India is on behest of implementing Goods and Service Tax (GST) which is said to be biggest tax reform since Independence.
One important aspect under GST would be to deal with transitional provisions especially in relation to ongoing contracts which have been entered into pre GST but not completed at the time of GST introduction. Present discussion is confined to transitional challenges on the contracts entered into by service providers only.
The conditions in contract...Read more
Media reports and press statements by Government Officials seem to suggest that the Union Government is keen to introduce Goods and Service Tax in the year 2016. While they themselves have given hope of its implementation from 1.4.2016, there seems to be a claim by some quarters that it is possible to implement GST from 1st October 2016. This article attempts to consider the feasibility of introducing GST in the middle of a financial year by analysing the pro and cons and practical issues.... Read more