| |
A meeting was organized today to discuss suggestions and objections to the Second Version of Model GST Law headed by CREDAI task force owner Shri Prakash Challa in Mumbai on January 7, 2017.
The meeting was attended by Shri Prakash Challa, CREDAI Chennai, Taskowner of Taxation for National CREDAI, Shri Boman Irani, Secretary National, CREDAI, Shri Nainesh Shah, Secretary, CREDAI - MCHI, Shri Shantilal Kataria, President CREDAI Pune Metro, Shri Ajit Chordia, CREDAI Chennai, Shri Rajesh Lund, President CREDAI, Coimbatore, Shri Atul Rai, CEO and Director General National CREDAI, Shri Suresh Krishn, CREDAI Chennai and Shri S.S.Hussain, CEO, CREDAI- MCHI.
The meeting was also attended by Shri Sajal Gupta, CFO Rustomjee, Shri Timish Salot, Dy. VP Accounts LODHA, Shri Amit Kumar AVP Account, Godrej Properties, Shri Jayesh Pandya, CFO, HBS Realtors, Shri Dharmesh Panchal, Partner - Indirect Tax, PWC Shri Jayesh Kariya, Partner BSR and Associates and Shri Jayant Pandya and Shri Jayesh Kampani, Partner Shanker and Kampani.
Shri Challa initiated the workshop by giving a background and a brief of the past representations made on the subject. There was active participation around the table with the following key points being discussed and deliberated:
1. To demand for an effective GST rate of 12% with abatement for land cost and input credit for goods and services used
And / or To demand for a composite rate of 2% to 3%
2. Given the pros & cons, it was decided to go with above two options in their representation.
3. It was decided to seek clarification on Section 16 (1C&D) and 17 (4C).
4. It was decided to demand for input credit for commercial leasing properties, malls etc.
5. It was decided to prepare a detailed note of Clause 17 (4) including leased & under-construction property; JD and lease hold right of land to be added. Also, it was decided to represent that alternative accommodation provided in the scheme of redevelopment project, taxable value of services to be limited to construction cost
6. It was felt that for special treatment for unsold inventory, CREDAI should continue to demand for Transitional Provisions for smooth input credit.
The meeting was hosted by Kalpataru at their Headquarters. Special thanks to Shri Mofatraj Munot and Shri Parag Munot to extend the wonderful hospitality & warmth for hosting the GST workshop.
|
