Archives for June 29, 2017

Corporate Updates – 29-06-2017

GST

The Central Government hereby appoints the 1st day of July, 2017, as the date on which the provisions of the Central Goods and Services Tax Act, 2017 Act, shall come into force i.e Sections 6 to 9, 11 to 21, 31 to 41, 42 except the proviso to sub-section (9) of section 42, 43 except the proviso to sub-section (9) of section 43, 44 to 50, 53 to 138, 140 to 145, 147 to 163, 165 to 174. Further, separate notifications have been issued to prescribe rate of interest under CGST Act, 2017; to notify the number of HSN digits required on tax invoice; to notify the turnover limit for Composition Levy for CGST and many others to roll out the GST w.e.f 01-07-2017..

GST

As the Centre gets down to implementing GST from the midnight of June 30 and July 1, it also has a serious challenge to meet. There is an immense task before the government to not just educate the people about the new tax regime but also clarify their doubts and remove their apprehensions. To that end, the government has taken to the traditional mainstream and social media. While publishing advertorials, it has also invited queries on various platforms. The Government has also sought to reply to the queries which the people have posted on Twitter. The Central Board of Excise and Customs has attempted to respond to 100 such questions in order to clear the people’s doubts on GST.