The biggest tax reforms in the history of Independent India are taking its final shape as the Constitution (122nd Amendment) Bill relating to the Goods and Service Tax (GST) has been passed by the Lok Sabha. Multiplicity of taxes, varying rates, costly compliance and lower revenue to the public exchequer are some of the important reasons which have compelled the administrators to bring in an effective tax system which can address such issues. GST will integrate the State economies and boost overall growth. It would subsume Central Excise Duty, Service Tax, Central Sales Tax, State Value Added Tax (VAT), Entry Tax, Octroi and other State levies, and pave the way for formation of a national market.

Being a proactive Institute, it has been always an endeavor of the ICAI to assist the country’s Government, Regulators and citizens by communicating various concerns and suggestions. The implementation of GST will immensely expand our professional horizons and bring tremendous opportunities to the profession. On our part, we have offered the CBEC, our unconditional support in paving the way for its implementation. Due to its neutral image and credibility, it is privilege of this Institute that government has always been open to the suggestions of the ICAI in any tax related matters and tries to act upon the same to the maximum possible extent.

You are invited to offer your suggestions, comments and thoughts on the said bill to the ICAI by mailing it to CA. Atul Gupta, Chairman, Indirect Taxes Committee, (Member of the Goods and Services Tax Network (GSTN) Advisory Committee as nominated by GSTN Board ) at idtc@icai.in.

20th June 2015

V. Sagar
Acting Secretary (Source- ICAI)

More Under Goods and Services Tax

Posted Under

Category : Goods and Services Tax (5238)
Type : News (12705)
Tags : goods and services tax (3787) ICAI (2192)

2 responses to “ICAI invite Suggestions on GST”

  1. vswami says:

    In response to the Invite from ICAI, if at all to serve a truly useful purpose as
    intended, as independently viewed, the suggestions and comments should
    desirably be confined to critical areas calling for due consideration from the view point of the stakeholders; for instance, in regard to the levy on ‘long term
    construction’ via ‘works contract’ , those are the builders, and more
    importantly, the consumers – the buyers of FLATS making payments even while it is ‘under construction’. To know why that should be so, the clues/thoughts shared and available in public domain may be of guidance.

  2. vswami says:

    In response to theICAI Invite, it will be appreciated that,

  3. parveen says:

    I have attended the worshop on GST organised at Hayat hotel R.K.PURAM.
    As I have studied and came through the dual system of GST is being adopted by the goverment.But in my opinion the system should be single tax system. In dual system again there will be corruption and difficulties to maintain different accounts. If states demands and feel there revenue share will decrease than centre should collect the revenue with single system and distribute the revenue according there past history of collection.

  4. praveen says:

    hi,
    i am running online business in partnership in women ethnic wear (saree & dress material) through various portal like snapdeal, flipkart. There was everything going well but few month back some of company came with some rules like snapdeal made vat/cst compulsory for all supplier.

    Can you explain me, i have to apply for these registration or should wait for GST?
    Can you explain me which one will be more effective in terms of tax savings, VAT/CST or GST?
    Suppose if i have applied for VAT/TIN TAN or CST, and if GST came in action then these registration will get expired and i have to registered with GST as well or only one can be ok, either GST or VAT/TIN TAN?

    If i am in partnership business and so if i have applied for VAT, so it will increase my product pricing as well as, it will increase tax charges as well or what. It will applicable in all cases like offilne business and how can i recover, if i am purchasing finish product from someone who as no VAT/TIN TAN, so only i have to bear all cost or what?

    I have few of these doubt, can you suggest me, what will be better for my business.

    Thank you,
    Praveen

  5. Mukesh Trivedi says:

    Sir,

    In GST, according to my understanding, we can get set off of input tax (GST) against our sales or services on which we charge service Tax.

    As the case of set off taking in MVAT.

    But if seller sale goods and raise invoice with charging GST and if he not pay their liability to the government so is it possible to take set off against our purchase ?

    We have experience in MVAT that we have paid our VAT on our purchase but the party has not paid the tax to Maharashtra Govt. and hence the Sales tax department refused to give us the credit. Please note we have purchase our goods from Exporter and not hawala dealer. We have complain regarding this non payment of taxes by exporter to sales tax department but after three years we haven’t get the refund.

    In sales tax there are number of similar cases pending and sales tax department force to pay the tax by actual user / buyer even they have paid their taxes with their purchase.

    This happen in only state transaction image what will happen if GST will be applied and where one state is not able to solve this problem how different state will co-operate and give us the credit.

    First strong action should be taken to the defaulter.

  6. A V Raghava Rao says:

    Presently liquor industry is planned to put aside from GST. If it is so, there should be a separate uniform rate of tax needs to be levied on various supplies made to liquor industry. Otherwise with the implementation of GST, no tax credit is available for liquor industry and in addition all inputs to the liquor industry become very costly and industry is not sustainable and in turn loosing revenue by state governments.

    Hence either needs to bring liquor industry also into the regime of GST or put a specific uniform rate for all supplies made to liquor companies for manufacture of liquor.

    And there should not be any threshold limits for compliance with GST. If it is so, then even big traders will open different firms with different names to avoid GST application and it will be a pain to the truthful traders to face competition with them. For healthy trade, GST should be applied for all types of businesses irrespective of their turnover.

    No banker should be allowed to issue DD’s for cash except in favour Govt.taxes and educational institutions. All business related transactions should be done thru cheque/RTGS/NEFT system only. All the banking transactions of above Rs.25000/- should be allowed only with valid PAN number.

Leave a Reply

Your email address will not be published. Required fields are marked *