Budget Session: PM modi hopes for breakthrough on GST

As the Budget session of Parliament resumed today, Prime Minister Narendra Modi hoped there will be a breakthrough on the Goods and Services Tax (GST) bill and that issues will be discussed in a democratic manner.
“We hope that there will be a breakthrough on the GST because all states have positively cooperated. All political parties have also extended cooperation in a positive way,” he told reporters outside Parliament. How to apply for GST registration
The second leg of the Budget session resumed today after about a month-long recess.
“We are meeting after a break and the budget proposals will be discussed in details,” he said.
Hoping for a healthy debate in the House, the Prime Minister said, “I believe that the level of discussion will go to a higher level. Attention will be drawn towards the issues related to the poor people.” New GST registration

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No GST Credit if vendors are not paid in 90 days.

The Government circulated draft of the GST Model Law requesting for suggestions from the industry. The industry and experts have been poring over the draft. The article seeks to highlight the need to reconsider one of the provisions related to input tax credits. The proposed GST Legislation appears to deny tax credit in relation to input services for which payments are made after three months of the date of the invoice of the supplier. In fact the proposal mandates payment of interest in addition to the denial of credit in foreign company registration in India.
Also, under the current legislation, customer can re-claim the credit reversed earlier on making payment against the invoice. However, a similar provision is missing under GST and consequently may result in permanent loss of input credit of tax paid earlier in tax consultancy firms in Delhi.

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Budget 2017 - Push or Pull To Digital Economy

There are not many changes in current indirect taxation in India regime as GST is proposed to be rollout on 1stJuly, 2017. Hon’ble Finance Minister in today’s speech, said that IT system is on schedule for GST implementation and several teams of tax officers are also working tirelessly to give finishing touch to the Model GST law and rules and other details.

This budget has been welcomed by the whole industry. The Sensex jumped immediately after the speech was over. Digital economy budget will be a right move for the future growth of the economy. With more & more digitalization, India would have new taxpayers & better transparency in system. Every stakeholder from a small shop to a big corporate is pushed towards the digital economy. Government has pushed the digital theme in every area of the budget which is a nice effort.
Therefore, this Budget of 2017 is not a pull, but a push to Digital economy. Our government is determined to lay a beautiful foundation of digital economy in chartered accountant firms in Mumbai.

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Huge Challenges for CAs after GST implementation

Chartered accountants in India will have huge opportunities and challenges when the goods and services Tax(GST) is implemented.

Addressing the ICAI international Conference Jnana Yagna here, the urban development minister said chartered accountants should play a vital role addressing issues such as curbing black money.

Introduction of  GST (goods and services tax), which is round the corner (Goods and services tax), which is round the corner is one of the pioneering and game changing transformative initiatives taking shape In our country GST introduction is a huge challenge and opportunity for the chartered accountants and you need to get ready for enabling this change in a smooth and seamless manner. Venkaiah added.

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Here's How Dalal Street is Reacting To The Passage of the GST Bill

The Goods and Services Tax has become a reality as the Rajya Sabha passed the GST Constitution Amendment Bill with unanimous votes on Wednesday. 

The amendment is the 122 nd to the Constitution and will now head to the Presdent of India's door after it was earlier passed in the Lok Sabha. 
Here's how Dalal Street reacted to the passage of the Bill: 

Mihir Vora- Director and Chief Investment Officer, Max Life Insurance 
The passage of the Bill further enhances confidence in India's commitment to economic reforms. 

While implementation will take a few quarters, the writing is now on the wall - the organized sector will gain at the cost of the informal sector. 
In the short-term there may be some fiscal strain (depending on the rate finally implemented) but in the long-term, tax buoyancy will help in narrowing down the deficit. 

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