Looking at
the aggression of the opposition on demonetization, the Government is likely to
defer the presentation of GST to late winter session. The government would
bring GST Bill in form of money bill which will get passed only upon the
consent of lok sabha in which the ruling party already has the majority.
Despite introducing the bill as money bill, it is long drawn process of
parliamentary discussion and other issues which may crop up once the bill is
presented. The Government is likely to enforce GST on 01.04.2017 for which it
has already set the deadlines so that proper infrastructure is in place before
the biggest indirect tax reform.
GST is
likely to have far reaching impact on consumers, business units, e-commerce and
other stakeholders. Demonetization will prove to be a big plus, once GST rolls
out. Cash-less Economy, transactions through banking channels, technology
driven all make the foundation for the new tax regime. It is to be ensured that
the task of demonetization is carried out properly so that the real target
could be achieved.
Also before GST
actually rolls in the government should put all its efforts in synchronize and
digitize revenue departments. Also there is need to bring the behavioral change
in the mindset of the revenue authorities. This can be done only with regular
training, group discussions, and interaction with public on regular basis. The
government first needs to understand the issues of the stakeholders and then
work on finding remedies.
It is also expected that the government may announce the change of financial year from April-March
to January-December. This will bring huge change for the business units in maintenance
of their books of accounts. If this happens the difference of the calendar year
and financial year will go away it will certainly end the point of debate for most of the business concerns.
by:
Keshav R Garg
(B.Com, FCA, CS, ISA(ICAI))
Faculty for GST: Indirect Tax Committee of ICAI
Author: Bharat's GST Ready Reckoner
A Handbook on GST
Adviser for GST: Industries Association of Chandigarh
Member: Indirect Tax Committee of CII, PHDCCI, MyGst.MyTax
Foundation
Address: 3328, Sector 27 D, Chandigarh, India - 160 019
Phones: +91-172-461-3328, +91-98880-90008
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