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Pooja Law House Guide to GST Covering Critical Analysis on all GST Acts By CA Arun Kumar Gupta & CA Virender Chauhan Edition 2017



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Guide GST ?Arun Kumar Gupta,Virender Chauhan Edition 2017

Guide GST ?Arun Kumar Gupta,Virender Chauhan Edition 2017

As we are running the last laps of the GST marathon, there could not have been more opportune time than this to release the Fourth Edition of the ‘Guide to GST’. The GST Bills have received President’s assent and the States legislatures are approving their respective State GST laws. With few last laps left viz. finalisation of underlining Rules, introduction of tax
rate slabs and other administrative nuances, the stage is set for the final countdown of GST and implementation by July 1, 2017.Having enjoyed the roller coaster ride of introduction of GST in one of the largest democracy of the world, right from the Kelkar task Force Report recommendations to the finalisation of fine print of the GST law, it’s time to bid adieu to the archaic regulations and the spider’s web of complex and multiple regulations.Now, it’s the time to welcome the era of one unified market, digital transactions and e-governance. GST will create a semblance of a common market where every supply of goods or services or both irrespective of where it takes place will have a common treatment and a defined common rate.Tax on tax or cascading was inherent in our existing tax regime, now ?will be abolished under the GST regime as both Centrl and State applying GST on entire supply chain will allow offset across the chain?Another paradigm shift in GST regime is the new e-compliance mechanism. Every tax payer under GST will report electronically monthly for every State at transaction level or aggregate, with a single portal called GST Network (GSTN) and will match their GST credits basis their sales and purchase and pay net GST. Further, all GST registrations will be PAN linked so for any transaction in value chain, the income tax authorities will have full visibility to ensure tax compliance?While compiling this exposition, we felt that the design and structure of the GST Law as it stands today is not flawless, however, in a complex economy like India with its federal structure and States autonomy this is a pragmatic beginning. However, in times to come, this would certainly evolve into something ideal for the Indian economy and provide the much needed buoyancy to its growth rate

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