GST Council approves bill to compensate states for revenue losses

Legal issues were the cause for delay

The Finance Minister also clarified that the delay in approving the other bills was due to issues that crept up during legal vetting of these bills. The council has given directions to the legal sub-committee composed of Central and State officers to work on the legal language describing delegation of powers, exemptions during transition, and composition of appeal at tribunal to adjudicate on disputes. Other issues like VAT in work contracts, taxation of services etc. will also be taken up by the sub-committee and the final draft should ideally be approved in the next council meeting.

No power to the CAG under indirect tax

The CAG act already gives the Comptroller and Auditor general of India the power to question the government on any issue relating to public finances. Mr. Jaitley said that it was not necessary to give additional powers to the CAG under the indirect tax scheme.

What can you do to be GST ready?

We all know that GST is coming; it’s only a matter of when. So, without further dilly dallying it is imperative that you transition your business to the new tax scheme and be ready for when it is implemented. Some of the key points that should be kept in mind are:

1. Get your enrollment done on time. To read more about the enrollment process and its relevance, Click here.
2. Plan your logistics and warehousing requirement carefully. To read our detailed guide on impact analysis on logistics and warehousing, Click here.
3. Adopt such platforms, technologies which will enable your business to be GST-compliant.

Need an expert to help you with all things in GST? Find a CA!