http://WWW.FMSLLPINDIA.COM
FINANZAMANAGEMENT 592282e3a958ff0a889431c4 False 104 1
OK
background image not found
Found Update results for
'bihar deputy chief minister sushil kumar modi'
5
PM Narendra Modi to Review Preparation Over GST On 6th June 2017, the Prime Minister Narendra Modi will take a look on the preparedness of the Goods and Service Tax (GST), which is scheduled to roll out from 1st July. The Prime Minister of India has been continuously in touch with the GST council and has been taking reviews of upcoming tax scheme in order to make sure that the reformed tax regime runs hassle free after the implementation.
GSTN Chairperson Cleared Doubts and Questions Regarding GST Rollout Navin Kumar the chairperson of GST Network assured that the IT platform will be available for the full usage from July 15 and the stabilization will only come after 3 to 4 months after the roll of GST. Some of the questions were raised in front of him which was answered in his own way: What are the insights about the upcoming GST roll out and what are the workings? On this question, he answered that “We are very, very stressed now. We are working 28 hours a day.” Asking about the public need of knowledge and the question that many people must be approaching you for all their registration needs the Chairperson replied that, “Industry generally talks to the government, but, yes, we keep getting tweets and messages. There was some problem when enrolment was on and the tax department cancelled a lot of registered service taxpayers that had got provisional IDs as they were apparently not active. These 50-60 people lined up at our office. We then referred the matter to the tax department and it was resolved.” The confidence also rose over the testing of the software, as the chairperson assured that the software is fairly working while also mentioning that the beta test could not be possible. He said that “It should be a stable system. Problems that surfaced during the first phase of the testing have been resolved. We did the testing on the basis of the rules that came in December. After that, some changes were made to the rules. Those changes we have absorbed now, so there is no time to do beta testing for that. Other than that, we have done all other tests. So, we are fairly confident of the system.” While asking about the July launching the chairperson was reluctant and mentioned some strict policies which must be handled before the launching. He said that “If we had more time, we would have been perhaps better-placed. When we started with Infosys, the GST was not in sight. The Constitution Amendment Bill was still in Parliament and we were in a dilemma. The project was costing Rs 1, 400 crore. Could we make a commitment when the GST is not there? We went to the empowered committee of state finance ministers and apprised them of the situation. Our proposal was to let us develop the software and hold back on the hardware, where all the money goes. They agreed and allowed us to work on the draft processes. The software development started after the draft law was approved. The model law was put in the public domain in May and was revised in November, and the rules were given in December. All the development till then was modified on the basis of the December rules. After the central registration, there have been further revisions, necessitating more changes in the software. Thankfully, those are not very many.” And asking about the final completion he mentioned that, “We have been working on that. For return form GSTR 1, the coding has been done and the testing is also at a very advanced stage. By July 15, GSTR 1 will be ready. GSTR 2 will be ready by the end of July and GSTR 3 will be ready 10 days after that. But you have to see how things have evolved. So, we are just in time. But the good thing is that the GST Council did not defer the roll-out. Starting from July 1, the system will be available in a staggered fashion.” While discussing the API issues and relatively lesser available APIs to the GSPs was creating problems and the chairperson stated that “When we developed the software based on the December rules, we provided APIs to GSPs. But half of them thought of waiting until the legislation was in place as it would have gone through changes. These are people who did not work on the basis of the December APIs. But there are others who did so. Through discussion, we have worked out timelines for GSTR 1, GSTR 2, and GSTR3. We will give them GSTR 1 by June 28 so that they can be ready for the invoice upload facility by July 15. The other two APIs for GSTR 2 and 3 will be given after that.”
Ensure all traders register under GST by Aug 15: PM to Chief Secretaries HIGHLIGHTS PM Modi has asked Chief Secretaries to work expeditiously towards GST registration He has asked to ensure that all traders are registered under GST by August 15 Finanza Management Services LLP
Issues Disclosed: Why 7 States Does Not Want to Pass SGST? As the deadline given by the government to implement the GST is only one month away, there are still 7 states who have not passed State GST bill. Apart from Jammu and Kashmir ruled by the BJP-PDP alliance in these states, states like West Bengal and Tamil Nadu also needs to pass a bill to implement GST in their states. As of now, 24 states and Union Territories have passed the GST Bill while the remaining states are Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu and Kashmir and West Bengal which are still required to pass the State GST (SGST) bill. Going by the ruling, all these states, except for Jammu and Kashmir are non-BJP while the Central Government is fully prepared to implement the Goods and Services Tax, covering 16 different taxes, from July 1. Coming to the soaring conditions of West Bengal, leader Mamata Banerjee, has demanded the central government to avoid deadline for implementing GST law. Speaking on this issue, West Bengal’s Finance Minister Amit Mitra cleared that there are a lot of difficulties in implementing the GST from July 1 as we still do not have the necessary infrastructure to manage the new tax scheme. As of now, GST has been implemented in 200-300 companies of each state as an experiment. But many rules have been changed in May. Coming to the Jammu Kashmir issues, it is being defied by the political leaders which are under pressure from local community to mould the policies accordingly while Meghalaya, Punjab kerala & Karnataka are stuck into the political menace as various issues regarding the feasibility and technological capabilities are still not developed to support the upcoming GST. Now it is up to the Union Finance Minister to decide whether such a major reform should be implemented without any preparation. According to the rules, all the states will have to pass the state GST bill till September 15, 2017, and if in case the state does not pass the bill before the deadline, then the rights of levying taxes will be taken from the particular state.
More than 60% of India Inc feels July 1 GST rollout unrealistic: Poll As the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness. According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime. Interestingly, about 62.5 percent feel that the July 1 roll out isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1. More than 60% of India Inc feels July 1 GST rollout unrealistic: Poll MoneyControl • Jun 01, 2017 10:46 PM IST As the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness. According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime. Interestingly, about 62.5 percent feel that the July 1 roll out isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1. Over 42 percent feel that GST rollout should be deferred by two-months, while 31.2 percent feel the government should go ahead with the schedule. Firmly asserting the need to roll out GST on July 1, M& M’s chief Pawan Goenka told CNBC-TV18 that “Thirty days is a lot of time”. Even after the June 3 GST Council meeting, the government still has 27 days to power through the reform. One can expect chaos and confusion initially, but with time chinks can be sorted out, he added. While disruption related to paper work is bound to happen in the first 4-5 months, disruption in movement of goods and sales should not be much, he added. Much on the lines of Goenka's views Rakesh Biyani, Director, Future Group said GST is the best thing that could have happened to this country. There’s a big opportunity for government to get more investment in domestic textiles sector, he added. Meanwhile, nearly 27 percent of India Inc expects operational and financial losses due to GST, while 45 percent expects pricing to be marginally impacted. Other key highlights of the Poll Over 48 percent of companies say leniency on penalties key for smooth transition to new tax regime 56 percent of India Inc says undertaking compliance will be the biggest challenge 58 percent of companies want excluded sectors to be brought under GST in 1-2 years
1
false