Lok Sabha has passed yesterday following four supplementary bills related to GST to path the way for implementation of GST from 01st April 2017-
1. The Central Goods And Services Tax (CGST) Bill, 2017
2. The Integrated Goods And Services Tax IIGST) Bill, 2017
3. The Union Territory Goods And Services Tax (UTGST) Bill, 2017
4. The Goods And Services Tax (Compensation To States) Bill, 2017
In this regard The Institute of Cost Accountants of India has come up with Clause by Clause Analysis of CGST Bill 2017, UTGST Bill 2017, IGST Bill 2017 and a Presentation on GST Bill – 2017. Direct Link to read and download the same are as follows :-
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Excellent presentation.
Yes Mr. S. Kumar, you are right, the GST implementation will be effective from 01/07/2017 and not from 01/04/2017. However, you can start GST implementation with effect from 1st April 2017 as far as GST Impact on your business is concerned, changes in IT systems, changes in business process, planning for business transactions during transitional period, changes in accounting system etc. since the GST Bills are now passed by the Parliament and awaiting the President assent and there will be hardly any changes therein. – Arun Sawant, arun.sawant@bizsolindia.com
Very correct.
I think the GST provisions will take effect only from 1.7.2017 and not from 1.4.2017. Pl.clarify.