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