Tax practitioners seek more time for filing GST returns
Posted Date : 26-Aug-2017 , 08:05:30 am | Posted By CASANSAAR
Tax practitioners have urged the government to grant more time for filing tax returns and invoices for the month of July, the first month since the roll-out of the goods and services tax (GST), as businesses and traders strive to adjust to the new indirect tax system.
While many firms managed to ...
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More than 2.9 million file GST returns
Posted Date : 26-Aug-2017 , 07:59:44 am | Posted By CASANSAAR
As many as 2,964,653 filers had submitted returns for July under the goods and services tax (GST) regime by the Friday evening. Friday was the deadline for filing returns. The number of filers are likely to increase as the day ends.
GST Network, which is responsible for the information tech...
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Guidance for taxpayers in relation to GST
Posted Date : 25-Aug-2017 , 07:46:28 pm | Posted By CASANSAAR
To guide taxpayers in relation to GST matters, CBEC has issued a range of frequently asked questions related to GST law, procedures, tax rates, specific industry or sector. The information is available on CBEC GST portal http://cbec-gst.gov.in under Services section. Taxpayers can se...
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5% GST applicable on selling of space for advertisement in print media
Posted Date : 24-Aug-2017 , 10:33:26 am | Posted By CASANSAAR
Government has clarified that five percent GST is applicable on selling of space for advertisement in print media if an agency buys space from the newspaper and sells the same to clients on its own account.
However, the GST rate will be 18 percent of the sale commission, if the agency works as an...
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FinMin modifies cash management system to include post-GST changes
Posted Date : 23-Aug-2017 , 07:40:33 am | Posted By CASANSAAR
The finance ministry has modified the cash management system of the Central government to incorporate the change in date of tax receipts arising out of the new indirect tax regime of the Goods and Services Tax (GST). In an office memorandum, the finance ministry has asked all financial advisers of a...
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11 states may see Rs 9500 crore revenue loss this year under GST
Posted Date : 23-Aug-2017 , 07:34:04 am | Posted By CASANSAAR
Even though as a whole states' revenue may clip past at a CAGR of 16.6 per cent in FY18 over FY16 under the GST, 11 of them may need an additional Rs 9,500 crore compensation from the Centre this year, says a report.
"All states combined will grow at a CAGR of 16.6 per cent in FY18...
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Govt gets Rs 42K crore tax so far in first filing under GST
Posted Date : 21-Aug-2017 , 09:44:40 pm | Posted By CASANSAAR
As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.
A senior official said that about Rs 15,000 crore has ...
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Last Date for Payment of GST and Filing of Return For July 2017 Extended By 5 Days
Posted Date : 19-Aug-2017 , 10:09:05 pm | Posted By CASANSAAR
The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017.
Earlier the last date for payment of taxes and filing of GST Return...
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GST Council extends July payment and return filing deadline to 25 August
Posted Date : 19-Aug-2017 , 09:58:10 pm | Posted By CASANSAAR
A key panel of the Goods and Services Tax (GST) Council on Saturday decided to extend the deadline for businesses and traders to remit their taxes and file returns for the month of July—the first month of rolling out the indirect tax reform—by five days to 25 August.
A statement from ...
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Govt extends GST return filing deadline for cos who want to claim credit for past taxes
Posted Date : 17-Aug-2017 , 09:45:50 pm | Posted By CASANSAAR
In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns for July by a week to August 28. However, these tax...
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On Clarification regarding availability of Transitional Credit for GST
Posted Date : 18-Aug-2017 , 07:56:41 am | Posted By CASANSAAR
As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed.
Concerns have been raised about the form for claiming transitional input tax credit not being availa...
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Cabinet approves CGST refund scheme
Posted Date : 17-Aug-2017 , 08:32:13 am | Posted By CASANSAAR
The government has approved a new metro rail policy, a scheme to refund central goods and services tax ( CGST) to industrial units in Himachal Pradesh, Uttarakhand, Jammu & Kashmir and the North-East ctill 2027, and changes to strategic disinvestment policy to speed up d...
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GST rollout improves business efficiency by 30% - PM
Posted Date : 15-Aug-2017 , 09:40:56 pm | Posted By CASANSAAR
The abolition of inter-state check posts after the implementation of GST has reduced time for movement of goods by 30 per cent and saved thousands of crores of rupees, Prime Minister Narendra Modi said today.
The Goods and Services Tax, which unified more than a dozen central and state levies, is...
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18% GST on food takeaway from non-AC area at AC restaurant
Posted Date : 13-Aug-2017 , 07:43:45 pm | Posted By CASANSAAR
A uniform GST rate of 18 per cent will be charged on takeaways as well as food served from a non-AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government has said.
The new Goods and Services Tax (GST) regime, which was rolled out from July 1, pr...
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GST Law Committee extends deadline to claim input tax credit by one week
Posted Date : 12-Aug-2017 , 08:30:46 am | Posted By CASANSAAR
In a major relief for some taxpayers registered under GST, the GST Law Committee has extended the deadline to claim input tax credit by one week.
So, now those taxpayers who are eligible for such refund will first have pay their tax dues - post adjustment of input tax credit by August 20, while c...
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GST - Online travel agents liable to deduct 1% tax at source
Posted Date : 08-Aug-2017 , 09:30:09 pm | Posted By CASANSAAR
Online travel agents providing online ticketing and other services will be liable to deduct 1% tax at source under the GST regime as they have been classified as e-commerce operators, the CBEC said on Tuesday. Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to coll...
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GST - Rates on textile works, tractor parts cut; e-way bill provisions finalised
Posted Date : 06-Aug-2017 , 02:46:24 pm | Posted By CASANSAAR
The GST rates on textile job works like stitching and embroidery, and tractor parts were cut on Saturday, while e-way bill provisions relating to online pre-registration of goods before transportation were relaxed.
The all-powerful GST Council, headed by finance minister Arun Jaitley and comprisi...
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GST Council meet to review implementation today
Posted Date : 05-Aug-2017 , 07:30:54 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Council will meet today to review the implementation of GST which was rolled from 1st of July, this year.
The GST Council at its meeting will finalise a mechanism to operationalise anti-profiteering clause which seeks to protect consumers interest.
...
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Businesses can start filing July returns from 5 Aug - GSTN
Posted Date : 04-Aug-2017 , 08:35:37 am | Posted By CASANSAAR
The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till 20 August, GST Network Chairman Navin Kumar said on Thursday.
Businesses can start filing their first GST returns and pay taxes for July on the portal of GST N...
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No GST on traditional Rakhi; 5% tax on gold, silver rakhis
Posted Date : 04-Aug-2017 , 08:31:33 am | Posted By CASANSAAR
Rakhi, the sacred thread that women tie on the wrist of their brothers on the day of Raksha Bandhan, will not attract the goods and services tax (GST) provided it's the traditional cotton thread. However, gold and silver rakhis will be taxed 5%.
The finance ministry has said puja samagr...
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Nearly 40% taxpayers yet to complete GST enrollment process - GSTN
Posted Date : 03-Aug-2017 , 07:00:20 am | Posted By CASANSAAR
Even as the date of filing the first returns under the goods and services tax (GST) looms, nearly 40% of the taxpayers that have migrated to the GST Network (GSTN) portal are yet to complete the entire enrollment process, a necessary condition for filing returns. Over 71 lakh taxpayers of VAT, servi...
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GST Council to decide on anti-profiteering mechanism at Saturday meet
Posted Date : 02-Aug-2017 , 10:55:21 am | Posted By CASANSAAR
The much-awaited mechanism for anti-profiteering will be decided upon by the GST Council on Saturday, Finance Minister Arun Jaitley told the Lok Sabha on Tuesday. He also expressed the hope that other sectors would follow suit of the auto sector to cut prices due to the effective lower rates under t...
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Reduction/exemption of tax rates under GST for small businesses
Posted Date : 01-Aug-2017 , 09:55:27 pm | Posted By CASANSAAR
The Government has received representations from small businesses relating to exemption from GST, reduction in applicable rates of GST, and product and area wise exemptions. The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The tax rate...
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Government sets up two call centres to cater to the queries relating to GST
Posted Date : 01-Aug-2017 , 09:51:40 pm | Posted By CASANSAAR
Government has set up two call centres being run for the purpose of catering to queries of taxpayers and stakeholders in GST.
i. Call centre on GST Application software prepared by GSTN, is being run by GSTN. Phone number is 0120-4888999 and email id is helpdesk@gst.gov.in
ii. CBEC Mitra Helpd...
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Over 5 lakh businesses opt for GST Composition Scheme - RS
Posted Date : 31-Jul-2017 , 10:16:46 pm | Posted By CASANSAAR
Union Revenue Secretary Hasmukh Adhia on Monday said as many as 5.12 lakh businesses have so far opted for the Composition Scheme under the GST system.
"Dealers opting for composition in the Goods and Services Tax (GST) system is 5.12 lakh up to Sunday (July 30)," the Revenue Secretary ...
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Embroidered sarees to attract 5% GST - CBEC
Posted Date : 31-Jul-2017 , 10:07:12 pm | Posted By CASANSAAR
Sarees, whether designer or embroidered, will attract a five per cent Goods and Services Tax (GST), the tax department said today.
Clearing the air over whether sarees will be treated as garments or fabric, the Central Board of Excise and Customs (CBEC) said sarees are treated as fabric and it re...
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GST - Sale of bottled water on same rate Post GST
Posted Date : 29-Jul-2017 , 07:28:38 am | Posted By CASANSAAR
On account of implementation of GST there may be instances where the retail sale price of a pre-packaged commodity is required to be changed. Department of Consumer Affairs has therefore issued an advisory on the matter.
Further, vide this advisory it has been informed inter alia, that for ...
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GST - Printing of Post-GST Rates on Old Stock
Posted Date : 29-Jul-2017 , 07:26:56 am | Posted By CASANSAAR
On account of implementation of GST there may be instances where the retail sale price printed on a pre-packaged commodity is required to be changed. The Department has issued an order according to which, manufacturers/ packers/ importers of pre-packaged commodities are allowed to declare the revise...
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Benefits of the reduced rates/tax rebate to the consumers post GST
Posted Date : 28-Jul-2017 , 10:15:04 pm | Posted By CASANSAAR
The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified th...
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GSTN portal begins invoice uploading for businesses
Posted Date : 25-Jul-2017 , 08:26:13 am | Posted By CASANSAAR
The GSTN portal has started accepting uploading of sale and purchase invoices of businesses generated post Goods and Services Tax rollout on July 1.
GST Network (GSTN) is the company handling the IT backbone for the new tax regime.
The uploaded invoice data can be saved at the port...
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