Conference Call of the Sub-Group on GST
A sub-group has been set up by AMCHAM’s Tax, Tariff and Regulatory Affairs Committee under the chairmanship of Mr. Atul Gupta, Senior Director, Deloitte Haskins and Sells LLP, to discuss and analyze issues relating to GST and decide the way forward. The first conference all with the sub-group was held on 21st June. It was decided that the sub-group should have a monthly call. The next call would be held in the third week of July. Before the call, members would be requested to send their specific concerns and issues that they were facing under GST law in advance so that the members of the sub-group could deliberate on those issues in the proposed July meeting.
The date and agenda for an AMCHAM event on GST with senior GST officials was also discussed. Members decided that this event should be held in the second or third week of August 2017 and Government officials would be invited. At this event, there could be presentations by industry, consulting companies and government. Members pointed out that Anti-Profiteering Rules were important but the methodology and the mechanism for computation were not clear. In absence of any clear guidelines, price fixation of goods post July 1 is a formidable challenge for companies. Therefore, this was one issue on which AMCHAM should make a representation to the government asap. Another issue raised was in regards to eligibility of availing input credit on transition stocks basis a credit transfer document (CTD) be extended to all goods rather than goods having a value of more than Rs. 25,000. It was decided that AMCHAM would request for speedy release of guidelines for computation under Anti-Profiteering Rules and also in regards to extending the eligibility of availing input credit basis CTD for all goods, irrespective of value of the goods. Accordingly, a representation has been made to the Finance Minister, Revenue Secretary, and Chairman, CBEC.