GST Council Meet :- Inter-State e-way Bill to be made compulsory from 1st of February, 2018.
Posted Date : 16-Dec-2017 , 02:06:11 pm | Posted By CASANSAAR
The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National e-way Bill is ready, the...
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GST Council to meet tomorrow; discuss roll out of e-way bill
Posted Date : 15-Dec-2017 , 04:49:05 pm | Posted By CASANSAAR
The all-powerful GST Council will meet tomorrow to discuss early implementation of e-way bill as well as ways to plug tax evasion.
Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, so...
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Now File NIL GSTR 3B in one click
Posted Date : 15-Dec-2017 , 09:09:14 am | Posted By CASANSAAR
In a bid to make GST filing easier for taxpayers, a new functionality has been introduced on the official portal of GST. This new functionality has been initiated with the filing of GSTR-3B returns first.
The GST network in a statement said, “A new functionality has been introduced on...
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35% of businesses registered in GST pay no tax - FM
Posted Date : 15-Dec-2017 , 09:05:29 am | Posted By CASANSAAR
Around 4 lakh people contribute 95% of GST collections, while 35% of those who have filed returns mostly paid no tax, finance minister Arun Jaitley said on Thursday.
He provided these figures emerging from studies in response to a query at industry chamber Ficci’s 90th AGM here on whether t...
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GST collections could rise on e-way bills: FM
Posted Date : 15-Dec-2017 , 09:02:00 am | Posted By CASANSAAR
Revenue collections from the Goods and Services Tax could pick up over the coming months as provisions such as e-way bills for transport of goods kick in, Finance and Corporate Affairs Minister Arun Jaitley said on Thursday, stressing that lower direct and indirect tax rates are only possible when g...
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Filing of Form TRAN-I to avail Input Tax Credit
Posted Date : 13-Dec-2017 , 07:55:41 am | Posted By CASANSAAR
Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A tax payer could file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax credit declared in the last return under the pre GST regime. The last date for filing of...
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Input Service Distributors can now file GSTR 6 on GST portal
Posted Date : 08-Dec-2017 , 08:23:21 pm | Posted By CASANSAAR
Goods and Services Tax Network (GSTN) today said Input Service Distributors can now file monthly return form GSTR 6 for July to distribute input tax credit among their units registered on the GST portal.
The last date for filing of GSTR 6 return for July is December 31, GSTN said in a state...
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Rs.8,450 crore package to boost exports post GST
Posted Date : 05-Dec-2017 , 09:56:21 pm | Posted By CASANSAAR
The government on Tuesday announced incentives worth ₹8,450 crore to boost exports of goods and services — mainly from labour-intensive segments and the Micro, Small and Medium Enterprises — and to increase employment generation and value-addition. The incentives were announced as part...
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GST data may be used to track income-tax evaders
Posted Date : 05-Dec-2017 , 09:53:23 pm | Posted By CASANSAAR
The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.
The government is setting up a mechanism wherein data obtained through GST reporting could be correlated with th...
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CBEC calls for reality check to boost GST mop-up
Posted Date : 05-Dec-2017 , 10:40:40 am | Posted By CASANSAAR
Amid concerns over slowing goods and services tax (GST) collections, the Central Board of Excise and Customs (CBEC) has sought detailed field reports with a special focus on the top taxpayers.
Finance secretary Hasmukh Adhia will review the revenue position with senior officials in the depa...
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Indian Oil suffers Rs 4,200cr due to GST
Posted Date : 05-Dec-2017 , 10:08:02 am | Posted By CASANSAAR
State owned oil refiner, Indian Oil Corporation has said that impact of the Goods and Services Tax (GST) would be nearly Rs 4,200 crore as it would not able to claim input tax credit for automotive fuels that are outside GST
Input tax credit means at the time of paying tax on output, you can redu...
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Exporters file over 10000 applications for GST refunds
Posted Date : 04-Dec-2017 , 09:48:04 am | Posted By CASANSAAR
With over 10,000 applications for refunds filed by exporters till November, the GST Network asked exporters to ensure that the claims do not exceed the GST paid in that month.
The Central Board of Excise and Customs (CBEC) had last month started refunds for exporters of goods who have paid IGST a...
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Economy shakes off Demonetisation & GST impacts with 6.3% growth
Posted Date : 01-Dec-2017 , 10:29:02 am | Posted By CASANSAAR
India's growth staged a recovery in the September quarter as the economy emerged from the shadows of the impact of demonetisation and rollout issues linked to GST, prompting the
government to say that it was poised for a durable recovery in the months ahead.
Data released by the Central Stat...
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Exporters advised to file Table 6A and GSTR 3B for processing of IGST Refund
Posted Date : 29-Nov-2017 , 07:16:32 pm | Posted By CASANSAAR
The Government of India is seized of the issue of Exporters complaining about delay in grant of refunds pertaining to Integrated Goods and Services Tax (IGST) paid on goods exported out of India and similarly Input Tax credit (ITC) on exports. Media reports with incorrect estimations of re...
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Govt appoints Shri B.N. Sharma as Chairman of the National Anti-profiteering Authority under GST
Posted Date : 29-Nov-2017 , 07:16:10 am | Posted By CASANSAAR
In an immediate follow up action of last week's Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma, as the first Chairman of this ape...
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GST collections decline to Rs.83346 crore in October
Posted Date : 27-Nov-2017 , 10:09:51 pm | Posted By CASANSAAR
GST collections slipped almost 10 per cent to Rs 83,346 crore in October as tax rates on several product were cut and teething troubles with the new regime pushed back implementation of key provisions.
As many as 50.1 lakh Goods and Services Tax (GST) returns filed for October resulted in a reven...
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GST - Matching of invoices, returns to start soon
Posted Date : 24-Nov-2017 , 10:19:51 pm | Posted By CASANSAAR
The government will soon start the process of matching returns and invoices under the Goods & Services Tax (GST) as the IT backbone for the tax reform measure stabilises and the need to assess the extent of taxes due takes centrestage, government sources said.
They also said that the re...
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GST could have fewer slabs in future - Chief Economic Adviser
Posted Date : 25-Nov-2017 , 09:46:49 am | Posted By CASANSAAR
Chief Economic Adviser (CEA) Arvind Subramanian said Friday that going forward, the Goods and Services Tax (GST) may "probably" have fewer rates by "collapsing" 12 per cent and 18 per cent tax slabs into one.
He said the new tax regime, rolled out from July 1, will stabilise i...
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43.67 lakh businesses file initial GST returns for October
Posted Date : 21-Nov-2017 , 09:54:52 pm | Posted By CASANSAAR
As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for the month of October -- the highest monthly return filing within due date, GST Network said.
The last date of GSTR-3B filing, which is the initial sales return, for October was yesterday.
Around 56 per cent of the regi...
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CBEC asks FMCG to immediately revise MRP on all products in line with latest reduction in GST rates
Posted Date : 21-Nov-2017 , 08:27:53 am | Posted By CASANSAAR
Centre has appealed industry leaders to pass on the benefit of GST rate reduction to the consumers.
In a letter to all the major Fast-Moving Consumer Goods(FMCG) companies, Central Board of Excise and Customs (CBEC) Chairperson, Vanaja Sarna stressed on the need to immediately revise the MR...
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Govt looks to cut GST on white goods
Posted Date : 20-Nov-2017 , 10:28:09 am | Posted By CASANSAAR
After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation.
While the move is expected to help push ...
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GSTN will launch facility for businesses to make changes in Aug and Sept GSTR 3B
Posted Date : 19-Nov-2017 , 11:27:26 am | Posted By CASANSAAR
GST group of ministers of IT network Chairman Sushil Kumar Modi has said that GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms. He said the facility will begin from tomorrow.
The chairman who is also Deputy Chief Minister o...
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Complex GST process hitting ecommerce startups
Posted Date : 19-Nov-2017 , 11:17:35 am | Posted By CASANSAAR
Online sales of auto components have been hit by complex GST model for ecommerce players, online marketplace boodmo said.
Exclusion of e-commerce businesses from the composite scheme, a higher tax rate of 28 per cent for auto components and for logistics of spare parts as well, and a complex GST ...
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Industry pitches for bringing natural gas under GST
Posted Date : 17-Nov-2017 , 10:26:47 am | Posted By CASANSAAR
More than four months after the launch of GST, the industry has pitched for inclusion of natural gas in the new indirect tax regime so as to help producers contain cost and aid in moving towards a gas-based economy.
In letter to Finance Minister Arun Jaitley, industry body Ficci has said that kee...
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Cabinet approves the establishment of the National Anti-profiteering Authority under GST
Posted Date : 16-Nov-2017 , 04:19:43 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on yesterday's sharp reduction in the GST rates of a large nu...
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No GST on advance taken by FMCG companies
Posted Date : 16-Nov-2017 , 10:14:36 am | Posted By CASANSAAR
In a big relief to all FMCG companies and others that take advance from dealers before they supply goods, no goods and services tax (GST) would be levied on such advance.
The department of revenue has issued a notification allowing the relaxation after the same was approved in the GST Counc...
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High Court questions 12% GST on sanitary napkins
Posted Date : 16-Nov-2017 , 10:07:20 am | Posted By CASANSAAR
The Delhi High Court on Wednesday questioned the central government`s decision to impose 12 per cent tax on sanitary napkins under the GST regime, saying it has exempted "bindi, kajal, sindoor" which seem more essential than sanitary napkins.
The court said the government needs to look ...
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GST: changes in the returns filing process
Posted Date : 14-Nov-2017 , 10:38:41 am | Posted By CASANSAAR
The Goods and Services Tax Council took a slew of decisions during its 23rd meeting in Guwahati on Friday to benefit consumers and businesses alike. While consumers will stand to benefit from a number of rate cuts, including the tax on restaurants, businesses stand to benefit from a significant easi...
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Finance minister Arun Jaitley hints at further trimming of GST
Posted Date : 14-Nov-2017 , 07:55:09 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Monday hinted at further rationalisation of goods and services tax (GST) rates, while slamming opponents who have been advocating a shift to a single-rate regime, in what was seen as a rebuff to Congress vice-president Rahul Gandhi.
"Rationalisation process i...
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Accepting of Unique Identity Number of Foreign Diplomatic Missions / UN Organizations while making sales or supplies
Posted Date : 13-Nov-2017 , 05:59:18 pm | Posted By CASANSAAR
Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations.
It may be noted that sale or supply to...
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