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It is very essential to understand why your business needs to be registered under GST. We at Priha Corporation, aim to guide our clients to understand GST for each sector of business.
While the government has made the big announcements, the industry needs to do its bit and start preparing for the transition to GST. Preparedness is the key to ensuring a smooth transition. There are various corporates that have already conducted GST impact assessment studies.
As we move on to the GST regime, transitional provisions play an extremely critical role. They lay down the blueprint for dealing with the ongoing transactions, contracts etc, whilst the new law will get enacted.
There are no provisions which enable dealers registered under the excise law, to carry forward the cenvatable duties like excise duty, countervailing duty in lieu of excise duty, countervailing duty in lieu of sales tax which are lying in balance as on the date of transition. Under the VAT law, the input tax credit lying in balance would get transitioned as part of the credit balance.
It has been provided that if any demand is payable after the GST is introduced due to any litigation pertaining to pre-GST era, then the tax credit of such payment cannot be taken.
Under the GST laws, in absence of concept of centralised registration, they would be required to obtain registration in every state where they have operations. This will become a mammoth exercise for companies having pan-India operations and having to deal with a single authority will become a luxury of the past.