EC gives a nod to GST Council meeting scheduled on March 19
Posted Date : 14-Mar-2019 , 06:43:21 am | Posted By CASANSAAR
The Election Commission has given approval for holding the upcoming GST Council meeting on March 19 to consider various issues including the implementation of lower GST rates for the real estate sector.
The next meeting will be held through videoconferencing, sources said.
Foll...
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Taxpayers can compare tax liability declared in final, summary GST returns forms - GSTN
Posted Date : 13-Mar-2019 , 09:57:28 am | Posted By CASANSAAR
The GST Network on Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms.
The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the t...
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GST Council to meet on 19 March to finalise real estate tax structure
Posted Date : 12-Mar-2019 , 09:35:22 am | Posted By CASANSAAR
In a first-of-its-kind meeting of a federal forum in the midst of the code of conduct of general elections, the Goods and Services Tax (GST) Council is scheduled to meet on March 19 to finalise guidelines to support the changed tax rate structure for underconstruction houses.
This would be the on...
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No GST on tax collected at source levied on goods - FinMin
Posted Date : 09-Mar-2019 , 10:08:04 am | Posted By CASANSAAR
The finance ministry on Friday provided relief to traders by withdrawing a rule that required them to charge goods and services tax (GST) on the compulsory income tax to be collected at source (TCS) from consumers who make high value purchases such as premium cars. A circular issued in December had ...
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FinMin asks to be cautious while filing annual GST returns form
Posted Date : 08-Mar-2019 , 08:01:05 am | Posted By CASANSAAR
The Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available.
In a statement, the ministry said the annual returns form is now available on the common portal for filing and asked Goods and Serv...
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FinMin notifies April 1 as date for availing increased GST exemption limit, composition scheme
Posted Date : 08-Mar-2019 , 07:51:12 am | Posted By CASANSAAR
The government Thursday notified April 1 as the date for the implementation of doubling of GST exemption limit to Rs 40 lakh, which will benefit small and medium enterprises.
Besides, the effective date for availing higher turnover cap of Rs 1.5 crore for availing composition scheme by traders ha...
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FM releases a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit
Posted Date : 01-Mar-2019 , 08:57:47 pm | Posted By CASANSAAR
Finance Minister, Shri Arun Jaitley released a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit. The Finance Minister congratulated CGA and his team on the occasion of Civil Accounts Day and appreciated the good work being done by ICAS. #casansaa...
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GST collection drops to Rs 97,247 crore in February
Posted Date : 01-Mar-2019 , 05:21:36 pm | Posted By CASANSAAR
GST collections in February dropped to Rs 97,247 crore in February from Rs 1.02 lakh crore in the previous month, the Finance Ministry said Friday.
The number of sales return or GSTR-3B filed for the month of January up to February 28, 2019 is 73.48 lakh.
"The total gross GST ...
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Govt detects Rs 20,000 Cr GST evasion in April-Feb FY19
Posted Date : 27-Feb-2019 , 07:10:17 pm | Posted By CASANSAAR
The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax officer said on Wednesday.
Central Board of Indirect Taxes and Customs Member (Investigation) John Joseph further said the department wou...
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Trade bodies welcome rate cut in GST on real estate
Posted Date : 25-Feb-2019 , 08:30:31 am | Posted By CASANSAAR
Various trade bodies have lauded the GST Council decision on Goods and Services Tax rate cut on real estate.
Director General of Confederation of Indian Industry (CII) Chandrajit Banerjee said the GST Council's decision will address the needs of home buyers and boost offtake of housing....
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GST on under-construction housing properties cut to 5%, affordable houses to 1%
Posted Date : 24-Feb-2019 , 08:09:51 pm | Posted By CASANSAAR
Union and state governments on Sunday decided to lower Goods and Services Tax (GST) on under construction housing properties to 5% from an effective 12% in a pro-consumer decision ahead of national polls due by April-May.
GST rate on affordable housing projects too has been lowered from an effect...
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GST Council defers decision on tax on real estate
Posted Date : 20-Feb-2019 , 10:41:56 pm | Posted By CASANSAAR
The GST Council deferred a decision on the rationalisation of tax rates on real estate till February 24 as some states wanted a physical meeting before a final decision is taken on the issue.
Briefing media after the 33rd meeting of GST Council held in New Delhi on Wednesday through video- ...
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GoM favours uniform tax on lottery, GST Council to decide rate on Feb 20
Posted Date : 18-Feb-2019 , 09:22:08 pm | Posted By CASANSAAR
A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on which would be taken by the GST Council at its meeting on February 20.
Currently, a state-organised lottery attracts 12 per cent GST whil...
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HC dismisses advance bail pleas on GST Act violation
Posted Date : 13-Feb-2019 , 04:33:07 pm | Posted By CASANSAAR
Observing that the Central Goods and Services Act was enacted with the laudable object of "one country one tax", the Madras High Court on Tuesday dismissed the anticipatory bail applications filed by nine persons apprehending arrest under the provisions of the Act.
Justice Anand Venkate...
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Rs 4,172 crore late fee for delayed filing of returns collected since GST launch
Posted Date : 12-Feb-2019 , 08:54:05 am | Posted By CASANSAAR
A total of Rs 4,172.44 crore was collected by the government as late fee for delayed filing of various goods and services tax (GST) returns since the implementation of the indirect tax regime on July 1, 2017, till February 4, 2019, Finance Minstry data showed.
GST-related laws provide for levy of...
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Govt panel favours lowering GST on under-construction flats to 5%
Posted Date : 09-Feb-2019 , 10:21:20 am | Posted By CASANSAAR
A ministerial panel led by Gujarat deputy chief minister Nitin Patel has come out in favour of lowering the goods and services tax (GST) on under-construction properties to 5% without credit for taxes paid on raw materials. The seven-member panel, which met in the national capital on Friday, also fa...
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GST throws a challenge to CAG - Rajiv Mehrishi
Posted Date : 05-Feb-2019 , 07:08:49 am | Posted By CASANSAAR
GST has come as a challenge for government auditor CAG as huge numbers are to be worked, Comptroller & Auditor General of India (CAG) Rajiv Mehrishi said Monday.
The new indirect tax regime, however, also offers an opportunity as the data is available on a single platform making it poss...
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GSTN develops system to fetch e-way bill data to curb evasion
Posted Date : 01-Feb-2019 , 09:18:40 am | Posted By CASANSAAR
Now, businesses supplying goods worth more than Rs 50,000 will have option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data.
Matching of invoices of e-way bills wi...
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GST collections in January cross Rs 1 lakh crore mark
Posted Date : 01-Feb-2019 , 09:05:29 am | Posted By CASANSAAR
The GST collections in January this year has crossed one lakh crore rupees mark.
In a tweet, Finance Ministry said, this has been a significant improvement in comparison to GST collection over 94 thousand crore rupees during last month.
It said, in January last year the GST collection wa...
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Rajasthan HC notice to Centre, State Govt on GST input credit benefit delay
Posted Date : 30-Jan-2019 , 08:30:10 am | Posted By CASANSAAR
Rajasthan High Court on Tuesday issued notices to the Central government, state government and the GST Council seeking reply in four weeks on the denial of the input tax credit benefit.
Lakhani Metal and Castings Pvt. Ltd. of Bikaner had moved a petition challenging the clause (ii) of proviso of ...
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Govt may ask taxmen to file GST profiteering pleas
Posted Date : 30-Jan-2019 , 08:28:02 am | Posted By CASANSAAR
The GST officials are working out mechanism to prompt taxmen to initiate profiteering complaints, which could be taken up for further investigation by the Directorate General of Anti-Profiteering (DGAP).
Currently, only consumers file complaints against businesses for not passing on the benefits ...
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Tax officials may examine high usage of ITC to set off GST liability
Posted Date : 27-Jan-2019 , 08:18:00 pm | Posted By CASANSAAR
Concerned over a decline in GST revenues, tax officials are likely to examine the high usage of input tax credit (ITC) to set off tax liability by businesses, sources said.
The issue of high ITC was flagged at the meeting of the Group of Ministers (GoM) which was set up by the GST Council to look...
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Cabinet approves creation of the National Bench of the Goods and Services Tax Appellate Tribunal
Posted Date : 23-Jan-2019 , 05:24:33 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT).
The National Bench of the Appellate Tribunal shall be situated at New Delhi. GSTAT shall be presided over by the President and...
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GoM on revenue shortfall to study GST collection on services by states
Posted Date : 23-Jan-2019 , 09:00:30 am | Posted By CASANSAAR
A panel of state finance ministers Tuesday decided to scrutinise the GST collection on services by the states to find out if they are taxing them correctly, Bihar deputy chief minister Sushil Modi said.
The panel has been formed by the GST Council to look into revenue shortfall being faced by the...
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No e-way bill if GST returns not filed for 6 months
Posted Date : 20-Jan-2019 , 11:28:16 pm | Posted By CASANSAAR
Non-filers of GST returns for 6 consecutive months will soon be barred from generating e-way bills for movement of goods.
The Goods and Services Tax Network (GSTN) is developing such IT system that businesses who have not filed returns for two straight return filing cycle, which is 6 months, woul...
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Govt forms GST Panel to study uniform tax rate on lottery
Posted Date : 17-Jan-2019 , 09:26:22 am | Posted By CASANSAAR
A GST ministerial panel will suggest whether a uniform tax rate should be imposed on lotteries or the current differential tax rate system be continued, the Finance Ministry said Wednesday.
Currently, a state-organised lottery attracts 12 per cent GST while a state-authorised lottery attrac...
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Govt forms GoM for GST issues in Real estate
Posted Date : 16-Jan-2019 , 09:05:42 am | Posted By CASANSAAR
Government has constituted a seven-member Group of Ministers (GoM) to boost the real estate sector under the GST regime. Deputy Chief Minister of Gujarat Nitin Patel will be the convener of the GoM.
Finance Ministers of Maharashtra, Karnataka, Kerala, Punjab and Uttar Pradesh and the Panchayat Mi...
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Companies may soon be able to rectify GST returns for Non-IT errors
Posted Date : 14-Jan-2019 , 07:33:23 am | Posted By CASANSAAR
Indian businesses may soon be able to amend goods and services tax (GST) return mandated for carrying forward tax credit from the previous regime for non-IT related errors as well. The GST Council has directed a committee for IT grievance redressal to quickly draw up a solution that will give relief...
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FinMin considers steps to prevent composition dealers from charging GST from buyers
Posted Date : 13-Jan-2019 , 03:12:59 pm | Posted By CASANSAAR
In a consumer-friendly measure, the revenue department is planning to make it mandatory for composition dealers and service providers to declare their GST registration status in invoices to ensure that they do not charge any tax from buyers.
The measure, once implemented, would check the widespre...
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Govt plans insurance scheme for GST-registered small traders
Posted Date : 12-Jan-2019 , 08:47:10 am | Posted By CASANSAAR
Ahead of the general elections, the government is considering an insurance scheme for lakhs of GST-registered small and medium scale traders with a view to address certain concerns of this segment.
According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Man...
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