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News Category : GST

GST e-way Bill System rolled out on trial basis
Posted Date : 17-Jan-2018 , 08:16:47 am | Posted By CASANSAAR

The Finance Ministry has rolled out the nationwide e-way Bill System for inter-state movement of goods on trial basis from Tuesday. The GST provision requiring transporters to carry an electronic waybill will be implemented from February 1 for inter-state movements. The e-way bill system elimi...

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Category : GST | Comments : 0 | Hits : 377

GST could see major changes before Budget
Posted Date : 15-Jan-2018 , 08:16:35 am | Posted By CASANSAAR

The Goods and Services Tax (GST) Council has lined up a slew of relief measures, including simplifying procedures for returns filing and relaxation of tax on agriculture implements, at its upcoming meeting on Thursday, according to sources. On the agenda are rationalisation of GST on agricultural...

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Category : GST | Comments : 0 | Hits : 501

No extension of date for filing return in FORM GSTR-1
Posted Date : 11-Jan-2018 , 08:48:48 am | Posted By CASANSAAR

The last date for filing of return in FORM GSTR-1, for different classes of taxpayers for the relevant periods, as shown in the Table below, remains 10th January, 2018. There has been no further extension of date for filing return in FORM GSTR-1. Table Sl. No. Class of Taxpa...

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Category : GST | Comments : 0 | Hits : 735

GST Council to discuss various issues on January 11
Posted Date : 10-Jan-2018 , 09:09:15 am | Posted By CASANSAAR

The Goods and Services Tax Council (GST) is scheduled to meet on Thursday (January 11) to deliberate on reasons for the fall in revenue collection, simplification of  and other issues. The tax rate fitment committee may also look into any potential rate changes. Last time, the council met...

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Category : GST | Comments : 0 | Hits : 589

Simplifying invoice matching process on GST Council agenda
Posted Date : 10-Jan-2018 , 09:02:28 am | Posted By CASANSAAR

Simplifying the invoice matching process to check tax evasion and the revenue leakages under the composition scheme will dominate discussions of the goods and services tax (GST) Council in its next meeting. The representative federal body comprising the Union finance minister and state finance mi...

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Category : GST | Comments : 0 | Hits : 485

Bitcoin Exchanges seeking clarity over levy of GST
Posted Date : 05-Jan-2018 , 01:23:42 pm | Posted By CASANSAAR

Are Bitcoin exchanges required to pay goods and services tax? If they are, what would the rate be? And, will GST be levied on the revenues or operating margins of these exchanges?  India's top seven Bitcoin exchanges, which include Zebpay, Unocoin, CoinSecure and BtcxIndia, plan to appro...

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Category : GST | Comments : 0 | Hits : 374

E-way bill system under GST to be implemented from Feb 1
Posted Date : 03-Jan-2018 , 09:55:37 am | Posted By CASANSAAR

The Goods and Services Tax (GST) provision requiring transporters to carry an electronic waybill or e-way bill when moving goods between states will be implemented from February 1 to check rampant tax evasion and boost revenues by up to 20%. After implementation of the GST from July 1, the requir...

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Category : GST | Comments : 0 | Hits : 700

Govt to introduce reverse charge mechanism to check GST evasion
Posted Date : 03-Jan-2018 , 09:27:44 am | Posted By CASANSAAR

In its bid to check evasion, especially by traders and small businesses under goods and services tax (GST), the government is likely to introduce the reverse charge mechanism, wherein, recipient of goods or services are required to pay GST instead of suppliers, said a report.  This will ensu...

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Category : GST | Comments : 0 | Hits : 1051

Govt relaxes norms for rectification of returns under GST
Posted Date : 02-Jan-2018 , 08:47:48 am | Posted By CASANSAAR

The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns - GSTR-3B - and adjust tax liability, a move that will help them file correct returns without fear of penalty.  This relaxation will give an opportunity to businesses to claim tax credit correctly by r...

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Category : GST | Comments : 0 | Hits : 2855

GST Returns deadline extended till January 10
Posted Date : 29-Dec-2017 , 06:44:45 pm | Posted By CASANSAAR

The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to Rs. 1.5 crore will have to file GSTR-1 for July-September by January 10, 2018, as against December 31, 2017 e...

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Category : GST | Comments : 0 | Hits : 736

Tax payers can see status of returns filed on GSTN portal
Posted Date : 27-Dec-2017 , 09:46:34 pm | Posted By CASANSAAR

Tax payers can now view the status of the returns filed by them on the GST Network portal, the company handling the technology backbone of the new indirect tax system said today. "All users logging on the GST portal can now see the status of their returns filed for all the returns like GSTR-...

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Category : GST | Comments : 0 | Hits : 658

Lok Sabha passes GST (Compensation to States) Amendment Bill- 2017
Posted Date : 27-Dec-2017 , 09:45:01 pm | Posted By CASANSAAR

The Lok Sabha on Wednesday passed the Goods and Services Tax (Compensation to States) Amendment Bill- 2017 amid uproar by the opposition Congress and TMC.  The Bill will replace Ordinance which was promulgated in September this year. It amends the Goods and Services Tax (Compensation to Stat...

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Category : GST | Comments : 0 | Hits : 163

GST revenue slips further; Rs 80,808 crore tax collected for Nov
Posted Date : 27-Dec-2017 , 09:14:15 am | Posted By CASANSAAR

Revenue collection from Goods and Services Tax (GST) for the month of November slipped further to Rs 80,808 crore, lowest since the implementation of the indirect tax system from July 1. The dip in revenue collection was mainly due to a decline in overall incidence of taxes on most commodities, e...

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Category : GST | Comments : 0 | Hits : 547

Govt introduces bill on GST compensation cess in Lok Sabha
Posted Date : 23-Dec-2017 , 07:22:50 am | Posted By CASANSAAR

The government  introduced a bill in the Lok Sabha that would replace an ordinance wherein tax rates on various motor vehicles were hiked to a maximum of 25 per cent under the Goods and Services Tax (GST).  Finance Minister Arun Jaitley introduced the GST (Compensation to States) Amendm...

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Category : GST | Comments : 0 | Hits : 714

Modi Govt set to issue notices to GST defaulters
Posted Date : 18-Dec-2017 , 09:59:44 pm | Posted By CASANSAAR

The Government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters. According to a report in Business Standard, the government is set to issue notices who have failed to file returns. Due to postponement of measures under the GST ...

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Category : GST | Comments : 0 | Hits : 1154

GSTN brings in option for monthly, quarterly filing of forms
Posted Date : 18-Dec-2017 , 09:42:14 pm | Posted By CASANSAAR

Goods and Services Tax Network (GSTN), the IT backbone of the new tax regime, today said it has put a new function on its portal to allow taxpayers choose the frequency of filing GSTR 1 form on quarterly or monthly basis.  Taxpayers with annual aggregate turnover up to Rs 1.5 crore in the pr...

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Category : GST | Comments : 0 | Hits : 420

Builders may face probe by GST anti-profiteering body
Posted Date : 18-Dec-2017 , 07:42:22 am | Posted By CASANSAAR

Real estate developers are likely to be the first to face investigation by the new anti-profiteering watchdog for allegedly denying consumers the benefit of reduced tax burden under the goods and services tax (GST) regime that kicked in from 1 July. A standing committee of officials attached to t...

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Category : GST | Comments : 0 | Hits : 275

GST brings jobs boom for Indian CAs
Posted Date : 18-Dec-2017 , 07:39:28 am | Posted By CASANSAAR

After the implementation of the Goods and Services Tax (GST) in India in July this year, the demand for Chartered Accountants (CAs) well-versed in the new tax regime has been on a global rise, the Institute of Chartered Accountants of India (ICAI) revealed. GST or similar tax regimes are now applica...

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Category : GST | Comments : 0 | Hits : 862

GSTN plans data scan to detect tax evasion
Posted Date : 18-Dec-2017 , 07:23:56 am | Posted By CASANSAAR

With nearly 10 million taxpayers registering themselves on the goods and services tax (GST) network, or GSTN, the information technology backbone of the new indirect tax regime is initiating the process of mining data to detect tax evasion and analyse taxpayer behaviour. GSTN will soon float a re...

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Category : GST | Comments : 0 | Hits : 523

GST Council Meet :- Inter-State e-way Bill to be made compulsory from 1st of February, 2018.
Posted Date : 16-Dec-2017 , 02:06:11 pm | Posted By CASANSAAR

The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National e-way Bill is ready, the...

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Category : GST | Comments : 0 | Hits : 2867

GST Council to meet tomorrow; discuss roll out of e-way bill
Posted Date : 15-Dec-2017 , 04:49:05 pm | Posted By CASANSAAR

The all-powerful GST Council will meet tomorrow to discuss early implementation of e-way bill as well as ways to plug tax evasion. Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, so...

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Category : GST | Comments : 0 | Hits : 457

Now File NIL GSTR 3B in one click
Posted Date : 15-Dec-2017 , 09:09:14 am | Posted By CASANSAAR

In a bid to make GST filing easier for taxpayers, a new functionality has been introduced on the official portal of GST. This new functionality has been initiated with the filing of GSTR-3B returns first.   The GST network in a statement said, “A new functionality has been introduced on...

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Category : GST | Comments : 0 | Hits : 730

35% of businesses registered in GST pay no tax - FM
Posted Date : 15-Dec-2017 , 09:05:29 am | Posted By CASANSAAR

Around 4 lakh people contribute 95% of GST collections, while 35% of those who have filed returns mostly paid no tax, finance minister Arun Jaitley said on Thursday. He provided these figures emerging from studies in response to a query at industry chamber Ficci’s 90th AGM here on whether t...

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Category : GST | Comments : 0 | Hits : 573

GST collections could rise on e-way bills: FM
Posted Date : 15-Dec-2017 , 09:02:00 am | Posted By CASANSAAR

Revenue collections from the Goods and Services Tax could pick up over the coming months as provisions such as e-way bills for transport of goods kick in, Finance and Corporate Affairs Minister Arun Jaitley said on Thursday, stressing that lower direct and indirect tax rates are only possible when g...

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Category : GST | Comments : 0 | Hits : 278

Filing of Form TRAN-I to avail Input Tax Credit
Posted Date : 13-Dec-2017 , 07:55:41 am | Posted By CASANSAAR

Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A tax payer could file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax credit declared in the last return under the pre GST regime. The last date for filing of...

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Category : GST | Comments : 0 | Hits : 642

Input Service Distributors can now file GSTR 6 on GST portal
Posted Date : 08-Dec-2017 , 08:23:21 pm | Posted By CASANSAAR

Goods and Services Tax Network (GSTN) today said Input Service Distributors can now file monthly return form GSTR 6 for July to distribute input tax credit among their units registered on the GST portal.  The last date for filing of GSTR 6 return for July is December 31, GSTN said in a state...

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Category : GST | Comments : 0 | Hits : 547

Rs.8,450 crore package to boost exports post GST
Posted Date : 05-Dec-2017 , 09:56:21 pm | Posted By CASANSAAR

The government on Tuesday announced incentives worth ₹8,450 crore to boost exports of goods and services — mainly from labour-intensive segments and the Micro, Small and Medium Enterprises — and to increase employment generation and value-addition. The incentives were announced as part...

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Category : GST | Comments : 0 | Hits : 977

GST data may be used to track income-tax evaders
Posted Date : 05-Dec-2017 , 09:53:23 pm | Posted By CASANSAAR

The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.  The government is setting up a mechanism wherein data obtained through GST reporting could be correlated with th...

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Category : GST | Comments : 0 | Hits : 1528

CBEC calls for reality check to boost GST mop-up
Posted Date : 05-Dec-2017 , 10:40:40 am | Posted By CASANSAAR

Amid concerns over slowing goods and services tax (GST) collections, the Central Board of Excise and Customs (CBEC) has sought detailed field reports with a special focus on the top taxpayers.  Finance secretary Hasmukh Adhia will review the revenue position with senior officials in the depa...

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Category : GST | Comments : 0 | Hits : 1043

Indian Oil suffers Rs 4,200cr due to GST
Posted Date : 05-Dec-2017 , 10:08:02 am | Posted By CASANSAAR

State owned oil refiner, Indian Oil Corporation has said that impact of the Goods and Services Tax (GST) would be nearly Rs 4,200 crore as it would not able to claim input tax credit for automotive fuels that are outside GST Input tax credit means at the time of paying tax on output, you can redu...

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Category : GST | Comments : 0 | Hits : 1080

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