https://www.taxtmi.com/article/detailed?id=7006 The Model GST consolidates indirect levies into a single, multi component tax and changes credit mechanics, registration, and compliance: manufacturers gain seamless input tax credit and state level registration while losing the primacy of the manufacture concept; GST also accelerates goods movement but taxes stock transfers, tightens time of supply rules, restricts credit from unregistered sellers and excludes certain petroleum credits. Traders obtain broader input credit and simplified disclosure but face loss of inter state preferential forms, altered warehouse decisions and a substantially increased compliance and returns burden. Transitional provisions permit migration of eligible legacy credits to an electronic ledger, subject to final determination. en-us Sat, 24 Sep 2016 08:27:11 +0530 Sat, 24 Sep 2016 08:27:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7006 The Model GST consolidates indirect levies into a single, multi component tax and changes credit mechanics, registration, and compliance: manufacturers gain seamless input tax credit and state level registration while losing the primacy of the manufacture concept; GST also accelerates goods movement but taxes stock transfers, tightens time of supply rules, restricts credit from unregistered sellers and excludes certain petroleum credits. Traders obtain broader input credit and simplified disclosure but face loss of inter state preferential forms, altered warehouse decisions and a substantially increased compliance and returns burden. Transitional provisions permit migration of eligible legacy credits to an electronic ledger, subject to final determination. Articles Goods and Services Tax - GST Sat, 24 Sep 2016 08:27:11 +0530 https://www.taxtmi.com/article/detailed?id=7006