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This article is based on the GST Bill 2017 which was released in public domain in last week of March 2017.  

Background  

There seems to be a doubt in assesses who are registered under central excise and service tax, whether the unutilized credit in excise and service tax returns can be c/f into GST and used to pay the output tax liability under GST.  

The paper writer makes clear that under transition provisions of GST law, the accumulated cenvat credit...

GST would become a reality and the nation could witness changes in the traditional ways of doing business. Businesses right now have the option to proactively embrace this reform, understand its intricacies and take a business advantage out of this change by acting immediately.    

Since the tax system is in the transitional phase, hence, this is the right time for businesses to understand the immediate action points for smooth implementation of the GST. This article provides a broad...

The much-discussed dual control and cross-empowerment issues between centre and state government sorted out recently. Introduction of new indirect tax structure in form of GST looks more certain from 1st July 2017. It has been agreed that the states would have the power to assess and administer 90% of tax payers with less than Rs.1.5 crore annual turnover while the remaining would be controlled by the centre. For tax payers with more than Rs.1.5 crore annual turnover, the states and the...

Section 166 of revised model GST law specifies that on the date of appointment, every person registered under the earlier laws with valid PAN would get provisional registration. For this purpose, the earlier laws include the following the laws:  

• Central Excise  
• Service Tax  
• State Sales Tax or VAT (except exclusive liquor dealers if registered under VAT)  
• Entry Tax  
• Luxury Tax  
• Entertainment Tax (except levied by the local bodies)  

After issue of...

The GST article series was started with the basic concepts, now on definition. Next would be the transitional provisions (specified and left out) and ending up with some miscellaneous parts of GST not covered in the series.  

Introduction     

Under present customs law, import of goods means bringing into India from place outside India. Import starts when goods cross the customs barrier in a foreign country and ends when they cross customs barrier in the importing country,...

Under model GST law, tax is levied on the supply of goods and/or services. Tax, namely CGST/SGST is payable at the time of supply of goods and/or services.   

In respect of certain categories of supplies which are provided on recurring or repetitive basis under contract, time of supply is determined based on provisions set out in this regard in GST law. In this context paper writer has examined what is continuous supply of goods and services under model GST law.     

What is...

Proper procurement planning and vendor management is going to be key during GST regime especially during transition phase and upto sometimes post migration. There after there may be need to have continuous relook at professionalism of vendor base and the need to reconsider alternative source of procurement so that the overall cost of procurement is optimized.  

Few important aspects in procurement planning and vendor management could be as follows:    

1. Procurement from...

Background  

GST is likely to be introduced w.e.f 1st July 2017. The understanding of the input tax scheme and its restrictions is imperative to ensure tax optimization for assesses. Representations have been made and among the many thousands of recommendations made, it is hoped the ones for permitting credit on all inputs, input services and capital goods used for business is given effect to in the final GST law.    

In this article, the paper writer has sought to give...

The GST article series was started with the basic concepts, now on definition. Next would be the transitional provisions (specified and left out) and ending up with some miscellaneous parts of GST not covered in the series.    

Introduction  

There are various kinds of contract entered in course of business. Some contracts are entered to make a sale of goods in course of business, while some are pure labour contracts. There is a third kind of contract which are composite...