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GST Conference to be held in Srinagar this week

5/16/2017
GST Conference to be held in Srinagar this week

The 14th GST council meeting will be held on 18-19th May’17 in Srinagar. The finance ministers of 32 states and union territories will be hosted by Srinagar.  Finance Minister Arun Jaitley will address the conference.

In this meeting, various necessary rules involved to implement the new taxation system will be discussed. It includes issues on valuation norms, composition and transposition provision, input tax credit, etc.

This meeting is very important as the rolling out of the GST as per scheduled date depends on the outcome of this meeting.   

In the former GST council meetings, the council had finalized the minutes of the five laws to materialize the new tax regime. Among the five laws, the Union Cabinet had cleared and the Parliament had passed four laws.

As per the experts’ opinion, the Union Territory with legislative and the legislative assembly of each state need to pass the fifth law, the State GST law and finalise the rules and rates of the products and services. 

The experts also pointed out that the draft rules that are going to be finalized in the 14th meeting don’t yet address important issues that will directly affect the distributers, service providers, and vendors. It is inclusive of the place of supply rules for service companies. The clarity on this rule will determine if the integrated GST taxation system will apply.

The e-waybill which is necessary for the transport of goods across the country should be accepted by the seller, transporter, and recipient.

Taxpayers believe that the agreement on the waybill is a big problem currently as the recipient usually fail to accept it, hence leading to incomplete transaction.

The experts also pointed out that computerised system and SMEs will be necessary to incorporate GST system as dealing with a product’s HSN (Harmonized System of Nomenclature) code will require a computer.

The length of the codes is up to 10 digits. The first four digits represents the category and the subsequent digits represent the specific products.

The Industry players discontented that their software will be finalized only by the first week of June as the rules will be decided only by May 18-19th. This will barely leave time to taste the software.

Further, the ERP system experts said that revealing the tax rate early will lead to hoarding goods by the people that are likely to become expensive under GST.

They also assured that there is no urgency on the count as the digits can easily be plugged into the software without changing the codding system.