Indore : Pawan Sharma, commissioner, State Goods and Service Tax (SGST) department, has said that teething problems of GST are over. It is a system-driven tax regime, which is free from human intervention.
Dr Sharma was addressing a seminar on tax audit provision at ICAI auditorium here on Saturday. The seminar was jointly organised by Tax Practitioners Association and Institute of Chartered Accountants of India Indore branch. Dr Sharma, a senior IAS officer, addressed the seminar as chief guest and said department is committed to ensuring smooth operation of GST. “Government’s intentions on GST are clear,” he remarked. He said chartered accountants not only undertake tax audit but maintains update on the subject.
Chartered accountant AS Krishnan from Bhopal said more than one year has gone into implementation of GST. So, the teething problems have settled. Expressing hope that honest tax payers would not face problem in GST system, he said care must be taken while availing input tax credit because any wrong entry will invite penalty.
Mukul Sharma, a known GST expert, said credit is available only on supply of qualified goods/services. The government has made significant changes in provisions of input tax credit. Obtaining goods or services before taking ITC benefit is mandatory.
He said after change in law, the tax paid on motor vehicle will be waived. There will be no discounts on mini cab and maxi cab. GST will not apply on renting a bus or contract carriage for carrying company’s employees.
Chartered accountant Navneet Garg from Bhopal said all traders who are registered in GST have to submit their annual returns by December 31, 2018. This annual return form should be submitted in GSTR-9. On September 4, 2018, the GSTR-9 format was notified by the centre. Since government GSTR2 and GSTR 3 have not been notified, the party-wise details of purchase parcels will have to be given in GSTR 9.
The seminar was conducted by chartered accountant Harsh Firoda. Advocate Rajesh Joshi gave vote of thanks.