Every Central Excise / Service Tax assessec having a valid PAN shall be granted registration under GST regime on a provisional basis. For such assessees, GSTN shall generate provisional IDs and communicate the same to the assessees through CBEC for migration to the GST regime.
Now as the deadline of 50 days is over, through this new write up, an effort has been made to highlight the gains and losses(both monetary and non monetary) on the so called surgical strike of Government on black money, as well as reasons of not getting desired results & some suggestions to take some effective steps if Govt is indeed serious to curb this menace of black money from our economy .
Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by Banks and Post Office.
Section 31 of proposed Model GST Act states that credit or debit notes will be raised by the supplier who has supplied such goods and / or services.
8th two days meeting of GST Council concluded on 4th January 2017 but the contentious issue of tax administration remained un-resolved. Next meet scheduled on Wednesday – 11th Jan 17 to deliberate the same.
Since now the demonitization is finally settled down, the next hot issue shall be the implementation of GST until and unless the BIP government comes out with something new.
Enrolment date for the Central Excise assessees and Service Tax assessees have been differently prescribed. GST Migration for Excise assesses to start from 05/01/2017 and Service Tax assesses from 09/01/2017.
Newly integrated form namely SPICE E-Form INC-32 along with E-Form -33 and E-Form-34. Companies having upto 7 subscribers can only use Spice Form for incorporation of the same.
Person required to maintain the record- Every registered person under GST Law is required to maintain accounts & records in Manual or Electronic form.
In VAT Law there is provision of TDS in case of work contract in most of the Sates though in Service Tax there is no provision of TDS and TCS
