, besides ensuring that all suppliers to these sectors become part of the ecosystem.

Soft launch to build acceptability

The ability to handle the changes that GST entails would depend on the size and nature of a business. While large businesses have the resources and knowledge to prepare for a change of this magnitude, smaller businesses would find it difficult. Businesses used to filing monthly returns and dealing with state tax authorities will find it easier to deal with GST, compared with service providers accustomed to a centralised registration with two returns a year. There is also now a need to ensure invoice matching to get input tax credits and reduce tax payment liability.

It is, therefore, necessary that the government ensure a soft approach for the first year or so, instead of focusing on strict observance of provisions. Similarly, there should be some leniency in allowing input tax credits for the first year, and the implementation could become progressively stricter. This will make the GST more acceptable to all businesses. It is necessary to ensure that several penal provisions are kept in abeyance during the introduction period.

Existing tax issues and assessments

There is significant pendency of assessments in various states and a large amount of appeals pending at various levels of adjudication. Many of these relate to periods for which even records would be difficult to trace. GST signifies the commencement of a new journey. While embarking on this journey, it is essential to discard old baggage and start afresh.

The government should fix timelines for disposal of cases and assessments so that businesses can focus on GST compliance and not worry about older cases and other such matters.

Seamless GSTN portal

Key GST processes would be entirely dependent on an information technology (IT)-enabled platform. The government has taken considerable pains to ensure the country gets a world-class IT-enabled system.

But the government should ensure that the GST portal is appropriately tested, even if this means initial processes are put on an extended timeline. It is better to have a tested system with some small delays instead of launching an imperfect system on time. Any difficulty in accessing the database or in uploading transactions could lead to credibility issues.

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GST

With official GST launch, India takes a step towards ‘One nation, One tax’

GST LIVE: The midnight launch of the Goods and Services Tax (GST), the country’s biggest tax reform since independence, has catapulted India into a select league of nations with a national sales tax.

Amid boycott of the launch ceremony by principal Opposition parties like the Congress, which termed it “tamasha” (gimmick), the new tax regime overnight replaces the messy mix of more than a dozen state and central levies built up over seven decades.

The one national GST unifies the country’s $2-trillion economy and 1.3 billion people into a common market, an exercise that took many long years.

The GST will eliminate the compounding effect of the current multi-layered tax system as well as the cross-state tax heterogeneity by fixing the final tax rate. It is expected to lower the average tax rate on manufactured goods and make them uniform across states by fixing the final tax rate.

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