AMCHAM, in association with Grant Thornton in India, hosted a breakfast session on ‘Goods & Services Tax – Industry Specific Issues’ on 5th June 2017, at the Grant Thornton office in Bangalore. The discussion focused on highlighting the key areas of concerns for industry regarding the GST law. It also shed light on a few pressing challenges of the new law.
The session was conducted by Mr. Suresh Rohira and Mr. Madhur Harlalka from Grant Thornton. The attendees included finance heads from IBM, Boeing, Northern Trust, Lowes, First American, Goldman Sachs, Timken, Altair, Moog, Netapp, etc. The session focused on the key highlights of the 15th GST Council Meeting held on 3rd June 2017 and the transitional provisions of the new law. The GST taxes under different categories were discussed. Industry issues such as claiming credit for intra-state supplies, industry preparedness, dual control by state and centre, reconciliation of e-way bills, valuation mechanism for land in construction services, separate registration for each state and SEZ, post sale discounts, computation of IGST, stock transfer valuation, reverse charges for SEZ, 40% transitional credit, convergence of SVB and TP valuation procedures, and high seas supply under GST were debated. Also, GST on supplies to multiple locations, EOU/FTP schemes on work contract services, construction of complex and WC services, and employer employee gifts, were clarified.
For any updates relating to GST please log visit http://www.grantthornton.in/.
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