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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Government notifies GST cess hike on mid and large cars, SUVs
Posted Date : 13-Sep-2017 , 11:25:33 am | Posted By CASANSAAR
The government has notified levy of increased GST cess of up to 7 per cent on mid-size, large and SUV cars.
The GST Council on September 9 had decided to hike cess on mid-size cars by 2 per cent, on large cars by 5 per cent and on SUVs by 7 per cent to bring tax rates on these cars at pre-G...
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GST rates changed for 40 items, cess hiked on SUVs and luxury cars
Posted Date : 11-Sep-2017 , 08:15:27 am | Posted By CASANSAAR
The GST rates on 30 items of mass consumption were slashed on Saturday while the cess on mid and high-segment cars went up by 2 to 7 per cent.
Briefing the media after the second review meeting post the Goods and Services Tax roll out, Union Finance Minister Arun Jaitley said that in conson...
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TDS, TCS deductors can apply for GST registration from 18 September
Posted Date : 11-Sep-2017 , 08:06:52 am | Posted By CASANSAAR
The goods and services tax (GST) registrations for entities mandated to collect and deduct tax at source will start from 18 September. However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) is to be done will be notified later.
The GST Council, at its 21st meet...
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Govt to assess input tax credit claims of Rs 60,000 crore in GST
Posted Date : 11-Sep-2017 , 08:04:13 am | Posted By CASANSAAR
The government is in the process of checking the veracity of the around Rs 60,000 crore of claims made by entities for stocks before the implementation of the goods and services tax (GST). Of the Rs 95,000 crore of revenue collected in July, around Rs 62,000 crore has been claimed as input tax credi...
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Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th Sept, 2017
Posted Date : 10-Sep-2017 , 10:27:34 am | Posted By CASANSAAR
The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers:
In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved:
Sl....
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Govt extends deadline for filing of GSTR 1 to October 10
Posted Date : 09-Sep-2017 , 10:04:28 am | Posted By CASANSAAR
The government on Saturday extended the deadline for filing of GSTR-1 or sales return for July by a month till October 10, Finance Minister Arun Jaitley said. Earlier, the filing for GSTR-1 was supposed to end on September 10.
Besides this, artisans with a turnover of up to Rs. 20 lakh have also ...
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Over 22 lakh petition against GST on insurance premiums
Posted Date : 07-Sep-2017 , 08:39:18 am | Posted By CASANSAAR
Claiming that insurance industry has been heavily hit by the imposition of 18 per cent GST, the All India Insurance Corporation Employees Union on Wednesday said that about 22 lakh people have signed petition to Prime Minister opposing GST on insurance premiums.
The new GST system has brought add...
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GST collection tops Rs 94,000 crore for July from 44 lakh businesses
Posted Date : 07-Sep-2017 , 08:36:19 am | Posted By CASANSAAR
As many as six lakh more businesses have filed returns and paid taxes in last one week, taking maiden revenue collections from GST to about Rs 94,700 crore.
Finance Minister Arun Jaitley had last week stated that 38.38 lakh businesses had filed their returns and paid Rs 92,283 crore in taxes for ...
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GSTR Due dates for July & August month has been extended
Posted Date : 04-Sep-2017 , 09:52:13 am | Posted By CASANSAAR
GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017 respectively.
GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of August to 5th, 10th and 15th October 2017 respectively.
Tweet by GST@GOI
...
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Govt keeping an eye on GST implementation regularly
Posted Date : 04-Sep-2017 , 08:28:04 am | Posted By CASANSAAR
The government is monitoring implementation of the Goods and Services Tax (GST) regularly and teething issues are being resolved immediately, Minister of State for Finance Arjun Ram Meghwal said today.
Some technical issues with regard to tax payment have come to light and GST Network (GSTN) was ...
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Cabinet approves promulgation of the GST (Compensation to States) Ordinance, 2017
Posted Date : 30-Aug-2017 , 10:30:31 pm | Posted By CASANSAAR
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval to the proposal of the Finance Ministry to promulgate an ordinance to suitably amend the Goods and Services Tax (Compensation to States) Act, 2017.
The approval would allow to increase the maximum rate at which ...
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Apprehensions on GST proved unfounded - PM
Posted Date : 30-Aug-2017 , 10:15:09 pm | Posted By CASANSAAR
Two months after the rollout of GST, Prime Minister Narendra Modi today said apprehensions with regard to the indirect tax regime have been proven to be unfounded and a smooth transition has happened.
He asked chief secretaries of all states to further boost efforts to increase registration under...
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E-way billing - HC orders notice to officials
Posted Date : 28-Aug-2017 , 10:15:22 pm | Posted By CASANSAAR
The Madras High Court today ordered issue of notice to the Centre, including Principal Secretary (Revenue) and Tamil Nadu Commissioner of Commercial Taxes on a PIL seeking to direct traders to use E-way billing for movement or selling of goods in order to prevent cheating.
Justices K K Sasidharan...
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Over 36 lakh businesses file GST returns so far
Posted Date : 28-Aug-2017 , 05:40:53 pm | Posted By CASANSAAR
Over 36 lakh businesses have so far filed their first tax returns under the Goods and Services Tax (GST) regime, a top tax official said today.
Tax collected in the maiden filings under the GST regime, which kicked in from July 1, are still being compiled as the last date for filings under differ...
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