30 November 2016
There is slight uncertainty about GST in India after the demonetization of Rs 500 and Rs 1000 denomination currencies. But the GST has already become a law which only needs rules for procedures, rate fixation and a date for introduction.
Traders and service providers will face many problems if the implementation date differs from the first day of the new fiscal year -
1) They will have to maintain two different sets of books of accounts for a financial year.
2) They should be ready for two assessments from two different tax authorities.
3) Different tax rates and changes in the input and output tax credits from one system to another system
4) Opening and closing stock valuation again in the middle of the year when the system changes.
- Instead of all these problems, selection of the first day i.e April 1, 2017 is certainly better for the new beginning.