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News Category : GST

Govt extends IGST, compensation cess exemption under various export promotion plans
Posted Date : 22-Mar-2019 , 05:41:26 pm | Posted By CASANSAAR

Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till March 2020.  These exemptions have been extended for exporters buying inputs domestically or impo...

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Category : GST | Comments : 0 | Hits : 216

Decisions taken by the GST Council in the 34thmeeting held on 19th March, 2019
Posted Date : 20-Mar-2019 , 07:25:45 am | Posted By CASANSAAR

GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than afford...

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Category : GST | Comments : 0 | Hits : 323

GST council approves transition plan for new GST rates on residential properties
Posted Date : 19-Mar-2019 , 05:29:28 pm | Posted By CASANSAAR

GST council today approved a transition plan for new goods and services tax rates on residential properties under which developers of under-construction buildings may either opt to shift to the revised lower rates without input tax credit or stick to the previous rates. Revenue Secretary Ajay Bhu...

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Category : GST | Comments : 0 | Hits : 296

GST rates for new projects to be mandatory from April 1 - Revenue Secretary
Posted Date : 19-Mar-2019 , 03:41:34 pm | Posted By CASANSAAR

The GST Council on March 19 approved the transition plan for new GST tax structure for residential plots. "The new rate is 5% without tax credit or 1% without input tax credit. All buildings that begin work from April 1 will have to adhere to these new rates," said Revenue Secretary Aja...

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Category : GST | Comments : 0 | Hits : 431

Companies may pass on GST benefits to consumers by increasing grammage
Posted Date : 16-Mar-2019 , 08:52:15 am | Posted By CASANSAAR

The National Anti-Profiteering Authority (NAA) Friday said companies are free to offer volume benefit or price reduction to consumers, in the wake of rationalisation of GST rates. To evaluate cases of GST benefits, the NAA has decided to look into three yardsticks - proportionate grammage increas...

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Category : GST | Comments : 0 | Hits : 661

EC gives a nod to GST Council meeting scheduled on March 19
Posted Date : 14-Mar-2019 , 06:43:21 am | Posted By CASANSAAR

The Election Commission has given approval for holding the upcoming GST Council meeting on March 19 to consider various issues including the implementation of lower GST rates for the real estate sector.  The next meeting will be held through videoconferencing, sources said.   Foll...

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Category : GST | Comments : 0 | Hits : 382

Taxpayers can compare tax liability declared in final, summary GST returns forms - GSTN
Posted Date : 13-Mar-2019 , 09:57:28 am | Posted By CASANSAAR

The GST Network on Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms. The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the t...

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Category : GST | Comments : 0 | Hits : 795

GST Council to meet on 19 March to finalise real estate tax structure
Posted Date : 12-Mar-2019 , 09:35:22 am | Posted By CASANSAAR

In a first-of-its-kind meeting of a federal forum in the midst of the code of conduct of general elections, the Goods and Services Tax (GST) Council is scheduled to meet on March 19 to finalise guidelines to support the changed tax rate structure for underconstruction houses. This would be the on...

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Category : GST | Comments : 0 | Hits : 408

No GST on tax collected at source levied on goods - FinMin
Posted Date : 09-Mar-2019 , 10:08:04 am | Posted By CASANSAAR

The finance ministry on Friday provided relief to traders by withdrawing a rule that required them to charge goods and services tax (GST) on the compulsory income tax to be collected at source (TCS) from consumers who make high value purchases such as premium cars. A circular issued in December had ...

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Category : GST | Comments : 0 | Hits : 771

FinMin asks to be cautious while filing annual GST returns form
Posted Date : 08-Mar-2019 , 08:01:05 am | Posted By CASANSAAR

The Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available. In a statement, the ministry said the annual returns form is now available on the common portal for filing and asked Goods and Serv...

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Category : GST | Comments : 0 | Hits : 676

FinMin notifies April 1 as date for availing increased GST exemption limit, composition scheme
Posted Date : 08-Mar-2019 , 07:51:12 am | Posted By CASANSAAR

The government Thursday notified April 1 as the date for the implementation of doubling of GST exemption limit to Rs 40 lakh, which will benefit small and medium enterprises. Besides, the effective date for availing higher turnover cap of Rs 1.5 crore for availing composition scheme by traders ha...

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Category : GST | Comments : 0 | Hits : 676

FM releases a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit
Posted Date : 01-Mar-2019 , 08:57:47 pm | Posted By CASANSAAR

Finance Minister, Shri Arun Jaitley  released a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit. The Finance Minister congratulated CGA and his team on the occasion of Civil Accounts Day and appreciated the good work being done by ICAS. #casansaa...

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Category : GST | Comments : 0 | Hits : 1430

GST collection drops to Rs 97,247 crore in February
Posted Date : 01-Mar-2019 , 05:21:36 pm | Posted By CASANSAAR

GST collections in February dropped to Rs 97,247 crore in February from Rs 1.02 lakh crore in the previous month, the Finance Ministry said Friday.  The number of sales return or GSTR-3B filed for the month of January up to February 28, 2019 is 73.48 lakh.  "The total gross GST ...

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Category : GST | Comments : 0 | Hits : 271

Govt detects Rs 20,000 Cr GST evasion in April-Feb FY19
Posted Date : 27-Feb-2019 , 07:10:17 pm | Posted By CASANSAAR

The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax officer said on Wednesday. Central Board of Indirect Taxes and Customs Member (Investigation) John Joseph further said the department wou...

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Category : GST | Comments : 0 | Hits : 264

Trade bodies welcome rate cut in GST on real estate
Posted Date : 25-Feb-2019 , 08:30:31 am | Posted By CASANSAAR

Various trade bodies have lauded the GST Council decision on Goods and Services Tax rate cut on real estate.  Director General of Confederation of Indian Industry (CII) Chandrajit Banerjee said the GST Council's decision will address the needs of home buyers and boost offtake of housing....

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Category : GST | Comments : 0 | Hits : 212

GST on under-construction housing properties cut to 5%, affordable houses to 1%
Posted Date : 24-Feb-2019 , 08:09:51 pm | Posted By CASANSAAR

Union and state governments on Sunday decided to lower Goods and Services Tax (GST) on under construction housing properties to 5% from an effective 12% in a pro-consumer decision ahead of national polls due by April-May. GST rate on affordable housing projects too has been lowered from an effect...

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Category : GST | Comments : 0 | Hits : 433

GST Council defers decision on tax on real estate
Posted Date : 20-Feb-2019 , 10:41:56 pm | Posted By CASANSAAR

The GST Council deferred a decision on the rationalisation of tax rates on real estate till February 24 as some states wanted a physical meeting before a final decision is taken on the issue.  Briefing media after the 33rd meeting of GST Council held in New Delhi on Wednesday through video- ...

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Category : GST | Comments : 0 | Hits : 365

GoM favours uniform tax on lottery, GST Council to decide rate on Feb 20
Posted Date : 18-Feb-2019 , 09:22:08 pm | Posted By CASANSAAR

A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on which would be taken by the GST Council at its meeting on February 20.  Currently, a state-organised lottery attracts 12 per cent GST whil...

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Category : GST | Comments : 0 | Hits : 251

HC dismisses advance bail pleas on GST Act violation
Posted Date : 13-Feb-2019 , 04:33:07 pm | Posted By CASANSAAR

Observing that the Central Goods and Services Act was enacted with the laudable object of "one country one tax", the Madras High Court on Tuesday dismissed the anticipatory bail applications filed by nine persons apprehending arrest under the provisions of the Act. Justice Anand Venkate...

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Category : GST | Comments : 0 | Hits : 265

Rs 4,172 crore late fee for delayed filing of returns collected since GST launch
Posted Date : 12-Feb-2019 , 08:54:05 am | Posted By CASANSAAR

A total of Rs 4,172.44 crore was collected by the government as late fee for delayed filing of various goods and services tax (GST) returns since the implementation of the indirect tax regime on July 1, 2017, till February 4, 2019, Finance Minstry data showed. GST-related laws provide for levy of...

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Category : GST | Comments : 0 | Hits : 489

Govt panel favours lowering GST on under-construction flats to 5%
Posted Date : 09-Feb-2019 , 10:21:20 am | Posted By CASANSAAR

A ministerial panel led by Gujarat deputy chief minister Nitin Patel has come out in favour of lowering the goods and services tax (GST) on under-construction properties to 5% without credit for taxes paid on raw materials. The seven-member panel, which met in the national capital on Friday, also fa...

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Category : GST | Comments : 0 | Hits : 448

GST throws a challenge to CAG - Rajiv Mehrishi
Posted Date : 05-Feb-2019 , 07:08:49 am | Posted By CASANSAAR

GST has come as a challenge for government auditor CAG as huge numbers are to be worked, Comptroller & Auditor General of India (CAG) Rajiv Mehrishi said Monday.  The new indirect tax regime, however, also offers an opportunity as the data is available on a single platform making it poss...

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Category : GST | Comments : 0 | Hits : 438

GSTN develops system to fetch e-way bill data to curb evasion
Posted Date : 01-Feb-2019 , 09:18:40 am | Posted By CASANSAAR

Now, businesses supplying goods worth more than Rs 50,000 will have option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data. Matching of invoices of e-way bills wi...

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Category : GST | Comments : 0 | Hits : 263

GST collections in January cross Rs 1 lakh crore mark
Posted Date : 01-Feb-2019 , 09:05:29 am | Posted By CASANSAAR

The GST collections in January this year has crossed one lakh crore rupees mark.  In a tweet, Finance Ministry said, this has been a significant improvement in comparison to GST collection over 94 thousand crore rupees during last month. It said, in January last year the GST collection wa...

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Category : GST | Comments : 0 | Hits : 186

Rajasthan HC notice to Centre, State Govt on GST input credit benefit delay
Posted Date : 30-Jan-2019 , 08:30:10 am | Posted By CASANSAAR

Rajasthan High Court on Tuesday issued notices to the Central government, state government and the GST Council seeking reply in four weeks on the denial of the input tax credit benefit. Lakhani Metal and Castings Pvt. Ltd. of Bikaner had moved a petition challenging the clause (ii) of proviso of ...

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Category : GST | Comments : 0 | Hits : 284

Govt may ask taxmen to file GST profiteering pleas
Posted Date : 30-Jan-2019 , 08:28:02 am | Posted By CASANSAAR

The GST officials are working out mechanism to prompt taxmen to initiate profiteering complaints, which could be taken up for further investigation by the Directorate General of Anti-Profiteering (DGAP). Currently, only consumers file complaints against businesses for not passing on the benefits ...

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Category : GST | Comments : 0 | Hits : 157

Tax officials may examine high usage of ITC to set off GST liability
Posted Date : 27-Jan-2019 , 08:18:00 pm | Posted By CASANSAAR

Concerned over a decline in GST revenues, tax officials are likely to examine the high usage of input tax credit (ITC) to set off tax liability by businesses, sources said. The issue of high ITC was flagged at the meeting of the Group of Ministers (GoM) which was set up by the GST Council to look...

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Category : GST | Comments : 0 | Hits : 594

Cabinet approves creation of the National Bench of the Goods and Services Tax Appellate Tribunal
Posted Date : 23-Jan-2019 , 05:24:33 pm | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT). The National Bench of the Appellate Tribunal shall be situated at New Delhi. GSTAT shall be presided over by the President and...

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Category : GST | Comments : 0 | Hits : 349

GoM on revenue shortfall to study GST collection on services by states
Posted Date : 23-Jan-2019 , 09:00:30 am | Posted By CASANSAAR

A panel of state finance ministers Tuesday decided to scrutinise the GST collection on services by the states to find out if they are taxing them correctly, Bihar deputy chief minister Sushil Modi said. The panel has been formed by the GST Council to look into revenue shortfall being faced by the...

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Category : GST | Comments : 0 | Hits : 278

No e-way bill if GST returns not filed for 6 months
Posted Date : 20-Jan-2019 , 11:28:16 pm | Posted By CASANSAAR

Non-filers of GST returns for 6 consecutive months will soon be barred from generating e-way bills for movement of goods. The Goods and Services Tax Network (GSTN) is developing such IT system that businesses who have not filed returns for two straight return filing cycle, which is 6 months, woul...

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Category : GST | Comments : 0 | Hits : 819

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