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The GST philosophy was based on seamless credit not only of all taxes but all taxes used for business without restriction. This is not so.
Collecting taxes before they are due is unfair to tax payers- practice continued under GST
Chanakya in his arthashastra said- do not pluck the fruits before they are ripe. Revenue dept- has been doing this for some time
GST Law needs to be simple and not restrictive. Tax to be collected like bee collecting honey.
Understanding the meaning of supply is important to be able to appreciate the GST Law as all supplies are taxable.
The GST model law as it stands is a disaster- totally loaded against the honest tax payer- too cumbersome for the SMEs. Needs a major surgery.
It appears that the GST maybe ushered in by April 2017. Industry, Officers, and Professionals need to be aware to meet these challenges. A brief write up.
In the past there have been a lot of disputes with quashing of Rule on audit [5A(2)], leading to questioning of legality of service
The new assessee engaged in manufacture of jewellery may find it difficult to cope with compliance requirements under Central Excise law. The liability starts from 1st March 2016 though some procedural relaxations provided to the Jewellery segment.T
The Organisation of the ICAI is in 3 levels- The Central Council � To make Policies; The Regional Councils � To spread the policies and enable/ empower branches to take forward; and the branches to actually execute/ implement the policie
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