SKP Group
SKP GST Update
12 May 2017
Developments in the run up to GST

Re-opening of the migration window for taxpayers who are not enrolled 
Enrolment process for migration to GST was 
discontinued with effect from 1 May 2017. For the taxpayers who are yet to enrol themselves as well as the ones who enrolled but were unable to sign the enrolment form, the migration window would re-open on 1 June 2017 for 15 days as informed by Revenue Secretary Hasmukh Adhia.

Clarifications by the Revenue Secretary on myths about GST implementation
The fears of the industry regarding spurt in prices leading to inflation have been addressed by the Revenue Secretary Hasmukh Adhia. "Unlike in other countries, the transition to the new tax regime would be smooth here because there are multiple points of taxation in the country. Hence, the possibility of a sudden spurt in inflation is remote," said Revenue Secretary Hasmukh Adhia. The belief of compliance cost shooting up due to GST compliances was also termed as misplaced by him.


According to him, compliance would be minimised since no separate law books would be required in order to file different returns as in the current scenario like VAT, Excise, etc. The same would be done through an offline excel form provided by the GST Network which can be used to maintain records of sales and purchases and also used for filing returns. Accordingly, the process of charging single tax and accounting would become simpler. 

State assemblies pass GST Bill
Telangana was the first state to pass the State GST Bill on 9 April 2017, followed by Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh, Haryana, Assam, Odisha and Gujarat (the latest state to pass the GST bill on 9 May 2017). In all, eleven states have passed State GST Acts till date. Maharashtra has called for a three-day session from 20 May to clear the GST Bill.

Fixation of tax rates for various commodities
Tax rates for various commodities are yet to be decided. The next GST council meeting is to be held at
Srinagar on 18 May and 19 May wherein an announcement in regard to tax rates are expected.

 
SKP's comments
The re-opening of the migration window would give relief to the taxpayers who were unable to migrate to the GST portal between 8 November 2016 to 30 April 2017.

All stakeholders are eagerly awaiting the GST Council meeting on 18 May and 19 May wherein various GST rules are expected to be finalised along with the announcement of tax rates.

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This update contains general information which is provided on an “as is” basis without warranties of any kind, express or implied and is not intended to address any particular situation. The information contained herein may not be comprehensive and should not be construed as specific advice or opinion. This update should not be substituted for any professional advice or service, and it should not be acted or relied upon or used as a basis for any decision or action that may affect you or your business. It is also expressly clarified that this update is not intended to be a form of solicitation or invitation or advertisement to create any adviser-client relationship.

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