The much talked about “Goods and Services tax (“GST”) regime - Single biggest tax reform since Independence “has been creating a buzz amon...
The much talked about “Goods and Services tax (“GST”) regime - Single biggest tax reform since Independence “has been creating a buzz amongst all stakeholders, eagerly waiting for the winter session of the Parliament to commence with the hope that the much awaited Constitutional (122nd Amendment) Bill, 2014 on GST (“122nd CAB” or “GST Bill”) will be passed, which will pave the way for GST in the Country.
The 122nd CAB was passed by the Lok Sabha on May 6, 2015 with 2/3rd majority, but could not be passed by the Rajya Sabha in the Monsoon session, which was adjourned sine die on August 13, 2015, in the hope of making GST a reality by the set deadline of April 1, 2016. The Government tried calling a Special Session of the Parliament in the second week of September, 2015 to pass the GST Bill, but, went in vain because of political wrangling of our Country.
GST is a destination based consumption tax levied at multiple stages of production and distribution of goods and services, with taxes on inputs credited against taxes on output. GST is going to be the game changer and will be one of the most significant tax reforms in the fiscal history of India to consolidate present multiple layers of Indirect taxation. The implementation of GST will help create a common Indian market and reduce the cascading effect of taxes on the cost of goods and services. GST will have a far-reaching impact on almost all the realms of business operations in our country. It will impact tax structure, tax incidence, tax computation, supply chain optimization, credit utilization, compliance system etc., leading to a complete overhaul of the current indirect tax system.
In order to engage with the stakeholders and invite comments from the public at large, Ministry of Finance has decided to make available the Draft Business Processes of GST. Following are the Draft Reports on GST available on public domain for virtual feedback of the public:
The comments/feedback on the same can be submitted through the MyGov.in portal, on which the discussion threads on GST would be made available shortly. The links to the discussion threads soliciting comments on the Draft Business Processes will be posted here.