|Author: Kailash Kumar 11 Aug 2016 Member Level: Platinum Points : 3 (Rs 3) Voting Score: 0|
In my opinion, it will be too immature to talk about such aspects at this stage. Detailed guidelines will automatically be issued in due course. First of all the GST bill has to be converted into a law after it is passed by at least 50% of state legislatures. Subsequently, the states bill have to enact their State GST laws.
However, it has been proposed that there will be a dual system of administration of GST.
The Central GST (CGST) will be levied by Centre and State GST (SGST) will be levied by the respective states but only in those cases where all the transactions are made within the state concerned.
In the case of interstate supply, only the Centre will levy and collect IGST. For SGST, the state commercial departments will be the administrative authority and for CGST and IGST, the CBSE will take care.
|Author: Timmappa Kamat 12 Aug 2016 Member Level: Gold Points : 3 (Rs 3) Voting Score: 0|
Please take note of the fact that the GST Bill has only been passed by the parliament. The detailed guidelines have not yet been in place. It could be too early to speculate on the exact implementation procedure.
The GST bill in its current form needs to be accepted by at least 19 of the 26 states. Then the individual states will enact their own GST bills. Once that done, Union Government needs to set up GST council.
The GST council will then formulate the guidelines and laws pertaining to the exact taxation structure to be followed under GST. The laws thus formulated by the council need to be accepted and passed by the parliament. All this procedure will take much time. Only after the completion of all those phases that a clear picture would emerge.
|Author: Venkiteswaran. 12 Aug 2016 Member Level: Diamond Points : 3 (Rs 3) Voting Score: 0|
The fine details of GST are yet to be finalised and passed for implementation. It may take some time to complete the various formalities.
However as per the present clues and vague detail there is work going on to facilitate smooth transition to the new system for existing VAT/ST account holders. The GST account number may be of 15 digits as it will be unique and national level one. For new registrations it will be done at central level at one point for al purposes of GST(GST/SGST/IGST).
GST subsumes VAT and service tax.
|Author: piyush 13 Aug 2016 Member Level: Gold Points : 2 (Rs 2) Voting Score: 0|
The guideline for GST is not floated by government yet. Its only in a primary stage. It will subsume all other indirect taxes including VAT. GSTN (P) Limited company has been established by government. It will create a web network where government and tax payer will interact with each other. Every tax payer has to register on this network. You have to file online returns regarding your businesses on this network only. Government will provide third part services for tax payer to make it simpler for tax payer .