QUERRY REGARDING GST

[ASHOK AMIN]

Dear Sir,

Please let me know if GST is implemented will there be any change in record keeping for excise units. Can they combine trading & manufacturing activity under same place.

Regards

[YAGAY andSUN]

Dear Ashok,

Do not worry on things which are not in existence at present scenario. Government is working on this aspect to get it pass in Rajya Sabha and if passed in this financial year, then, there would a paradigm shift in Indirect Taxation and would also give boost to our country's economy/GDP between 1% to 2%. However, the double entry system and accounting principles would not be disturbed.

So cheer up Man!

Regards,

YAGAY and SUN

(Management, Business and Indirect Tax Consultants)

 

[KASTURI SETHI]

Dear Ashok Amin Ji,

There will be whole-sale change in maintenance of records for manufacturing units. Since tax/duty will be on supply of goods or service, trading and manufacturing can take place in the same premises. "Supply" will be defined anew under GST. Wait for definition of "SUPPLY" which will be clear only after enactment of GST bill.

[ASHOK AMIN]

Thank You Sir ji

[ASHOK AMIN]

Dear Sirs,

Can i get any further updates in this discussion forum. I am very much eager to know.

[KASTURI SETHI]

Yes. You can. You may ask any question but still GST has not been finalized.It is subject to so many changes. You will have to wait for.

[ASHOK AMIN]

Dear Sir,

Ok. Noted. Thanks.

[Ganeshan Kalyani]

The Empowered Committee has released Draft on registration, return, payment and refund. However these are draft and it will keep changing until it is finalized.

[KASTURI SETHI]

Sh.Ganeshan Kalyani Ji,

You are right, Sir. Draft GST will keep changing as now BJP has opened Pandora's box which has stalled the proceedings in Rajya Sabha. Now chances for passage of GST bill in Rajya Sabha are slim. GST Bill will be in doldrums. The winter session in Parliament ends on 23.12.15. Only 10 days have left. They should have opened Pandora's box after 23.12 2015 i.e. after the passage of GST bill.

[Ganeshan Kalyani]

Yes sir the Modi Government has promised April 2016 to be the date for roll out day of GST. If they did not succeed in getting the bill passed in this session then the set date will be missed. The opposition are making noise like the way present government did when they were in opposition. However in politics no one bet any challenge. Thus as an assesses we should we ready to accept the new act / rule whenever the date of implementation is declared.

[Samir Banerjee]

I am not making any political comments, but it is irony everything becomes political. I don't know why there is a feeling is present government is really serious about GST or they are trying intentionally to create obstacle with gloves in

hand with previous government to delay this historical step of GST. There might be some gray or concern areas which

both the previous and existing government aware that could be one of the reason to delay the GST mechanism. If seriously some hidden issues, that will invariably be a biggest jolt on development.

[Ganeshan Kalyani]

3 days left for winter session to conclude.

[KASTURI SETHI]

No chance for passage of GST by Rajya Sabha. Now possible date is 1.7.16. It was in the news.

[Ganeshan Kalyani]

Then the implementation seems to be possible only by 2017.

AI Summary

Tax on supply under GST could allow combined trading and manufacturing, changing record keeping obligations and compliance focus. GST's levy on supply will shift the taxable event toward supply and is expected to change record keeping for manufacturing units; trading and manufacturing may be combined at a single premises once the statutory definition of supply is enacted. Drafts addressing registration, returns, payment and refund exist but remain provisional until final legislation specifies compliance obligations.