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.