Units availing tax holiday get jittery about GST

By | October 12, 2016
(Last Updated On: October 12, 2016)

The industrialists who had set up units here from 2003 to 2010 are wary about the implementation of GST. Under the industrial package, the units that came up in Himachal during the period were exempted from Central Excise for 10 years. Many units that started production in 201 0 were exempt from Central Excise Tax till 2020. However, now with the GST coming into force from April 2017 , the industrialists are fearing that their package is being cut short.

Sarwal, who had set up a pharma unit in Golthai, said the government should continue the package till 2020. They had set up units following package given by the government. Under a new legislation, the government could not withdraw the benefit given to them by the previous government.

Rajneesh Vohra, a CA in Una district, said the Centre had proposed that industrialists would initially have to deposit the GST and it be reimbursed to them later. Since the time of reimbursement was not clear, the industrialists are wary. The industrial associations were planning to meet Finance Minister Arun Jaitley , he said.

Sources said many industrialists were contemplating to move court against the decision to bring them under the am bit of GST that would make them liable to pay waived taxes.

The package to Himachal was given by the NDA government led by Atal Behari Vajpayee. The package was given for 10 years ranging from 2003 to 2013. However, owing to pressure from neighbouring Punjab and Haryana, the package was curtailed by the previous UPA government in 2010. However, the industrial units that started production till March 2010 were entitled to tax benefits for 10 y ears.

Since GST was being imposed after the merger of all taxes such as Central Excise, sales tax, entry taxes of states, it would be hard for the units to escape it, sources said. Source – http://www.tribuneindia.com [11-10-2016]

Free Education Guide on Goods & Service Tax (GST)


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Topic -GST

Resources

1

Model GST Law

Model GST Law

2

GST Overview

Goods and Services Tax (GST): An Overview

Integrated Goods & Service Tax (IGST) Act Overview

Meaning and Scope of Supply

Time of Supply

Place of Supply of Goods and Service under GST

Valuation in GST

Levy of GST & Exemption from Tax

Job Work under Goods & Service Tax (GST)

Electronic Commerce under Goods & Service Tax (GST)

3

Transition to GST

Transitional Provisions in Goods & Service Tax (GST)

4

Registration

GST Registration FAQ’s

GST Registration Process -Video

GST -Draft Registration Rules

GST -Draft Registration Formats

5

Invoice

GST Draft Invoice Rules released by CBEC

GST Draft Invoice formats Released by CBEC

6

Input Tax Credit

Input Tax Credit under Goods & Service Tax (GST)

Concept of Input Service Distributor in Goods & Service Tax (GST)

7

Payment

GST Payment of Tax

GST Draft Payment Rules Released by CBEC

GST Draft Payment formats Released by CBEC

8

Refunds

Refund under GST

Draft GST Refund Forms released by CBEC

Draft GST Refund Rules released by Govt

9

Returns

Returns Process and matching of Input Tax Credit under GST

Draft GST Return Rules Released by Govt

Draft GST Return Formats released by Govt

10

Assessment and Audit

Assessment and Audit under GST

11

Inspection, Search, Seizure and Arrest

Inspection, Search, Seizure and Arrest under GST

12

Offences, Penalty, Prosecution & Compounding

Offences, Penalty, Prosecution & Compounding in GST

13

Demands and Recovery

Demands and Recovery under GST

14

Appeals and Review

Appeals, Review and Revision in GST

15

Advance Ruling

Advance Ruling in Goods and Service Tax (GST)

16

Settlement Commission

Settlement Commission in Goods and Service Tax (GST)

17

GST Portal

Frontend Business Process on GST Portal

Category: GST

About CA Satbir Singh

Chartered Accountant having 12+ years of Experience in Taxation , Finance and GST related matters and can be reached at Email : Taxheal@gmail.com

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