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.
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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.
بالفعل مشترك? تسجيل الدخول
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