GST Overhaul And Compliances
Auto Components India|April 2022
After the rollout of GST back in 2017, the landmark one nation one tax continues to evolve. Prateek Pardeshi checks on the overhaul and compliances.
Prateek Pardeshi
GST Overhaul And Compliances

Who can forget the rollout of Goods and Services Tax (GST) on July 01, 2017, flashing on screens nationwide at the stroke of midnight? Nearing the fifth anniversary, the 'One Nation One Tax' regime continues to evolve with different tax slabs and the bifurcation of essential, luxury and sin goods. A recent joint webinar hosted by the Indo-German Chamber of Commerce (IGCC) and law firm Trilegal, drew attention to the most recent developments in the GST regime and their implications. Direct and Indirect! Building on the foundation were six major pillars. These span the recent developments in indirect taxes, inverted duty structures, RoDTEP, intermediary services, the establishment of distinct persons, the draft policy of the data centers, and changes in rates. Presided by subject matter experts, the session focussed on key aspects of the GST known to have a direct impact on day-to-day business operations of the components industry too. Moderator Sabina Pandey, Regional Director Kolkata, IndoGerman Chamber of Commerce set the tone of the discussion. She said, "One of our main tasks is to assist Indian and German member companies in settling trade disputes."

Implications of IDS

The retrospective amendment to rule 89(5) of CGST was cited at the forum. A reference was made to the denial of refund of the unutilised, accumulated ITC availed on input services. Shashank Shekhar, Counsel at Trilegal opined, “ITC on account of input services keeps on accumulating resulting in higher cost of goods and services." Explaining the background, he opined that such an accumulation can be carried forward to the next financial year until such time it can be utilised by the registered person. The claim is known to be settled (refunded) in two scenarios: if the credit is accumulated on account of zero supplies or on the account of an inverted duty structure with a few exceptions under the law.

هذه القصة مأخوذة من طبعة April 2022 من Auto Components India.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة April 2022 من Auto Components India.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من AUTO COMPONENTS INDIA مشاهدة الكل
NEW ZF TESTING LAB IN THE UK
Auto Components India

NEW ZF TESTING LAB IN THE UK

ZF has opened a new testing lab in the UK. UK’s first dedicated 800V Test and Validation Laboratory is located at its R&D hub in Solihull.

time-read
1 min  |
October 2024
CUMI RECEIVES TOT FROM DMRL
Auto Components India

CUMI RECEIVES TOT FROM DMRL

Carborundum Universal Limited (CUMI) receives Transfer of Technology (ToT) from Defence Metallurgical Research Laboratory (DMRL) to manufacture add-on composite armour for Wheeled Armoured Platform (WhAP) vehicles.

time-read
1 min  |
October 2024
NEOLITE ZKW OPENS NEW PLANT IN PUNE
Auto Components India

NEOLITE ZKW OPENS NEW PLANT IN PUNE

Neolite ZKW has opened a new eco-friendly manufacturing plant in Pune.

time-read
1 min  |
October 2024
BRIDGING THE SKILL GAP
Auto Components India

BRIDGING THE SKILL GAP

In an upfront interaction, Marcos Oliveira, President and CEO of lochpe-Maxion S.A. speaks about the upskilling initiative to bridge the skill gap and create a level playing field, with Upendra Kasbekar.

time-read
2 mins  |
October 2024
TECHNICAL EMPOWERMENT AT MAXION WHEELS
Auto Components India

TECHNICAL EMPOWERMENT AT MAXION WHEELS

In an era where the need for skilled labour is more pressing than ever, initiatives focused on upskilling through industry-academia collaboration have become pivotal to national growth, writes

time-read
5 mins  |
October 2024
CROSS BORDER SOLUTIONS
Auto Components India

CROSS BORDER SOLUTIONS

In the automotive aftermarket, the push for digitisation has become essential for companies of all sizes seeking a competitive edge in global e-commerce

time-read
3 mins  |
October 2024
FRONT-ENGINE MULTIAXLE GARUD
Auto Components India

FRONT-ENGINE MULTIAXLE GARUD

Ashok Leyland has unveiled the Garud, a testament to advancements in bus chassis engineering featuring an innovative architecture and quality aggregates, writes Upendra Kasbekar.

time-read
4 mins  |
October 2024
VEERO CHASSIS AND UNDERPINNINGS
Auto Components India

VEERO CHASSIS AND UNDERPINNINGS

Mahindra Veero spotlights chassis innovations and robust underpinnings. The advancement in the underpinning is significant, writes .

time-read
4 mins  |
October 2024
POWERTRAINS AND THE EVOLVING AFTERMARKET
Auto Components India

POWERTRAINS AND THE EVOLVING AFTERMARKET

The 27th edition of Automechanika Frankfurt got underway, marking the return of the global automotive industry's largest B2B aftermarket trade fair. It underscored the powertrains and the evolving aftermarket,

time-read
5 mins  |
October 2024
HIGH PRECISION PRODUCTION
Auto Components India

HIGH PRECISION PRODUCTION

MR Components leverages intelligent automation to produce high-precision gear components monthly, optimising output with unmanned operations. In an upfront conversation, Alessandro Reguzzo, Founder and MD of the company shares the fundamental philosophy with Team

time-read
5 mins  |
October 2024