TRANSITIONAL PROVISIONS - PART II
The transitional provisions are explained with reference to appointed date. Appointed date means the effective date from when GST is applicable.
1. Closing stock of goods lying with jobworker ( Section 175): No tax is payable under GST on goods removed to jobworker before appointed day and returned with in specified period after appointed day subject to following conditions and procedure :-
• The provision applies to inputs removed as such and partially processed;
• Goods should have been transferred to the jobworker for processing, testing, repair, reconditioning, or any other purpose as per earlier law.
• The goods are returned to the factory with in six months from appointed day. The six months can be extended for further period of two months on request subject to satisfaction of competent authority.
• The benefit of NO TAX is applicable subject to condition that both manufacturer as well as jobworker should declare closing stock available with jobworker on appointed day.read more >
GST IN INDIA - AN OVERVIEW
GST - REGISTRATION
GST REGN CHECK LIST - I
GST REGN CHECK LIST - II
GST REGN CHECK LIST - III
GST REGN CHECK LIST - IV
GST REGN CHECK LIST - V
GST REGN CHECK LIST - VI
GST REGN CHECK LIST - VII
GST IN INDIA - SUPPLY & VALUATION
GST roll out to be in Jun / Jul 2017 :
As Eighth Session of GST Council meeting concluded on 05th of January 2017, the indicators suggest that the roll out date is likely to be pushed to June or July 2017.
GST COUNCIL MEETING:
The main dispute between State and Centre still continues to be the distribution of administrative control over taxpayers having turnover of up to Rupees 1.5 Crores. read more >>
GST MIGRATION :
Irrespective of speculations on effective date of implementation, the GST migration is on as scheduled. The migration has posed certain technical snags in beginning. The highest percentage of GST migrants so far reported from among VAT assessees is 76%.
GST AND BUDGET :
The Budget proposals for the coming year would have to take into account the revenues from excise duty and service tax for the initial months and then from the new indirect tax for the later part of the year. It is expected the GST model law will be introduced in first half of budget session of Loksabha.
WHAT TO LOOK FOR :
The next meeting of GST Council is scheduled for January 15th
GST / IGST model law to be passed by the Parliament
Upon consensus, States should pass the model SGST laws bills in the Legislative Assembly
Migration of VAT and Excise assesses to be completed as per timelines prescribed
Migration of service tax assessees to start from 09.01.2017