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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August surplus clinched GST rate cut, talks on for shift to two-rate regime
Posted Date : 13-Nov-2017 , 10:25:09 am | Posted By CASANSAAR
The Centre and the states have been debating changes in goods and services tax (GST) rates, especially in the top bracket, but it was a surplus earned during August that appears to have finally given both the confidence to move ahead and slash rates on over 175 products in the top slab.
Sources t...
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Changes in GST Rates as recommended by GST Council
Posted Date : 11-Nov-2017 , 09:03:44 am | Posted By CASANSAAR
Recommendations made On GST Rate changes by the GST Council as per discussions in its 23rd Meeting on 10th November, 2017 held at Guwahati
In the meeting held today, that is 10th November, 2017, the Council has recommended major relief in GST rates on certain g...
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Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017
Posted Date : 11-Nov-2017 , 09:01:52 am | Posted By CASANSAAR
The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has recommended the followingfacilitative measuresfortaxpayers:
Return Filing
The return filing process is to be further simplified in the following manner:
All taxpayers would file return in FORM GST...
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GST Changes recommended in Composition Scheme
Posted Date : 11-Nov-2017 , 08:55:10 am | Posted By CASANSAAR
The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati today.
i. Uniform rate of tax @ 1% under composition scheme for manufacturers andtraders (for traders, turnover will be counted only for ...
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Businesses can revise GST transition claim form now
Posted Date : 10-Nov-2017 , 07:29:33 pm | Posted By CASANSAAR
GST Network today said businesses can now make changes to the forms uploaded on the portal to claim transition credit.
"The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to November 9, 2017," GSTN said i...
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GST rate on mass consumption items cut to 18% from highest slab of 28%
Posted Date : 10-Nov-2017 , 07:28:18 pm | Posted By CASANSAAR
The GST Council today decided to reduce tax rate on a wide range of mass use items from chewing gums to detergents to 18 per cent from current 28 per cent.
Bihar Deputy Chief Minister Sushil Kumar Modi said this in Guwahati, where the full GST council meeting headed by Union Finance minister Aru...
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