The GST implementation is proving to be tough with tax payers finding it difficult to file numerous returns. With an aim to step up return filing awareness, the Centre for Incubation and Business Acceleration (CIBA), Verna, organized a talk on GST. Shivanand Pandit, managing person, Apex Financial Advisory Services, was the key speaker at the event.
Pandit enumerated the advantages and challenges in the new tax reform. He spoke on the provisions in the composition scheme and the precautions to be taken before opting for the scheme. He explained the provisions of input tax credit (ITC) and legal conditions to be kept in mind before claiming and setting of ITC. He explained the consequences of wrong or excess claim of ITC and the implications of forward charge and reverse charge mechanism.
The talk focused on the time of supply and related provisions of the Act. Participants were enlightened on the process of making payment of tax by considering electronic tax liability ledger, electronic credit and cash ledger. In addition, the procedure for filing tax returns, particulars to be provided and penalty provisions for late filing and late payment of tax liability was explained in detail.
Recently the Bombay High Court and the Allahabd High Court have asked for removal of glitches in payment of GST.