Goods & Services Tax (GST) in IndiaGST Implementation- Is It Too Early Or Uncertain

GST Implementation- Is It Too Early Or Uncertain 

In entire world, the sine qua non of GST  are as below :

Concept of supply, consideration, business,recipient, location of supplier, location of recipient,establishment, reverse charge mechanism, continous supply, input tax credit, zero rated supply, composite supply, time of supply, value of supply, market value,etc

Whereas, it is pertinent to note that these are almost similar in every country following Organisation for Economic Co-operation and Development(OECD). Hence, it is neither too early to work on GST implementation nor it is premature to work on GST implementation in any organisation.

We understand that the framework and fundamental of draft GST in India is in line with guidelines issued by OECD. It must be known that India has associated with OECD in 2015. Whereas, other countries have GST models, including BRICS nations,based on OECD framework as well.

Hence, the process of GST implementation in any organisation is neither too early nor it is uncertain at this stage. At the most , it can be said that certain procedures are not defined as final GST Act & GST Rules are yet to come, otherwise the framework of GST wil be at par the same what has been reflected in Draft GST Act,2016.

AMLEGALS foresee that hardly 5% changes can be there in the finalised GST Act than what is there in draft GST available in public domain.

We are going to highlight and cover all these aspects in our Corporate Legal Conference on GST on 3rd September 2016 at Ahmedabad. TAXGURU is online partner for this conference. For more details, please refer and click www.gstprofs.in

by Anandaday Misshra, Founder Advocate , AMLEGALS 

( The author is one of the leading litigation and advisory advocate.  He is an avid speaker and author on various laws including GST.He handles cases in Tribunals  & High Courts of India. He can be contacted on anand@amlegals.com .For more, please refer www.amlegals.com ) 

To know more as to “How GST can be implemented in any organisation ?”, please refer & click 

GST Implementation