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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Recommendations made by the GST Council in its 32nd Meeting
Posted Date : 10-Jan-2019 , 08:37:34 pm | Posted By CASANSAAR
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi gave approval for the following:
i. Changes made by CGST (Amendment) Act,2018, IGST (Amendme...
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Major Decisions taken by the GST Council in its 32nd Meeting
Posted Date : 10-Jan-2019 , 08:35:43 pm | Posted By CASANSAAR
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others -
1. Increase in Turnover Lim...
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GST exemption limit for SMEs Doubled
Posted Date : 10-Jan-2019 , 03:45:52 pm | Posted By CASANSAAR
The GST Council on Thursday doubled the Goods and Services Tax (GST) exemption limit for small and medium enterprises (SMEs) from April 2019, according to sources. Besides, companies with up to Rs 4 million turnover in a year will be exempted from GST payment. Relief for the real estate sector is al...
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GST composition scheme limit hiked to Rs 1.5 crore from April 1
Posted Date : 10-Jan-2019 , 03:27:41 pm | Posted By CASANSAAR
The 32nd Goods and Services Tax (GST) Council meeting concluded today with a list of decisions made that would impact medium and small-scale industries. Here's what was decided:
1) From April 1, composition scheme limit will be increased from Rs 1 crore to Rs 1.5 crore. Those who come u...
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GST Council to partner with NHAI to curb e-way bill fraud
Posted Date : 09-Jan-2019 , 08:12:09 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Council will join hands with the National Highways Authority of India (NHAI) to curb e-way bill fraud, sources said on Tuesday.
As per the source, the GST Council, in its 32nd meeting that is scheduled to be held on January 10, will discuss the use of vehicle's ...
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GST, excise, service tax evasion of Rs 48,555 Cr detected during Apr-Dec
Posted Date : 09-Jan-2019 , 08:09:51 am | Posted By CASANSAAR
GST, central excise and service tax evasion detected during the April-December period of the current financial year stood at Rs 48,555 crore, the highest in two years.
During the period, 8,917 cases of evasion of central excise, service tax and GST were detected involving an amount of Rs 48,555.0...
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Govt waives late fee for non-filers of GST returns between July 17-Sept 18
Posted Date : 02-Jan-2019 , 10:20:56 am | Posted By CASANSAAR
The government has waived late fees for non-filers of summary and final sales returns for the July 2017-September 2018 period by businesses registered under the goods and services tax (GST).
However, these businesses would have to file their returns for the 15-month period by March 31, 2019, the ...
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GST Revenue collection for December 2018
Posted Date : 01-Jan-2019 , 05:13:28 pm | Posted By CASANSAAR
The total gross GST revenue collected in the month of December, 2018 is Rs. 94,726 crore of which CGST is Rs. 16,442 crore, SGST is Rs. 22,459 crore, IGST is Rs. 47,936 crore (including Rs. 23,635 crore collected on imports) and Cess is Rs. 7,888 crore (including Rs. 838 crore collected on imports)....
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23 goods and services become cheaper from today
Posted Date : 01-Jan-2019 , 12:25:52 pm | Posted By CASANSAAR
23 goods and services, including movie tickets, TV and monitor screens and power banks become cheaper from today as the reduced Goods and Services Tax (GST) on them came in to effect from today.
The GST Council on December 22 had decided to cut tax rates on 23 goods and services and exempte...
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GST evasion worth Rs.38,896 crore detected during April-Oct
Posted Date : 29-Dec-2018 , 11:34:05 am | Posted By CASANSAAR
The government has detected GST evasion worth Rs.38,896 crore in 6,585 cases in the April-October period of 2018-19, Parliament was informed on Friday.
Minister of State for Finance Shiv Pratap Shukla said while central excise evasion of ₹3,028.58 crore in 398 cases was unearthed during the sev...
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Govt may continue GST compensation scheme till 2025
Posted Date : 24-Dec-2018 , 01:05:24 pm | Posted By CASANSAAR
The Union government plans to create a backstop facility for states to receive compensation for three additional years to implement the nationwide goods and services tax (GST) after the expiry of the first five years as mandated by the Constitution. This is aimed at ensuring that states grappling wi...
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Recommendations made during 31st Meeting of the GST Council - Rate changes
Posted Date : 22-Dec-2018 , 06:08:43 pm | Posted By CASANSAAR
GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through...
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Decisions taken by the GST Council in the 31st meeting held regarding GST rate on services
Posted Date : 22-Dec-2018 , 06:07:26 pm | Posted By CASANSAAR
GST Council in the 31stmeeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates, ITC eligibility criteria, exemptions andclarificationson connected issues.The decisions of the GST Council have been presented in this note in simple languagefor ea...
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Recommendations made during 31st Meeting of the GST Council
Posted Date : 22-Dec-2018 , 06:06:14 pm | Posted By CASANSAAR
The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations:
There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities.
A scheme of ...
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Certain important issues referred by GST Council to various Committees / GoM
Posted Date : 22-Dec-2018 , 06:05:30 pm | Posted By CASANSAAR
The GST Council in its 31st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them:
Extending the Composition scheme to small service providers. The rate of tax and threshold limit to be proposed - Law Committee...
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Development of new return filing system by GSTN
Posted Date : 18-Dec-2018 , 04:04:31 pm | Posted By CASANSAAR
GSTN will focus on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. While the new return is yet to be notified, GSTN has started development of the components in which major changes are not expected. Improvement in User Interface on...
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GST evasion worth Rs 12,000 crore detected between April-Nov
Posted Date : 12-Dec-2018 , 06:03:37 pm | Posted By CASANSAAR
The government has detected GST evasion worth Rs 12,000 crore in 8 months till November, a senior tax official said Wednesday.
Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said despite the electronic way or E-way bill mechanism there has been rampant evasion and the...
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Govt extends due dates for filing GST Annual returns, Audit reports to March 31 2019
Posted Date : 09-Dec-2018 , 01:13:56 pm | Posted By CASANSAAR
The government has extended the deadline for filing goods and services tax annual returns and the related audited reports by three months to March 31 next year. Previously the due date for the same was December 31, 2018.
"The competent authority has decided to extend the due date for f...
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GST - Effective tax rate on complex, building, flat etc
Posted Date : 09-Dec-2018 , 12:45:07 pm | Posted By CASANSAAR
It is brought to the notice of buyers of constructed property that there is no GST on sale of complex/ building and ready to move-in flats where sale takes place after issue of completion certificate by the competent authority. GST is applicable on sale of under construction property or re...
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