Help Desk: For any query or assistance related to GST, reach out to us at GSThelpdesk@rsmindia.in . For assistance with Tally GST-Ready ERP 9 Release 6 software implementation & training, we may also be reached at firstname.lastname@example.org .
We are delighted to enclose our latest GST publication (third in the series) viz. ‘GST – The Journey Begins (Updated 7 July 2017)’. This publication comprises of all the enacted & updated GST regulations up to 7 July 2017 and analysis of significant regulations. As GST has become operative from 1 July 2017, the publication content can be treated pretty much as the final law although clarifications keep coming every day.
On 3 June 2017, the GST Council fixed the GST rates of certain items, including the Rates for Rough Diamonds, Gold, Gems and Jewellery. Also the GST Rules in respect of the following were announced:
- Accounts and Records
- Advance Ruling
- Appeal and Revision
- Assessment and Audit
- E-way Bill
- Transition Rules
- Return Rules
Certain concepts like Reverse Charge, IT and ERP Readiness and Documentation have also been introduced in the new law. Our publication includes these key aspects.
Background - From 1 July 2017 the Goods and Services Tax (GST) will replace current indirect taxes and is the most iconic structural financial reform undertaken in India.
GST will have far reaching impact for virtually every business in terms of tax rates; overall tax incidence, input credits, distribution system, prices and costs. It seeks to reduce the cascading effect of the multiple indirect taxes such as excise duty, VAT, service tax, central sales tax, countervailing duty (CVD), octroi duty and harmonize tax administration between the Centre and the States which will improve the ease of doing business. GST provides businesses with seamless credit across the value chain.
GST regime will enable a vast majority of Indian businesses to access the entire national market without having to invest heavily in a country wide warehousing and distribution network and in the process further propel India’s economy.
GST is a complex legislation and does have far reaching impacts on businesses, some of which are extremely challenging and disruptive. This publication will serve as a roadmap for businesses to navigate through this complex mist and haze surrounding GST. The book presents a one-stop roadmap for consideration of the impact of GST from a business perspective.
We hope that the publication serves as a ready reckoner for the businesses and gives you a clear GST blueprint.