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News Category : GST

Fast-track GST refund, else Rs 65K cr may be stuck - Exporters
Posted Date : 20-Sep-2017 , 07:54:52 am | Posted By CASANSAAR

Fearing that a staggering Rs 65,000 crore could get stuck in GST refunds, exporters today asked the government to fast-track the refund process and avoid further deterioration in their "liquidity situation". The Committee on Exports, chaired by Revenue Secretary Hasmukh Adhia, today met...

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Category : GST | Comments : 0 | Hits : 142

CBEC tells field officers to take GST disputes to Supreme Court
Posted Date : 19-Sep-2017 , 09:20:33 am | Posted By CASANSAAR

Central Board of Excise and Customs (CBEC), the indirect tax administration of the union government, on Monday instructed its field officers to prepare to move the Supreme Court on all disputes where levy of goods and service tax (GST) has been questioned or stayed by any high court. The instruct...

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Category : GST | Comments : 0 | Hits : 264

Only 6.9 lakh taxpayers filed GST returns
Posted Date : 19-Sep-2017 , 08:43:54 am | Posted By CASANSAAR

With the deadline for filing Goods and Services Tax (GST) returns for August coming to an end in less than 72 hours, only 6.9 lakh taxpayers have filed their GSTR-3B- a short summary return, at the end of Monday, said sources familiar with the development. The government expects tax returns from abo...

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Category : GST | Comments : 0 | Hits : 618

160 companies to get notices on transitional GST credits
Posted Date : 19-Sep-2017 , 08:38:39 am | Posted By CASANSAAR

Several Indian companies, including some large entities, may start receiving notices from Monday on transitional tax credits in the run-up to the introduction of the single producer levy, two people with direct knowledge of the developments told ET. The notices from the indirect-tax department fo...

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Category : GST | Comments : 0 | Hits : 279

GoM admits to glitches in network delaying GST filings
Posted Date : 17-Sep-2017 , 10:05:12 pm | Posted By CASANSAAR

Technical glitches and procedural problems galore on the GST Network have delayed payments and filing of returns under the new Goods and Services Tax (GST) regime, a Group of Ministers (GoM) admitted on Saturday.  "Technical glitches, procedural problems and absence of some forms on the...

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Category : GST | Comments : 0 | Hits : 191

GST Composition Scheme registration open till Sept. 30
Posted Date : 17-Sep-2017 , 11:33:34 am | Posted By CASANSAAR

The GST Network said it has reopened the facility for small taxpayers with turnover of upto 75 lakh rupees to opt for composition scheme. Such small taxpayers will have time till September 30 to opt for the scheme, which offers easy compliance for business as returns are to be filed only quarterly. ...

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Category : GST | Comments : 0 | Hits : 255

GST transitional claims of over Rs 1 crore to be scrutinised
Posted Date : 16-Sep-2017 , 09:35:33 am | Posted By CASANSAAR

As much as Rs 65,000 crore out of the nearly Rs 95,000 crore tax collections in July — the first month of GST — have been claimed as transitional credit by taxpayers, prompting the apex indirect taxes body the Central Board of Excise and Customs to order a scrutiny of all cases above Rs ...

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Category : GST | Comments : 0 | Hits : 1001

GoM set up to look into technical issues of GST Network to hold its first meeting in Bengaluru today
Posted Date : 16-Sep-2017 , 09:32:07 am | Posted By CASANSAAR

The group of ministers set up to look into the technical issues faced by GST Network, headed by Bihar Deputy Chief Minister Sushil Kumar Modi, will hold its first meeting in Bengaluru today.  The GST Council, the highest decision-making body of the new Goods and Services Tax regime, had on S...

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Category : GST | Comments : 0 | Hits : 203

Tax officials may go for searches, surveys to widen base under GST
Posted Date : 15-Sep-2017 , 07:33:59 am | Posted By CASANSAAR

In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country, a senior tax official told ET.  The searches could start as early as next week and would focus on checking if any company...

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Category : GST | Comments : 0 | Hits : 651

Govt sets up panel to receive profiteering complaints under GST
Posted Date : 14-Sep-2017 , 07:59:23 am | Posted By CASANSAAR

A four-member standing committee, comprising tax officials of the Centre and states, has been set up to receive complaints of undue profiteering by any entity under the new goods and services tax (GST) regime. The Standing Committee on anti-profiteering will act as a complaint processing machiner...

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Category : GST | Comments : 0 | Hits : 184

Government notifies GST cess hike on mid and large cars, SUVs
Posted Date : 13-Sep-2017 , 11:25:33 am | Posted By CASANSAAR

The government has notified levy of increased GST cess of up to 7 per cent on mid-size, large and SUV cars.  The GST Council on September 9 had decided to hike cess on mid-size cars by 2 per cent, on large cars by 5 per cent and on SUVs by 7 per cent to bring tax rates on these cars at pre-G...

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Category : GST | Comments : 0 | Hits : 119

GST rates changed for 40 items, cess hiked on SUVs and luxury cars
Posted Date : 11-Sep-2017 , 08:15:27 am | Posted By CASANSAAR

The GST rates on 30 items of mass consumption were slashed on Saturday while the cess on mid and high-segment cars went up by 2 to 7 per cent.   Briefing the media after the second review meeting post the Goods and Services Tax roll out, Union Finance Minister Arun Jaitley said that in conson...

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TDS, TCS deductors can apply for GST registration from 18 September
Posted Date : 11-Sep-2017 , 08:06:52 am | Posted By CASANSAAR

The goods and services tax (GST) registrations for entities mandated to collect and deduct tax at source will start from 18 September. However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) is to be done will be notified later. The GST Council, at its 21st meet...

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Category : GST | Comments : 0 | Hits : 558

Govt to assess input tax credit claims of Rs 60,000 crore in GST
Posted Date : 11-Sep-2017 , 08:04:13 am | Posted By CASANSAAR

The government is in the process of checking the veracity of the around Rs 60,000 crore of claims made by entities for stocks before the implementation of the goods and services tax (GST). Of the Rs 95,000 crore of revenue collected in July, around Rs 62,000 crore has been claimed as input tax credi...

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Category : GST | Comments : 0 | Hits : 474

Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th Sept, 2017
Posted Date : 10-Sep-2017 , 10:27:34 am | Posted By CASANSAAR

The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved: Sl....

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Category : GST | Comments : 0 | Hits : 545

Govt extends deadline for filing of GSTR 1 to October 10
Posted Date : 09-Sep-2017 , 10:04:28 am | Posted By CASANSAAR

The government on Saturday extended the deadline for filing of GSTR-1 or sales return for July by a month till October 10, Finance Minister Arun Jaitley said. Earlier, the filing for GSTR-1 was supposed to end on September 10. Besides this, artisans with a turnover of up to Rs. 20 lakh have also ...

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Category : GST | Comments : 0 | Hits : 4492

Over 22 lakh petition against GST on insurance premiums
Posted Date : 07-Sep-2017 , 08:39:18 am | Posted By CASANSAAR

Claiming that insurance industry has been heavily hit by the imposition of 18 per cent GST, the All India Insurance Corporation Employees Union on Wednesday said that about 22 lakh people have signed petition to Prime Minister opposing GST on insurance premiums. The new GST system has brought add...

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Category : GST | Comments : 0 | Hits : 364

GST collection tops Rs 94,000 crore for July from 44 lakh businesses
Posted Date : 07-Sep-2017 , 08:36:19 am | Posted By CASANSAAR

As many as six lakh more businesses have filed returns and paid taxes in last one week, taking maiden revenue collections from GST to about Rs 94,700 crore. Finance Minister Arun Jaitley had last week stated that 38.38 lakh businesses had filed their returns and paid Rs 92,283 crore in taxes for ...

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Category : GST | Comments : 0 | Hits : 286

GSTR Due dates for July & August month has been extended
Posted Date : 04-Sep-2017 , 09:52:13 am | Posted By CASANSAAR

GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017 respectively. GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of August to 5th, 10th and 15th October 2017 respectively.   Tweet by GST@GOI   ...

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Category : GST | Comments : 0 | Hits : 3010

Govt keeping an eye on GST implementation regularly
Posted Date : 04-Sep-2017 , 08:28:04 am | Posted By CASANSAAR

The government is monitoring implementation of the Goods and Services Tax (GST) regularly and teething issues are being resolved immediately, Minister of State for Finance Arjun Ram Meghwal said today. Some technical issues with regard to tax payment have come to light and GST Network (GSTN) was ...

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Category : GST | Comments : 0 | Hits : 201

Cabinet approves promulgation of the GST (Compensation to States) Ordinance, 2017
Posted Date : 30-Aug-2017 , 10:30:31 pm | Posted By CASANSAAR

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval to the proposal of the Finance Ministry to promulgate an ordinance to suitably amend the Goods and Services Tax (Compensation to States) Act, 2017. The approval would allow to increase the maximum rate at which ...

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Category : GST | Comments : 0 | Hits : 462

Apprehensions on GST proved unfounded - PM
Posted Date : 30-Aug-2017 , 10:15:09 pm | Posted By CASANSAAR

Two months after the rollout of GST, Prime Minister Narendra Modi today said apprehensions with regard to the indirect tax regime have been proven to be unfounded and a smooth transition has happened. He asked chief secretaries of all states to further boost efforts to increase registration under...

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Category : GST | Comments : 0 | Hits : 156

E-way billing - HC orders notice to officials
Posted Date : 28-Aug-2017 , 10:15:22 pm | Posted By CASANSAAR

The Madras High Court today ordered issue of notice to the Centre, including Principal Secretary (Revenue) and Tamil Nadu Commissioner of Commercial Taxes on a PIL seeking to direct traders to use E-way billing for movement or selling of goods in order to prevent cheating. Justices K K Sasidharan...

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Category : GST | Comments : 0 | Hits : 416

Over 36 lakh businesses file GST returns so far
Posted Date : 28-Aug-2017 , 05:40:53 pm | Posted By CASANSAAR

Over 36 lakh businesses have so far filed their first tax returns under the Goods and Services Tax (GST) regime, a top tax official said today. Tax collected in the maiden filings under the GST regime, which kicked in from July 1, are still being compiled as the last date for filings under differ...

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Category : GST | Comments : 0 | Hits : 248

Tax practitioners seek more time for filing GST returns
Posted Date : 26-Aug-2017 , 08:05:30 am | Posted By CASANSAAR

Tax practitioners have urged the government to grant more time for filing tax returns and invoices for the month of July, the first month since the roll-out of the goods and services tax (GST), as businesses and traders strive to adjust to the new indirect tax system. While many firms managed to ...

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Category : GST | Comments : 0 | Hits : 551

More than 2.9 million file GST returns
Posted Date : 26-Aug-2017 , 07:59:44 am | Posted By CASANSAAR

As many as 2,964,653 filers had submitted returns for July under the goods and services tax (GST) regime by the Friday evening. Friday was the deadline for filing returns. The number of filers are likely to increase as the day ends.   GST Network, which is responsible for the information tech...

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Category : GST | Comments : 0 | Hits : 207

Guidance for taxpayers in relation to GST
Posted Date : 25-Aug-2017 , 07:46:28 pm | Posted By CASANSAAR

To guide taxpayers in relation to GST matters, CBEC has issued a range of frequently asked questions related to GST law, procedures, tax rates, specific industry or sector.  The information is available on CBEC GST portal http://cbec-gst.gov.in under Services section. Taxpayers can se...

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Category : GST | Comments : 0 | Hits : 292

5% GST applicable on selling of space for advertisement in print media
Posted Date : 24-Aug-2017 , 10:33:26 am | Posted By CASANSAAR

Government has clarified that five percent GST is applicable on selling of space for advertisement in print media if an agency buys space from the newspaper and sells the same to clients on its own account. However, the GST rate will be 18 percent of the sale commission, if the agency works as an...

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Category : GST | Comments : 0 | Hits : 215

FinMin modifies cash management system to include post-GST changes
Posted Date : 23-Aug-2017 , 07:40:33 am | Posted By CASANSAAR

The finance ministry has modified the cash management system of the Central government to incorporate the change in date of tax receipts arising out of the new indirect tax regime of the Goods and Services Tax (GST). In an office memorandum, the finance ministry has asked all financial advisers of a...

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Category : GST | Comments : 0 | Hits : 291

11 states may see Rs 9500 crore revenue loss this year under GST
Posted Date : 23-Aug-2017 , 07:34:04 am | Posted By CASANSAAR

Even though as a whole states' revenue may clip past at a CAGR of 16.6 per cent in FY18 over FY16 under the GST, 11 of them may need an additional Rs 9,500 crore compensation from the Centre this year, says a report.  "All states combined will grow at a CAGR of 16.6 per cent in FY18...

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Category : GST | Comments : 0 | Hits : 231

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