GST intelligence in 2018 – IDT, Finance, Management

GST intelligence in 2018 - IDT, Finance, Management
GST intelligence in 2018 - IDT, Finance, Management
I must share certain pathetic situations of corporates which i came across while rendering ex- parte counsel opinions in last 5-6 months on certain already implemented process of GST in different organisations including anti - profiteering on regular basis.
Peculiar Transition- I found experiments and typical thought process have led miserable situations for many companies even in TRAN 1 and ITC.
Costing & Anti-profiteering-The costing which one could have kept at ease and with authority were discarded either due to lack of clarity or due to superficial instructions from too many cooks.
Inter Border Transaction -The IGST transactions were carried out in such a manner as if they wanted to have litigation as early as possible.Consolidations were done in panic.
Realistic Impact Study-The impact study was obsessed with artificial aspects and reality was neither factored nor could be understood.
Clarity on Basics- I wish that they should have focussed more on clearing their basics rather than craving for superficial advice.
Contracts -Contracts were changed to effect GST provisions as a formality rather than adding atleast 2 pages as GST has various impacting clauses.
The contracts which is the heart and soul of a business was left with loopholes. Most of them ignored ITC, ITC matching, anti-profiteering, credit/debit notes, debts due to GST & IBC, return, accountability, etc.
There is a history of disputes mainly due to badly worded contracts even in countries which have had GST regime.
Just realise that if this was the situation with well known companies in 2017 then God save the other companies in 2018.
It is the high time when CFO, IDT, Legal & Management persons realize as to where we are heading to in GST regime. Since, actual GST will be realized when one complete cycle of GSTR-1, GSTR -2 & GSTR -3 will occur  and till then its only trial phase of GST.
The sole intention of this educational write up is to caution business entities to focus on prevention and keep your basics right rather than fighting litigation at a later stage.
Anandaday Misshra, Founder Advocate - AMLEGALS & VAT Profs
The author is a litigation and arbitration advocate practicing in High Court and Tribunals. He has authored book on GST- Law & Procedure ( Taxmann). His other book on ITC in GST is also coming shortly.
Copyright @ AMLEGALS

Leave a Reply

Your email address will not be published. Required fields are marked *

Current day month ye@r *