No consensus on GST concession for digital payments
Posted Date : 12-May-2018 , 09:10:30 am | Posted By CASANSAAR
The Group of State Finance Ministers, which met here on Friday to decide on providing a 2 percentage point concession in the GST rate for digital payments, could not reach a consensus.
“We need some more data to arrive at a decision,” Sushil Kumar Modi, Deputy Chief Minister of Bihar ...
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Banks under taxman scanner for GST refund on ATM transactions
Posted Date : 11-May-2018 , 10:20:27 am | Posted By CASANSAAR
The indirect tax department’s investigation arm is scrutinising the GST credit availed by banks on taxes paid by their ATM vendors and could soon ask banks to cut the credit availed by them, two people with direct knowledge of the matter said.
The taxmen are examining whether ba...
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CBIC releases the list of e-way bill system grievance redressal officers
Posted Date : 10-May-2018 , 11:51:01 am | Posted By CASANSAAR
Central Board for Indirect Taxes and Custom (CBIC) has released list of grievance redressal Officers and their contact numbers for e-way bill system under rule 138D of Central/ State GST Rules, 2017.
The list include, name of the concerned officer, designation, email id and contact landline numbe...
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Food items served on train to attract full GST rate - AAR
Posted Date : 09-May-2018 , 08:41:17 am | Posted By CASANSAAR
Supply of food and beverages in trains will face goods and services tax as applicable on such items and not the concessional rate of 5% as specified by the government through a circular, Authority for Advance Rulings (AAR) said on Tuesday.
A train is a medium of transport and cannot be term...
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Govt may seek explanations for discrepancy in Income Tax, GST returns
Posted Date : 08-May-2018 , 10:17:22 pm | Posted By CASANSAAR
In a bid to boost measures against tax evasion, the government may ask taxpayers to explain any discrepancies between their income tax and GST returns. For this, the authority is looking to add a section in annual GSTR 9 form, reported Mint.
GSTR 9 is a return to be filed once a year by registere...
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GSTN to rope in private entities for tax payer profiling, fraud analytics
Posted Date : 08-May-2018 , 10:32:42 am | Posted By CASANSAAR
GST Network has invited bids from private entities for "360-degree" profiling of taxpayers for early detection of fraud as it seeks to transform into an end-to-end platform for checking GST evasion, from being just a tax collection portal.
The analytics company to be roped in will have ...
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Coaching Classes are liable to 18% GST - AAR
Posted Date : 07-May-2018 , 10:52:33 am | Posted By CASANSAAR
A coaching class that helps students prepare for engineering and medical entrance exams is not exempt from the ambit of Goods and Service Tax (GST), according to a ruling given by the Maharashtra Authority for Advance Rulings (AAR). The ruling points out that a GST levy of 18% would apply on its fee...
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Companies get scrutiny notices for mismatch in GST returns
Posted Date : 07-May-2018 , 10:28:47 am | Posted By CASANSAAR
GST officers have started sending scrutiny notices to companies whose tax payment did not match the final sales return, after revenue authorities detected underpayment of GST by about 34 per cent, a source said.
Besides, companies whose final sales return GSTR-1 did not match GSTR-2A, which...
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Change in GST rate for digital transactions and imposition of Sugar Cess
Posted Date : 04-May-2018 , 11:23:25 pm | Posted By CASANSAAR
Incentive to promote Digital Transactions:
1. Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and...
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​GST Council approves principles for filing of new return design
Posted Date : 04-May-2018 , 11:22:00 pm | Posted By CASANSAAR
GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows –
Onemonthly Return:All taxpayers excluding a few exceptions ...
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Change in the shareholding pattern of GSTN
Posted Date : 04-May-2018 , 04:33:31 pm | Posted By CASANSAAR
The Goods and Services Tax Network - Special Purpose Vehicle (GSTN-SPV) was created as a private limited, not-for-profit company under Section 25 of the Companies Act, 1956 (Section 8 of the Companies Act, 2013) by Govt. of India on 28th March, 2013 with an objective to provide shared IT infrastruct...
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GST Council meet to decide on easing return filing
Posted Date : 04-May-2018 , 09:29:22 am | Posted By CASANSAAR
The main item on the agenda for the GST Council meeting on Friday is likely to be the simplification of the return filing system into a single form and a decision on whether businesses can avail of provision credit or not, according to tax analysts.
According to the GST law, the return filing pro...
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Applicability of GST on Transfer of Tenancy Rights - CBIC
Posted Date : 03-May-2018 , 10:07:41 am | Posted By CASANSAAR
In what has implications for commercial rental space and businesses in general, the government has said transfer of tenancy rights is a service liable to tax. A finance ministry circular has said such activity against consideration in the form of tenancy premium constitutes a “supply of servic...
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Digital copy of E-way bill enough to give transporters right of way - HC
Posted Date : 03-May-2018 , 09:53:00 am | Posted By CASANSAAR
Tax authorities cannot seize goods just because they-’re not accompanied by a physical copy of the electronic way bill (eway bill), the Allahabad High Court said in the first ruling on documents required to transport goods under the goods and services tax (GST) regime, thus setting a precedent...
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GST Revenue collection for April 2018 exceeds Rs 1 lakh crore
Posted Date : 01-May-2018 , 12:12:23 pm | Posted By CASANSAAR
The revenue collection from Goods and Services Tax (GST) exceeded Rs 1 lakh crore in April 2018, the Ministry of Finance said on Tuesday. This is the first occasion that the monthly revenue has breached the Rs 1 trillion milestone.
GST Revenue collection for April 2018 exceeds Rs.1 lakh crore.
&...
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Unique Identity Number (UIN) on GST invoice is mandatory
Posted Date : 28-Apr-2018 , 07:14:30 am | Posted By CASANSAAR
Quoting of the Unique Identity Number (UIN) allotted to diplomats and multilateral agency officials serving in India is necessary on the sale invoice, the government said on Friday.
A Finance Ministry release here said that complaints had come in from foreign diplomatic missions and UN bodi...
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Govt collects Rs 7.41 lakh Cr from GST in FY 17-18
Posted Date : 28-Apr-2018 , 07:01:42 am | Posted By CASANSAAR
The government mobilised Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18, according to the finance ministry.
The government rolled out the GST regime from July 1 last year.
"During the year 2017-18, total revenue collections under GST in the period between August 2...
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20 million e-way bills generated in 24 days - GSTN
Posted Date : 25-Apr-2018 , 09:29:13 pm | Posted By CASANSAAR
More than 20 million (two crore) e-way bills have been generated since the beginning of this month, according to GSTN.
The 'GST Systems' in a tweet said, "In a span of 24 days, over 2 crore E-Way Bills were generated for the movement of goods".
The twitter handle of GST Syste...
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FinMin to move to cash basis accounting for GST collection
Posted Date : 24-Apr-2018 , 09:43:33 pm | Posted By CASANSAAR
In a bid to bridge the lag in actual revenue accrual, the Finance Ministry will from this fiscal shift to cash basis accounting for the Goods and Services Tax (GST) where monthly collections will be reported on the first working day of the following month.
Till now, monthly tax returns under GST,...
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Issues regarding Bill To Ship To for e-Way Bill under CGST Rules, 2017
Posted Date : 23-Apr-2018 , 10:37:12 pm | Posted By CASANSAAR
A number of representations have been received seeking clarifications in relation to requirement of e-Way Bill for “Bill To Ship To” model of supplies. In a typical “Bill To Ship To” model of supply, there are three persons involved in a transaction, namely:
‘A&...
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E-way bill rollout on 25th April in four states and one union territory
Posted Date : 24-Apr-2018 , 08:30:35 am | Posted By CASANSAAR
The Centre on Monday stated that the e-way bill system for intra-state movement of goods will be rolled out in four more states and one union territory on Wednesday.
As per the Ministry of Finance, the e-way bill system is being introduced to four states starting April 25, namely Arunachal Prades...
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Govt advances deadline for GST seller returns for April, May, June
Posted Date : 19-Apr-2018 , 12:00:37 pm | Posted By CASANSAAR
The government has advanced the deadlines for filing of seller forms under the goods and services tax, GSTR-1, for April, May and June, in comparison to those given for previous months.
GSTR-1 for the month of April will have to be filed by May 31. Earlier, 40 days were given for filing these, wh...
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Six more states to roll out intra-State e-way bills from April 20
Posted Date : 18-Apr-2018 , 08:34:55 pm | Posted By CASANSAAR
As per the decision of the GST Council, e-Way Bill system for all inter-State movement of goods has been rolled out from 01st April, 2018. As on 15th April, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Gujarat, Karnataka, Kerala, Tela...
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GoM approves FUSION model for GST filing
Posted Date : 17-Apr-2018 , 10:45:41 pm | Posted By CASANSAAR
The Group of Ministers (GoM) headed by Bihar Deputy Chief Minister Sushil Modi on Tuesday worked out a new 'fusion' model for the tax filing by the companies, as it looks to simplify the return filing process under the Goods and Services Tax (GST). The ministerial panel was also unanimous th...
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Clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4
Posted Date : 17-Apr-2018 , 03:29:07 pm | Posted By CASANSAAR
Doubts are being raised about the manner of filing the quarterly return by composition dealers in FORM GSTR-4. In particular, there is a doubt with respect to the instruction at Sl. No. 10 appended to the said FORM which reads as below:
For the tax periods July, 2017 to September, 2017 and Octobe...
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GoM to meet businesses, experts on GST return simplification
Posted Date : 17-Apr-2018 , 03:25:27 pm | Posted By CASANSAAR
The Group of Ministers (GoM) under Bihar Deputy Chief Minister Sushil Modi will meet tax experts and representatives from industry on the Goods Services Tax return simplification in New Delhi today.
The GoM was constituted under Mr Modi last month to iron out issues being faced by businesse...
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CBIC lays out procedure for inspection of goods under E-way bill
Posted Date : 15-Apr-2018 , 08:41:13 pm | Posted By CASANSAAR
Detailing the uniform procedure for interception and inspection of goods under the e-way bill system of the goods and services tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) has instructed field officials to submit inspection reports within three days of intercepting conveyances.
...
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GST to enter Class X ICSE syllabus from 2020
Posted Date : 15-Apr-2018 , 08:31:36 pm | Posted By CASANSAAR
The goods and services tax (GST) is set to make its way into textbooks. The ICSE board has decided to do away with the component on value added tax and replace it with GST in the Class X mathematics syllabus.
The Council For Indian School Certificate Examinations (CISCE) said the segment on VAT c...
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Tax dept begins verifying pre-GST records, Notices sent
Posted Date : 13-Apr-2018 , 08:33:53 am | Posted By CASANSAAR
Taxpayers registered for goods and services tax (GST) have begun receiving notices from the tax department, asking them to produce documents for detailed verification of transitional credits claimed. The government had earlier identified top 50,000 assessees in terms of the claims for further analys...
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GST |
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Clarification regarding GST on supply of food and drinks in educational institutions
Posted Date : 12-Apr-2018 , 08:16:41 am | Posted By CASANSAAR
With a view to remove any doubt or uncertainty regarding rate of GST applicable on supply of food and drinks in educational institutions, it is clarified that: -
i. GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit...
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