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GST bills have been passed by Loksabha as well as Rajyasabha. It is very likely that the law would get implemented from 1st July 2017 unless there is strong resistance from trade and others on account of time required for preparation. Mainly due to changes required in information technology systems. It is important for businessmen to understand the impact of GST on their business. Anti-profiteering clause is one important aspect which needs to be understood at this stage which could have...

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...

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

Background  

The promise by all the FMs on the various forums and business expectation was that seamless credit would be permitted under GST. The reality is that restrictions on credit availment have been continued under GST regime except for traders getting service tax and service provider getting VAT credit. On going through Central GST Bill 2017, it can be seen...

This paper has been written purely as a good and honorable citizen of India wanting us to reach the pride of place in the world tomorrow.  

The GST is said to be the biggest tax reforms in indirect taxation. The merger of 11 taxes; reduction in 200 + rates to less than a dozen; lesser compliance burden to the traders, manufacturers and some service sectors; the start of breaking down the barriers between the States- one unified market; reduction in costs – making goods competitive...