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Work in progress: three major areas in GST where the government is still making up its mind

Several systems critical to consumer packaged goods firms, are yet to be fully firmed up.
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soumyagupta
3 Apr 2018 3 Mins Read 0 comment
Fiscal year 2017-18 came to a close after the tumultuous implementation of the Goods and Services Tax, many provisions of which are still being implemented. Several systems, critical to how consumer packaged goods firms operate in India, are yet to be firmed up. Here’s a look at three major areas that remain work in progress. Anti-profiteering clause As
government will treat transitional credit claims is still unclear, blocking companies’ claims and GST revenue collections. The government did introduce a clarification, dated April 13, on the procedure to follow to recover arrears under the old central VAT regime as companies make modifications to their returns under GST. ( The story has been updated to reflect recent developments.)
Fiscal year 2017-18 came to a close after the tumultuous implementation of the Goods and Services Tax, many provisions of which are still being implemented. Several systems, critical to how consumer packaged goods firms operate in India, are yet to be firmed up. Here’s a look at three major areas that remain work in progress. Anti-profiteering clause As government will treat transitional credit claims is still unclear, blocking companies’ claims and GST revenue collections. The government did introduce a clarification, dated April 13, on the procedure to follow to recover arrears under the old central VAT regime as companies make modifications to their returns under GST. ( The story has been updated to reflect recent developments.)

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