Free GST Updates 2nd Mar to 5th Mar!

Here comes the most awaited updates on GST from the action packed last week

  1. In the recent GST Council meet, the Model IGST and Model CGST/SGST bill was cleared. This remarkable step was possible since the Centre has almost agreed on all the propositions of the state. This meeting sets it very loud and clear that there would not be further road blocks for introduction of GST and 1st July 2017 looks a very possible date to begin GST Era
  2. Centre and States have decided to exempt agriculturists and small traders from registering under GST.  The annual turnover limit cutoff for small traders is kept at Rs.20 Lakhs
  3. With regards to exporters, below are the key benefits for them:
    1. To prevent lock-in of their capital, a provision has been made wherein 90 per cent of the claimed amount can be made on a provisional basis.
      1. That means 90 per cent of the refunds claim will be made within seven days of filing the application on provisional basis
  4. Information Technology may remain one of the biggest challenges for GST implementation
    1. I need to quote this because the biggest hurdle is the co-ordination between tax experts and the technology teams in introducing and tweaking the IT systems. In many cases some of the ERP software that were provided by the IT majors has to be redesigned as the GST rules keep updating.
  5. Draconian provision of ‘Liability linkage provision’might hit small traders. Here the `liability linkage provision’ allows the buyer credit for tax paid on inputs used only if the supplier has paid the tax within a given window.
    1. It means that a buyer would be penalised for the supplier’s non-compliance.
  6. 91% traders register for GST in Andhra setting up the tone for its readiness
    1. It ranks second in the country in terms of its preparedness for GST regime

This covers all the news over the past few days!! Enjoy and write us for any feedback!!

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