Govt is open for further GST Amendments - PM
Posted Date : 17-Oct-2017 , 08:26:14 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Monday said that his government was open to further amendments in the Goods and Services Tax (GST) and assured the business community in Gujarat that all GST hurdles will be solved.
He was addressing a massive rally of supporters and BJP workers at Bhat village in ...
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Govt to discuss bringing real estate under GST in Nov - FM
Posted Date : 13-Oct-2017 , 08:03:19 am | Posted By CASANSAAR
Real estate, a sector prone to tax evasion, might soon come under the goods and services tax (GST) net.
The GST Council would consider this at its next meeting on November 10 in Guwahati, finance minister Arun Jaitley said on Wednesday — early Thursday morning in India — at Harv...
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Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST
Posted Date : 13-Oct-2017 , 07:56:28 am | Posted By CASANSAAR
Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess).
In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th ...
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GST - Nearly 70% file GSTR-1 for July
Posted Date : 12-Oct-2017 , 07:14:22 am | Posted By CASANSAAR
About 70 per cent of the assessees under the goods and services tax (GST) had filed detailed sales returns for July as on Tuesday, the official deadline. Low compliance, said officials.
No further extension was given; the deadline had been extended twice earlier. About 4.59 million entities of th...
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GST rate structure for Petroleum and Oil Sector
Posted Date : 12-Oct-2017 , 07:04:03 am | Posted By CASANSAAR
To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6thOctober, 2017 has made...
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No extension of last date for filing GSTR-1 for July, 2017
Posted Date : 10-Oct-2017 , 08:34:14 am | Posted By CASANSAAR
The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are ad...
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GST Composition scheme window open for six more months
Posted Date : 09-Oct-2017 , 08:27:11 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Council has decided to keep open the composition scheme, an easier compliance and tax option, till March 31.
The second window of the scheme closed on September 30. It allows small taxpayers to pay a fixed rate of turnover as tax and eases GST formalities.&n...
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Govt announces major relief in GST for exporters, small & medium enterprises
Posted Date : 06-Oct-2017 , 09:04:05 pm | Posted By CASANSAAR
Government has announced major relief in GST for exporters and small and medium enterprises. The composition threshold limit under GST has been enhanced from 75 lak rupees to one crore.
Briefing reporters after a marathon 8-hour long GST Council meeting, Finance Minister Arun Jaitley said t...
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Composition scheme extended to Rs. 1 cr, quarterly returns for taxpayers with turnover of Rs 1.5 cr
Posted Date : 06-Oct-2017 , 08:59:33 pm | Posted By CASANSAAR
To bring simplicity and to reduce the compliance cost for the small taxpayers, the GST Council in its 22nd meeting has decided to allow taxpayers with Rs 1.5 crore to file quarterly returns and at the same time increased the threshold for composition scheme to Rs. 1 crore from the present Rs. 75 lak...
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GST Council meeting today, MSMEs, exporters may get relief package
Posted Date : 06-Oct-2017 , 08:31:12 am | Posted By CASANSAAR
The Goods and Services Tax Council (GST Council) chaired by finance minister Arun Jaitley is likely to announce on Friday a special package for micro, small and medium enterprises (MSMEs) that will, among other things, address the concerns of exporters, as policymakers explore ways to fix an unexpec...
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Advance Authority for Rulings in demand to clear doubts on GST
Posted Date : 04-Oct-2017 , 08:30:27 am | Posted By CASANSAAR
A few senior tax officials and corporates have requested the government to start Advance Authority for Rulings as early as possible to clear doubts on goods and services tax (GST), as this will prevent companies and associations from approaching courts for clarity. Advance Authority for Rulings (AAR...
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Window for GST composition scheme to be open till Sept 30
Posted Date : 29-Sep-2017 , 07:59:04 am | Posted By CASANSAAR
The GST Department has announced that the window for adopting the composition scheme under the GST Act for small traders, producers, and restaurants will be open till September 30.
Under the scheme, all small traders, producers, and restaurants which have a turnover of less than Rs.75 lakh need t...
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Quarterly GST returns may be for Small Firms
Posted Date : 29-Sep-2017 , 07:56:26 am | Posted By CASANSAAR
The Centre is considering a proposal from the industry to allow small firms to file quarterly returns even as they pay taxes on a monthly basis under the Goods and Services Tax (GST) regime.
This follows the troubles these small firms are having regarding complying with the GST norms due to their...
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GST Revenue Figures – As on 25th September, 2017
Posted Date : 27-Sep-2017 , 08:21:58 am | Posted By CASANSAAR
The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283 crore. Out of the total GST collec...
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GST revenue collections in August at Rs 90,669 Cr
Posted Date : 27-Sep-2017 , 08:19:39 am | Posted By CASANSAAR
Goods and Services Tax (GST) revenue collections in August stood at 90,669 crore rupees.
Out of this, CGST revenue is 14,402 crore rupees, SGST 21,067 crore, IGST 47,377 crore and Compensation Cess is 7,823 crore rupees. This figure of GST revenue collection is upto 25th of September. ...
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GSTN ropes in 39 more companies as Suvidha providers
Posted Date : 23-Sep-2017 , 09:54:43 am | Posted By CASANSAAR
The GST Network, the agency in charge of the technological infrastructure for the Goods and Services Tax regime, has selected 39 more companies to become GST Suvidha Providers (GSPs). Companies like Zoho Corporation, Paynear as well as consulting bigwigs PwC and KPMG have made the cut this time. VG ...
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Clarification about Transition Credit in GST of Rs. 65000 Cr
Posted Date : 23-Sep-2017 , 09:42:01 am | Posted By CASANSAAR
There are lot of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Governm...
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Notification Issued For GST Actionable Claim On Branded Food Products
Posted Date : 23-Sep-2017 , 09:39:54 am | Posted By CASANSAAR
The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, inter alia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:
a) A brand registered as on 15.05.2017 under the Trademarks Act, 1...
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FM asks biz not to wait till last day to file GST returns
Posted Date : 20-Sep-2017 , 10:03:36 pm | Posted By CASANSAAR
With 75 per cent of businesses waiting till the last day to file August GST returns, Finance Minister Arun Jaitley today asked them to avoid last-minute rush for tax filing.
He said the GST Network (GSTN) has the capacity to handle 1 lakh returns per hour, which translates to 24 lakh returns in a...
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Notification regarding GST rate for branded cereal, pulses and flour
Posted Date : 20-Sep-2017 , 09:40:12 pm | Posted By CASANSAAR
The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:
a) A brand registered as on 15.05.2017 shall be deemed to be a regi...
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Fast-track GST refund, else Rs 65K cr may be stuck - Exporters
Posted Date : 20-Sep-2017 , 07:54:52 am | Posted By CASANSAAR
Fearing that a staggering Rs 65,000 crore could get stuck in GST refunds, exporters today asked the government to fast-track the refund process and avoid further deterioration in their "liquidity situation".
The Committee on Exports, chaired by Revenue Secretary Hasmukh Adhia, today met...
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CBEC tells field officers to take GST disputes to Supreme Court
Posted Date : 19-Sep-2017 , 09:20:33 am | Posted By CASANSAAR
Central Board of Excise and Customs (CBEC), the indirect tax administration of the union government, on Monday instructed its field officers to prepare to move the Supreme Court on all disputes where levy of goods and service tax (GST) has been questioned or stayed by any high court.
The instruct...
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Only 6.9 lakh taxpayers filed GST returns
Posted Date : 19-Sep-2017 , 08:43:54 am | Posted By CASANSAAR
With the deadline for filing Goods and Services Tax (GST) returns for August coming to an end in less than 72 hours, only 6.9 lakh taxpayers have filed their GSTR-3B- a short summary return, at the end of Monday, said sources familiar with the development. The government expects tax returns from abo...
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160 companies to get notices on transitional GST credits
Posted Date : 19-Sep-2017 , 08:38:39 am | Posted By CASANSAAR
Several Indian companies, including some large entities, may start receiving notices from Monday on transitional tax credits in the run-up to the introduction of the single producer levy, two people with direct knowledge of the developments told ET.
The notices from the indirect-tax department fo...
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GoM admits to glitches in network delaying GST filings
Posted Date : 17-Sep-2017 , 10:05:12 pm | Posted By CASANSAAR
Technical glitches and procedural problems galore on the GST Network have delayed payments and filing of returns under the new Goods and Services Tax (GST) regime, a Group of Ministers (GoM) admitted on Saturday.
"Technical glitches, procedural problems and absence of some forms on the...
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GST Composition Scheme registration open till Sept. 30
Posted Date : 17-Sep-2017 , 11:33:34 am | Posted By CASANSAAR
The GST Network said it has reopened the facility for small taxpayers with turnover of upto 75 lakh rupees to opt for composition scheme. Such small taxpayers will have time till September 30 to opt for the scheme, which offers easy compliance for business as returns are to be filed only quarterly.
...
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GST transitional claims of over Rs 1 crore to be scrutinised
Posted Date : 16-Sep-2017 , 09:35:33 am | Posted By CASANSAAR
As much as Rs 65,000 crore out of the nearly Rs 95,000 crore tax collections in July — the first month of GST — have been claimed as transitional credit by taxpayers, prompting the apex indirect taxes body the Central Board of Excise and Customs to order a scrutiny of all cases above Rs ...
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GoM set up to look into technical issues of GST Network to hold its first meeting in Bengaluru today
Posted Date : 16-Sep-2017 , 09:32:07 am | Posted By CASANSAAR
The group of ministers set up to look into the technical issues faced by GST Network, headed by Bihar Deputy Chief Minister Sushil Kumar Modi, will hold its first meeting in Bengaluru today.
The GST Council, the highest decision-making body of the new Goods and Services Tax regime, had on S...
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Tax officials may go for searches, surveys to widen base under GST
Posted Date : 15-Sep-2017 , 07:33:59 am | Posted By CASANSAAR
In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country, a senior tax official told ET.
The searches could start as early as next week and would focus on checking if any company...
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Govt sets up panel to receive profiteering complaints under GST
Posted Date : 14-Sep-2017 , 07:59:23 am | Posted By CASANSAAR
A four-member standing committee, comprising tax officials of the Centre and states, has been set up to receive complaints of undue profiteering by any entity under the new goods and services tax (GST) regime.
The Standing Committee on anti-profiteering will act as a complaint processing machiner...
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