GST Council to discuss ease of filing returns, rate reduction on July 21
Posted Date : 12-Jul-2018 , 10:21:02 pm | Posted By CASANSAAR
The GST Council will discuss ease of filing returns, ease of assessment and may also consider further rationalisation of tax rates in its upcoming meeting on July 21, Finance Minister Piyush Goyal said on Thursday.
He said the Goods and Services Tax (GST) Council had been responsive to industry d...
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GST Council unveils draft of changes proposed to GST law
Posted Date : 11-Jul-2018 , 07:57:08 am | Posted By CASANSAAR
India has proposed a slew of changes to the year-old goods and services tax law, including an amendment to deny credit in lieu of accumulated balances of education cess, secondary and higher education cess, Krishi Kalyan cess, and additional excise duties levied on textile and textile articles. ...
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GST Council next meeting scheduled on July 21
Posted Date : 10-Jul-2018 , 07:29:44 am | Posted By CASANSAAR
The next meeting of Goods and Services Tax (GST) Council scheduled on July 21 is likely to endorse 3 per cent cess on sugar. In its last meet on June 4, the Council had constituted a Group of Ministers (GOM) and authorised it to take a final call on the matter.
The new sugar cess will be ov...
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Scrap reverse charge, defer sops for digital payments - GST GoMs
Posted Date : 09-Jul-2018 , 07:59:26 am | Posted By CASANSAAR
A group of ministers (GoM) led by Bihar deputy chief minister Sushil Modi on Sunday decided to recommend to the GST council that a section in the GST Act concerning the reverse charge mechanism (RCM) be scrapped as “it discriminates against unregistered dealers while not adding much to the rev...
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Non-tariff charges in electricity bill to attract GST
Posted Date : 06-Jul-2018 , 08:01:43 am | Posted By CASANSAAR
Electricity bills can have a goods and services tax (GST) component at times. Non-tariff charges, which include application fee for releasing connection, rentals charged against metering equipment and labour charges for shifting of meters and service lines, are liable to taxed at 18% under the GST.
...
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Govt likely to go slow on key anti-evasion measure under GST
Posted Date : 03-Jul-2018 , 08:35:33 am | Posted By CASANSAAR
The government is unlikely to insist on implementing the reverse charge mechanism, a key anti-evasion measure proposed under the goods and services tax (GST), on concerns that the rule will adversely impact small businesses while not yielding revenue gains.
The implementation of the reverse charg...
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Government celebrates First GST Day
Posted Date : 01-Jul-2018 , 09:28:17 pm | Posted By CASANSAAR
Government of India celebrated the 1st GST Day here today. The event saw an address on the eventful 1styear journey of GST over a live video link by Union Minister, Shri Arun Jaitley. Union Minister for Railways, Coal, Finance & Corporate Affairs, Shri Piyush Goyal presided over as the Chie...
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GSTN to go in for third-party audit of its software - CEO
Posted Date : 28-Jun-2018 , 08:11:36 am | Posted By CASANSAAR
GST Network has decided to go in for third-party audit of its software developed by Infosys to ensure that all changes in law are adequately captured and its performance is not lagging on any count, a senior official said.
GSTN operates the IT backbone for collection of Goods and Services Tax (GS...
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Rs 2,000 crore GST evasion unearthed in 2 months
Posted Date : 27-Jun-2018 , 08:12:38 pm | Posted By CASANSAAR
The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes, a senior official said today.
CBIC member John Joseph said alike small businesses w...
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GST provisions on TDS/TCS, reverse charge mechanism deferred by 3 months
Posted Date : 26-Jun-2018 , 09:24:27 pm | Posted By CASANSAAR
The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end.
The GST Council in its meeting on March 10 had suspended the provision for ...
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GST notices to Cos for passing off cash balance as transition credit
Posted Date : 26-Jun-2018 , 08:58:26 am | Posted By CASANSAAR
The indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to Goods and Services Tax (GST), triggering panic among such companies.
PLA is a cash ledger account with the...
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GST example of cooperative federalism - PM Modi
Posted Date : 24-Jun-2018 , 10:59:56 pm | Posted By CASANSAAR
Prime Minister Narendra Modi today said, Goods and Services Tax, GST is a great example of cooperative federalism, where all the States decided to take a unanimous decision in the interest of the nation.
He informed that it is a matter of pride that all the decisions taken in the 27 meeting...
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GSTN designing tools for taxmen to analyse data to check evasion
Posted Date : 24-Jun-2018 , 10:57:35 pm | Posted By CASANSAAR
Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said.
GST Network (GSTN), the company handling the technology backbone for Go...
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GST increased illegal activities 4-5 times in terms of Billing
Posted Date : 21-Jun-2018 , 10:31:59 am | Posted By CASANSAAR
The goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times. ‘Bill selling’, a practice common in the construction sector among those who inflate cost of projects, has gone up four-five times...
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Govt clears Rs. 38,062 Cr in GST refunds
Posted Date : 21-Jun-2018 , 10:29:33 am | Posted By CASANSAAR
The government has cleared pending GST refunds to the tune of Rs.38,062 crore to exporters so far, the Central Board of Indirect Taxes and Customs said on Wednesday.
“In all, Rs.21,142 crore (IGST refunds), Rs.9,923 crore (RFD-01A refund by CBIC) and Rs.6,997 crore (RFD-01A refund by states...
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GST leads to Formalization of Economy and Widening of Tax Base
Posted Date : 18-Jun-2018 , 03:27:49 pm | Posted By CASANSAAR
Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections. In the past, the Centre had little data on small manufacturers and consumpt...
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GST collection soars 150%, revenue gap dips by half
Posted Date : 18-Jun-2018 , 12:42:31 pm | Posted By CASANSAAR
UP has been registering a steady growth in GST collections, and the rise has been to such an extent that the compensation paid by Centre to the states for revenue loss due to GST implementation has come down from 27% in September 2017 to nil for the months of April and May, 2018 in UP's case. UP...
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Delhi raises GST e-way bill threshold limit
Posted Date : 16-Jun-2018 , 07:24:21 pm | Posted By CASANSAAR
After West Bengal and Tamil Nadu, Delhi has become the third state to double the threshold for electronic-way (e-way) bill for intra-state movement of goods to Rs 1 lakh of the cargo value. Experts said the move poses a threat to seamless implementation of a unified, pan-India GST.
States are leg...
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Funds collected under GST anti-profiteering rules to be split between Centre, state
Posted Date : 16-Jun-2018 , 12:00:10 pm | Posted By CASANSAAR
Centre and the 'concerned state' will equally share the amount deposited by erring businesses in the consumer welfare fund set up as part of the GST anti-profiteering rules, as per a FinanceNSE -0.08 % Ministry notification.
Following the rollout of GST in July last year, the govern...
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Government extends sale of pre-GST goods with stickers of revised price till July 31
Posted Date : 15-Jun-2018 , 12:14:56 pm | Posted By CASANSAAR
Sale of pre-GST packaged goods has now been allowed with stickers of revised rates till July 31, the government today said.
After implementing GST from July 1, 2017, the government had allowed use of stickers with revised rates, alongside the printed MRP for pre-packaged items to reflect ch...
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Change of email and mobile number of the authorized signatory under GST system
Posted Date : 14-Jun-2018 , 10:24:20 pm | Posted By CASANSAAR
Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the ...
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Extension of Special GST Refund Fortnight till 16.6.2018
Posted Date : 13-Jun-2018 , 11:11:15 am | Posted By CASANSAAR
The Government has launched the second “Special Drive Refund Fortnight ”from 31.5.2018 to 14.6.2018. During the first Refund Fortnight from 15th to 29th March an amount of Rs.5350 crore was sanctioned and during this fortnight over Rs 7500 crore has been sanctioned. In view of overwhelmi...
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Authority's orders favour firms for anti-profiteering in times of GST
Posted Date : 12-Jun-2018 , 10:10:28 am | Posted By CASANSAAR
Allaying industry’s apprehensions, all three orders passed by the National Anti-Profiteering Authority under the goods and services tax (GST) regime have so far gone in favour of companies.
In its latest order, the five member NAA has dismissed complaint against elevator manufacturer Schind...
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GST refund to foreign tourists at airports on the cards
Posted Date : 11-Jun-2018 , 08:36:26 am | Posted By CASANSAAR
Foreign tourists may soon get to claim GST refunds at airports at the time of exit as the revenue department is working on a mechanism to refund taxes paid by them on local purchases.
Initially, only purchases made by tourists from big retailers would be eligible for Goods and Services Tax (GST) ...
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CBIC introduces PAN-based refund clearances of exporters
Posted Date : 07-Jun-2018 , 07:38:17 pm | Posted By CASANSAAR
The CBIC has allowed clearance of GST refunds based on PAN of exporters if such refunds are held up due to mismatch in GSTIN mentioned in shipping bill and return forms.
As much as Rs 14,000 crore worth of refunds due to exporters are stuck because of various reasons and the Central Board of Indi...
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GST likely to get centralised AAR for uniform rulings
Posted Date : 05-Jun-2018 , 10:11:26 am | Posted By CASANSAAR
India is looking at creating a centralised Authority for Advance Rulings (AAR) for the goods and services tax (GST) after divergent rulings on identical issues fuelled confusion over applicability and the rate of tax. A recent case in point being the divergent rulings by Karnataka and Maharashtra AA...
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Govt clarifies GST applicability on financial services
Posted Date : 04-Jun-2018 , 08:34:32 am | Posted By CASANSAAR
Goods and services tax applies to exit loads charged by mutual funds, additional interest charged for default in payment of loan instalments and late payment charges levied by credit card companies, the government has said.
Securitisation, future contracts, derivatives and forward contracts...
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International passengers need not pay GST at airport Duty Free shops
Posted Date : 03-Jun-2018 , 08:01:48 pm | Posted By CASANSAAR
International passengers buying goods at airport 'duty-free' shops will not be subject to GST and the revenue department will soon clarify on this exemption, an official said.
Following an order passed in March by the New Delhi bench of the Authority for Advance Ruling (AAR) stating that ...
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Rs 94,016 Cr of total gross GST revenue collected in May 2018
Posted Date : 01-Jun-2018 , 07:54:28 pm | Posted By CASANSAAR
The total gross GST revenue collected in the month of May2018 is Rs. 94,016 crore of which CGST is Rs.15,866 crore, SGST is Rs.21,691 crore, IGST is Rs. 49,120crore (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs.854 crore collected on imports).The t...
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Roll out of e-Way Bill system for intra-State movement of goods in 8 States
Posted Date : 01-Jun-2018 , 07:31:12 am | Posted By CASANSAAR
As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 30th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bi...
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