TRANSITIONAL ISSUES DELIBERATED AT GST CONFERENCE

TRANSITIONAL ISSUES DELIBERATED AT GST CONFERENCE

TRANSITIONAL ISSUES DELIBERATED AT GST CONFERENCE

 

No.PR-124
November 24, 2016
New Delhi
 

TRANSITIONAL ISSUES DELIBERATED AT GST CONFERENCE
 

PHD Chamber of Commerce and Industry organized a workshop on Transitional Issues under GST as a part of ongoing Knowledge Series on GST here today at PHD House, New Delhi.
 

Presenting views on GST, Mr. S K Goel, Former Chairman, CBEC mentioned that GST is the most revolutionary reform in Indirect taxation and fiscal domain. He apprised that the whole political establishment is busy in deciding the fiscal policy. He enlightened that pooling of sovereignty, legislative power, political and administrative power will give more revenue to both centre and state.
 

He highlighted that GST council is going to decide model law, business process rules and procedures. They have broadly decided the tax rates on the basis of recommendation given by body of council (Central & State officers). He suggested to implement GST in a prospective way, to ensure laws and procedures are uniformly implemented. He shed light on the preparation required in bringing GST at both government and industry level. He also described the unique features of GST that involves Invoice matching for input credit, provision of voluntary registration and provisions for TDS and TCS in indirect taxes.
 

Mr. Bimal Jain, Chairman Indirect Taxes Committee, PHD Chamber gave theme presentation on GST Transitional provisions and highlighted the provisions relating to carry forward of Cenvat Credit under GST regime. He discussed the provisions of stock in transit and centralized registration. He highlighted the provisions for dealers which are not registered and those involved in manufacturing exempted goods; provisions for input service tax distributor under Model GST law.
 

He felt that transitional provisions are effective in saving cost for the management. He discussed the transitional provisions relating to Migration of Existing Taxpayers; Registration of new Assessee; Transition Issues of Cenvat Credit and VAT Credit post GST regime among others.
 

Mr. N K Gupta, Co-Chairman, Indirect Taxes Committee, PHD Chamber explained the provisions of section 145 and 146 covering issues in case of goods lying with the agent under Model GST law. He highlighted the treatment of pending refund claims under the earlier laws. He shared his views on credit distribution of service tax by ISD.  He also talked on the treatment of the amount recovered or refunded pursuant to revision of returns under the GST law.
 

The session was followed by active floor participation and had useful deliberations.
 

Ends.

Koteshwar Prasad Dobhal
Consultant (PR)