Transitional provisions- GST 2017
GST 2017 has become more like a much awaited Bollywood masala movie? It has heroes, side actors, heroines and deadly villains too. On one hand, the GST 2017 promises to make a hassle free tax system which is open and transparent but on another hand, the various thing will get pricey. GOI has decided to levy Goods and Services Tax on all the goods and services; apart from those exempted by GST Bill. People like you and me have voted for a better and secure future but will GST live up to the expectation?
In the next fiscal year, GST Bill will come alive. But as of now there are plenty of changes that government will have to implement steadily till the actual bill gets executed.
Everything you need to know about- transitional provisions- GST 2017
Under the Model, GST law takes care of transitional provisions under GST 2017 under chapter XXV of the Goods and Services act, 2016 comprising of section 141 and section 162E. In chapter X of the Integrated Goods and Services Tax Act, 2016 comprising section 31.
Analysis: transitional provisions- GST 2017
- Transitional provision for officers appointed under present law– All the officers appointed under Centre and State law shall be deemed as GST officers under the GST Act.
- Transition provision for current taxpayers w.r.t registration-
- a) Every dealer registered under laws (earlier) shall be issued a Registration Certificate on a provisional basis.
- b) The dealer should submit prescribed information to authority.
- c) RC may get cancelled if the dealer fails to furnish the information within provided time period.
- Exempted goods returned to the place of business- When the exempted goods are removed, not earlier than 6months prior to the adoption of GST law, and returned within 6months from the date of adoption of GST, no tax shall be payable thereon. Goods are identifiable to the satisfaction of the proper officer; covered under Act 148.
- Provision for Job Work- If the inputs are removed for Job Work and returned on or after the enactment (of GST) will be covered under section 150.
- Provision for semi-finished goods- If semi-finished goods removed for job work are returned on or after enactment of GST will be covered under Section 151.
- Revision of prices- transitional provision- GST 2017:
- a) In a case where the prices of goods and services are increased before enactment of GST, will be covered under Section 153. The taxable person shall issue supplementary invoice or debit note to the recipient which contains the particulars (with 30days) of such price revision. The shall be paid on the same invoice as it will be considered “Deemed Sales.”
- b) In a case where the prices of the goods and services are decreased before the enactment of GST, the same shall be covered under Section 154.
- The provision related to retention payments- No tax shall be payable on a supply of goods and services made before the enactment of the GST Bill and part payment received after enactment of the law- provided full tax on such supply has already been paid under the earlier law.
Also Read: https://www.itrtoday.com/all-about-gst/
After discussing all (almost) aspects of the transitional provisions- GST 2017 there are still a lot of unanswered questions on GST. Like- what changes should common man expect post-GST Bill implementation?
Also read: https://www.itrtoday.com/can-limited-tax-scrutiny-converted-full-tax-scrutiny-tax-quick-fix/
As discussed previously the motive of GST Bill itself is to bring “changes” But what exactly are those changes? Let’s have look.
Click on the link to know more on this