sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Service Tax »
 How to get registered under goods and services tax
 Service Tax can’t be Levied on Activity of Collection of VAT on behalf of Commercial Tax Dept
 Why you should worry about June 15 advance tax date
 Five reasons why you should start your investments in tax saving funds now
 Income Tax Department Releases All 7 ITR Forms Check Details About New IT Forms
 Income tax benefits for senior citizens: Here is all you need to know in brief
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws

GST: Tech readiness, tax administration key challenges
June, 20th 2017

As the Goods and Services Tax is set to be rolled out from July 1, companies should have manual and technological documentation compliance till the time there is a surety that the system works seamlessly, says a senior advocate.

Speaking at a discussion titled ‘Into GST and Whatzzz Up in Store’ organised by the Madras Chamber of Commerce and Industry at Chennai on Monday, N Venkatraman, Senior advocate, said companies should prepare for the worst case scenario at least for the first few months and equip themselves. “Two major areas where that will affect smooth transition are technology readiness and tax administration,” he added.

In case of technological readiness, Venkatraman said it is safer to follow the current manual process for documentation and also comply with technological requirement for GST. Keeping record of legitimate grievance of trade will help companies resolve them.

Administration challenges
With regard to tax administration challenges, Venkatraman advised industries to pay tax as per the GST regime and raise concerns to the GST Council. “If concerns are genuine, they will be condoned and companies can avoid penalisation,” he added.

Other concerns relate to getting supplies from unregistered users, confusion regarding multi-location operation and anti-profiteering clause in GST.

When getting products from unregistered suppliers, the companies will have to pay reverse tax. Venkatraman encouraged companies not to purchase supplies from those companies to avoid reverse taxation. In case companies are not passing on the tax benefit to the consumers, companies should have records to prove that they have not assimilated the reduction in tax.

In case a company has multi-state operations, it should ensure that each state has records of independent transactions like purchase order and invoice. Venkatraman said, “It is better to arrange your services in such a way that it does not involve two states at least for the time being.”

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions