Only 16% of initial GST returns filed for July-Dec matched with final returns
Posted Date : 18-Mar-2018 , 10:53:53 am | Posted By CASANSAAR
With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion.
According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between ...
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Indian GST is one of the most complex tax systems in the World - World Bank
Posted Date : 16-Mar-2018 , 08:38:43 pm | Posted By CASANSAAR
The Indian Goods and Services Tax (GST) system is among the most complex in the world with not only one of the highest tax rates but also one of the largest number of tax slabs, the World Bank has said.
It added that India has the highest standard GST rate in Asia, and second highest in the world...
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Division of assesses under GSTN
Posted Date : 13-Mar-2018 , 08:38:30 pm | Posted By CASANSAAR
The division of assesses between Centre and State is decided by the Centre and State Governments. GSTN got an application developed using which Central and State tax authorities have uploaded the data on allocation of migrated taxpayers in the GST System database. As on 8th March, 2018 data on divis...
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Recommendations made during the 26th meeting of the GST Council held in New Delhi
Posted Date : 11-Mar-2018 , 09:22:39 pm | Posted By CASANSAAR
Return filing System
The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized. A new model was discussed extensively and Group o...
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Recommendations regarding E-way Bill made during meeting of the GST Council
Posted Date : 11-Mar-2018 , 09:21:06 pm | Posted By CASANSAAR
In the 26th meeting held here, the GST Council has recommended the introduction of e-way bill for inter-State movement of goods across the country from 01st April 2018. For intra-State movement of goods, e-way bill system will be introduced w.e.f. a date to be announced in a phased manner but ...
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26th Meeting of the GST Council meets & decides Extension of tax exemptions for exporters for six months
Posted Date : 11-Mar-2018 , 09:19:07 pm | Posted By CASANSAAR
Sending a strong positive signal to the exporting community, the GST Council in its 26thmeeting held here today decided to extend the available tax exemptions on imported goods for a further 6 months beyond 31.03.2018. Thus, exporters presently availing various export promotion schemes can now conti...
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GST Council Approves Staggered Rollout of E-way Bill from April 15
Posted Date : 10-Mar-2018 , 03:22:17 am | Posted By CASANSAAR
The GST Council on Saturday has approved staggered rollout of the intra-state e-Way Bill from April 15. The states have been divided into four lots for the rollout. Sources said Kerala, Karnataka, Tamil Nadu are likely to initiate the rollout.
The GST Council meet, chaired by Finance Minister Aru...
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Over one crore taxpayers registered under GST - Govt
Posted Date : 10-Mar-2018 , 09:10:28 am | Posted By CASANSAAR
Over one crore taxpayers have registered under the Goods and Services Tax (GST), which was rolled out from on 1st of July last year. The GST has subsumed over a dozen local taxes, including Excise Duty, Service Tax and VAT.
Minister of State for Finance Shiv Pratap Shukla, in a written repl...
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GST TRAN-2 submission date extended upto 31 March 2018
Posted Date : 08-Mar-2018 , 08:29:01 am | Posted By CASANSAAR
CBEC has extended Last Date for Submission of GST TRAN-2 extended upto 31 March 2018 vide Notification No.12/2018 – Central Tax dated : 7th March 2018. Relevant Extract is as follows:-
2. In the Central Goods and Services Tax Rules, 2017, –
(i) with effect from the date...
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Directors of two companies held for GST fraud
Posted Date : 01-Mar-2018 , 09:23:25 am | Posted By CASANSAAR
CGST Mumbai Central Commissionerate arrested the directors of two companies for allegedly availing of tax credit in a fraudulent manner.
Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, both were arrested for availing of inelig...
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GST Network simplifies returns filing process
Posted Date : 22-Feb-2018 , 10:36:53 am | Posted By CASANSAAR
In a move to make filing of returns taxpayer friendly and error-free, the Goods and Service Tax Network (GSTN), the firm that processes tax returns in the indirect tax regime, has simplified the monthly return of sales summary that businesses and traders have to file.
GSTN said in a statement on ...
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GST e-way bill software set to be overhauled
Posted Date : 15-Feb-2018 , 09:10:48 am | Posted By CASANSAAR
The government is looking at complete overhaul of the electronic-way-bill (e-way-bill) system under the goods and services tax (GST) regime instead of tinkering with its structure or scrapping it altogether, sources in the know told DNA Money.
According to him, the e-way invoice could be relaunch...
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GST regime not user-friendly - Bombay High Court
Posted Date : 11-Feb-2018 , 08:12:39 am | Posted By CASANSAAR
The Bombay High Court said the goods and services tax (GST) regime wasn't easy to use, questioning the celebratory midnight session of Parliament that was held to mark its launch. It called on those responsible for GST implementation to resolve glitches in the system that have led to frustration...
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RBI announces relief measures for GST-affected MSME sector
Posted Date : 08-Feb-2018 , 09:13:39 am | Posted By CASANSAAR
In a measure to provide relief to the micro, small and medium enterprises (MSME) sector which was "badly hit" by the implementation of the Goods and Services Tax (GST), the Reserve Bank of India (RBI) on Wednesday gave them an extension of up to 180 days to clear their loans to banks. ...
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Central board of excise and customs [CBEC] to be renamed central board of indirect taxes and customs (CBIC)
Posted Date : 02-Feb-2018 , 08:44:07 am | Posted By CASANSAAR
With the roll out of GST, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2018-19 in Parliament today, announced that the name of Central Board of Excise and Customs [CBEC] will be changed to Central Board of Indirect Taxes and Customs (CBI...
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CBEC extends Trial period for generation of e-way bill; e-way bill Not compulsory for now
Posted Date : 02-Feb-2018 , 08:37:51 am | Posted By CASANSAAR
Official Twitter Handle of GST and CBEC said that In view of difficulties faced by the trade in generating e-way bill due to initial tech glitches, it has been decided to extend the trial phase for generation of e-way bill, both for inter and intra-State movement of goods. It shall be made comp...
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New e-way bill system comes into force to bring uniformity across the states for smooth inter-state movement of goods
Posted Date : 01-Feb-2018 , 08:58:59 am | Posted By CASANSAAR
A new e-way bill system will come into effect from today. Under the new system, every transporter will have to carry a system-generated bill to move goods from one place to another.
The e-way bill system has been introduced to bring uniformity across the states for seamless inter-state move...
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GST data reveals 50% increase in number of Indirect Taxpayers
Posted Date : 29-Jan-2018 , 02:20:33 pm | Posted By CASANSAAR
A preliminary analysis of the Goods and Services Tax (GST) data reveals that there has been a 50% increase in the number of indirect taxpayers, besides a large increase in voluntary registrations, especially by small enterprises that buy from large enterprises and want to avail themselves ...
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Govt collects Rs 86,703 cr under GST in December
Posted Date : 26-Jan-2018 , 10:23:35 am | Posted By CASANSAAR
Government has collected 86,703 crore rupees under GST in the last month. Finance Ministry said, one crore taxpayers have been registered under GST so far.
Of them over 17 lakh are Composition Dealers which are required to file returns every quarter. It said, over 56 lakh GSTR 3B returns ha...
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Accepting of UIN of Foreign Diplomatic Missions/UN Organizations while making supplies
Posted Date : 23-Jan-2018 , 08:42:06 am | Posted By CASANSAAR
Complaints have been received from the Foreign Diplomatic Missions / UN Organizations regarding unwillingness of vendors / suppliers / E-commerce websites to record the UIN (Unique Identify Number) while making sales to such Embassies / Missions / Consulates or UN organizations.
It may be n...
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Last date for filing GSTR-3B for the month of Dec.17 extended
Posted Date : 20-Jan-2018 , 10:43:58 am | Posted By CASANSAAR
Tweet by GST for Last date for filing GSTR-3B for the month of Dec.2017 extended.
GST@GoIVerified account @askGST_GoI 6h6 hours ago
More
The last date for filing return in FORM GSTR-3B for the month of December, 2017 is extended by two days to 22nd Januar...
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Recommendations for Changes In GST/IGST Rate and Clarifications in Respect of GST Rate
Posted Date : 18-Jan-2018 , 10:30:36 pm | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The Council has recommended certain in GST/IGST rate and clarifications in respect of GST rate on Goods specified below as per discussions in the 25thGST Council Meeting held today. Thes...
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Policy Changes recommended by the 25th GST Council Meeting
Posted Date : 18-Jan-2018 , 10:28:53 pm | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The following Policy Changes have been recommended by the GST Council in its 25thmeeting held today:
The late fee payable by any registered person for failure to furnish&...
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Recommendations made on GST Rate changes on services by the 25th GST Council Meeting
Posted Date : 18-Jan-2018 , 10:26:48 pm | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The Council has recommended many relief measures regarding GST rates ongoods and services covering many sectors and commodities. The Council has also recommended issuance of ...
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GST Council discusses making return filing process simpler
Posted Date : 18-Jan-2018 , 10:52:31 am | Posted By CASANSAAR
The all-powerful GST Council today veered around the idea of making the GST return filing process simpler to ease compliance burden for small businesses.
The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting today decided to reduce ta...
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GST Council reduces tax rate on 29 goods and 53 categories of services
Posted Date : 18-Jan-2018 , 10:20:58 pm | Posted By CASANSAAR
Goods and Services Tax Council has reduced the tax rate on 29 goods and 53 categories of services by bringing them in lower category. The new rates will be effective from 25th of this month.
The GST rate on tailoring service has been reduced from 18 to 5 percent and tax on entry services to...
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GST Council to meet in Delhi today
Posted Date : 18-Jan-2018 , 08:46:49 am | Posted By CASANSAAR
The GST Council will meet in New Delhi today. During the meeting, the Council may consider a host of proposals to simplify filing of returns and registration of large entities. Among other things, the Council will review the preparedness of GST Network (GSTN) in handling the return filing process as...
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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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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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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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