Free GST Updates – 26th & 27th Feb 2017

Dear Friends,

There are no such updates on GST in last two days. But sharing with you some key/Interesting insights about the same:

  1.  In many countries GST implementation has failed because of faulty execution in the hand of generalists, Urges IRS officers Association to Prime Minister and requests him to intervene in this crucial GST implementation.
    1. The Officers of our service have made significant contribution to the GST process and continue to do the same. Our officers have tirelessly been working on GST for last 10 years and wish to nurture it, having got requisite expertise. They are aware of the intricacies of indirect tax functions and have experience of General Administration, Tax administration, Adjudication, Investigation with required technical expertise etc.”

      “However, the decision January 16, 2017, has caused serious concerns (of) it being detrimental to the Centre. The decision seems to be one-sided in favour of States weakening Sovereign function of Centre regarding levy and collection of taxes. Our apprehension is that GST in this form may not bring the desired goals of better Tax compliance, more revenues, ease of business and reduction in inflation and an instant spurt in Economic Growth.”

  2. CBEC calls suggestions from the Exporters
    1. The revenue department has sought views of industry and exporter bodies on duty drawback rates for exports following implementation of GST. Submit their views on the duty drawback rates by March 15.
  3. The revenue department has promised to refund tax claims of exporters within seven days under the GST regime.
  4. Government has launched an Android App to give the latest updates on GST to the tax payers.
    1. Awaiting the reviews of the tax payers on the App., will update once we get to see the feedback
  5. The DGFT suggests that exporters be allowed to pay the taxes through e-currency – which could be in the nature of an I Owe You (IOW) certificate under which a firm would agree to set off its IOUs with actual payment within a year or at the time of completion of exports whichever is earlier. A firm could be allowed to use IOU equal to the value of its past year’s export performance.

 

Hope you enjoyed the same! Thanks..

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