Analysis of proposed GST Rates Vs existing rates is going on by different trades and industry. There may be little variation in different states due to difference in VAT rates. GST rates are yet to be notified and may undergo changes, before the notification is issued. However, a general comparison is as under:
One of the classic controversies, lasting for more than a decade, is disallowance for non-deduction/payment of TDS on domestic payments u/s 40a(ia).
There had been waves of changes since beginning of calendar year 2016 in Rules followed by Finance Act, 2016 and now further reinforced by the Finance Act, 2017. In fact, every business person is trying to adjust to the new law in Direct Taxes at the earliest, without loss of time, so as to be in GST-ready mode wef 01/07/2017, as per the present roadmap .
The Finance Act, 2017, which has made a history of being a enacted law on 31st March, 2017 (assented by President of India on 31/03/2017), has made far-reaching changes in Direct Taxes.
