Page 43 - Banking Finance June 2017

ARTICLE

SPECIAL

COLUMN ON

GST

AWARENESS

G oods and Service Tax (GST) is a major tax reform and tax professionals requires to be aware and updated

rather economic reform taken up by the Govern-
about relevant issues of new GST law to be effective from
1st July 2017.
ment. GST implementation requires knowledge
updating and awareness for all stakeholders of
the society. We know that once implemented, GST will have With an attempt to spread GST awareness among the read-
a great impact on the Tax Structure, Tax Incidence, Tax ers of the Financial Bazar, the important aspects of GST law
Computation, Valuation, Tax Payment, Compliance, Input will be covered henceforth in every issue on regular basis.
Credit, Accounts & Records, Returns, Assessment, and Re- In this issue the basics of GST law are being highlighted
porting of every business in the society leading to a com- below:
plete overhaul of the current indirect tax system. 1. GST is an integrated tax system which works on the
concept of "One Nation One Tax". Under the GST re-
New business models with supply chain system are bound gime, all existing assessees under Central Excise, Ser-
to emerge and come forward. So the business community vice Tax and VAT have been migrated to the GST.

2. Now every supplier of goods or services or both shall be
About the author liable to be registered under GST Act (s) in the State or
Union territory other than special category of states
CA. R C Guria from where he makes a taxable goods or services or
M.Com, FCA, FIII both, if his aggregate turnover in a financial year ex-
R. C. Guria & Associates ceeds Rs.20-lakhs.
Chartered Accountants
3. The GST law is roll out with effect from 1stJuly 2017
since both the houses of Parliament have cleared the

BANKING FINANCE | JUNE | 2017 | 43

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