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News Category : GST

Changes / Exemptions in GST Rates on Services
Posted Date : 21-Jul-2018 , 04:53:54 pm | Posted By CASANSAAR

The GST Council in its 28th meeting held here today under the Chairmanship of Shri Piyush Goyal , Union Minister for Railways , Coal , Finance & Corporate Affairs  took following decisions relating to exemptions / changes in GST rates / ITC eligibility criteria, rationalization of rate...

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Category : GST | Comments : 0 | Hits : 365

Recommendations made during the 28th GST Council Meeting held on 21st July 2018
Posted Date : 21-Jul-2018 , 04:46:08 pm | Posted By CASANSAAR

The GST Council in its 28thmeeting held here today has recommended certain amendments in the CGST Act, IGST Act, UTGST Act and the GST (Compensation to States) Act. 2.         The major recommendations are as detailed below:   Upper limit of t...

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GST Council recommends GST rates reduction on several goods & for specified handicraft items
Posted Date : 21-Jul-2018 , 10:00:52 pm | Posted By CASANSAAR

  The GST Council in its 28th meeting held here today under the Chairmanship of Shri Piyush Goyal , Union Minister for Railways , Coal , Finance & Corporate Affairs  took following decisions on GST Rate on Goods . GST rates reduction on 28% items: 28% to 18% ...

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Category : GST | Comments : 0 | Hits : 276

GST council approves Simplified GST Return
Posted Date : 21-Jul-2018 , 04:16:15 pm | Posted By CASANSAAR

The GST Council in its 28th meeting held here today under the Chairmanship of Shri PiyushGoyal , Union Minister for Railways , Coal , Finance & Corporate Affairs has approved the new return formats and associated changes in law. It may be recalled that in the 27thmeeting held on 4thof May, ...

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Category : GST | Comments : 0 | Hits : 417

Recommendations on opening of migration window for tax payers till 31st August ,2018
Posted Date : 21-Jul-2018 , 04:14:43 pm | Posted By CASANSAAR

The GST Council in its 28th meeting held here today  has approvedthe proposal to open the migration window for taxpayers, who received provisional IDs but could not complete the migration process. The taxpayers who filedPart A of FORM GST REG-26, but not Part B of ...

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Category : GST | Comments : 0 | Hits : 290

Govt slashes GST rate on several products
Posted Date : 21-Jul-2018 , 09:29:42 pm | Posted By CASANSAAR

Conceding a year long demand, sanitary pads today exempted from GST as the GST Council reduced tax rates on an array of daily use appliances and products. While GST tax on sanitary pads was cut from 12 per cent to zero, rakhis were exempted from the tax, Finance Minister Piyush Goyal told reporte...

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Category : GST | Comments : 0 | Hits : 204

National GST appellate tribunal on anvil, Council to decide on July 21
Posted Date : 20-Jul-2018 , 08:48:31 am | Posted By CASANSAAR

The GST Council will consider setting up of a National Appellate Tribunal in Delhi with three regional benches with members from judiciary as well as tax departments to hear appeals against the order of the appellate authority set up by states under the GST regime.  According to the proposal...

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Category : GST | Comments : 0 | Hits : 219

Grievance Redressal Officers for processing the complaints/information under e-way Bill System
Posted Date : 18-Jul-2018 , 05:17:57 pm | Posted By CASANSAAR

As per the decision of the GST Council, e-way bill system has been rolled-out in a staggered manner across the country. E-way bills are getting generated successfully and till 17th July, 2018, more than Thirteen Crore and Fifty Lakh e-way bills have been generated which includes Six Crore ...

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Category : GST | Comments : 0 | Hits : 303

CBIC to observe Third Refund Fortnight to clear pending GST refunds
Posted Date : 17-Jul-2018 , 08:57:28 am | Posted By CASANSAAR

Refunds of GST have been a concern for the Government and Trade for the past several months.  In this regard, the CBIC has observed two special drives cum refund fortnights in the Month of March, 2018 (15th to 31st March, 2018) and June, 2018 (31st May to 16th June, 2018) respectively. These re...

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Category : GST | Comments : 0 | Hits : 330

Infosys to create new single page GST Return form
Posted Date : 16-Jul-2018 , 08:56:56 am | Posted By CASANSAAR

The GSTN Group of Ministers (GoM) has asked Infosys to create a new tax return filing form in an effort to simplify I-T returns for businesses. Addressing newspersons at the ninth GSTN GoM meeting, Bihar Deputy Chief Minister Sushil Kumar Modi said taxpayers who file 37 returns a year will file j...

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Category : GST | Comments : 0 | Hits : 762

No GST on foreign companies' payments to liaison offices for expenses - AAR
Posted Date : 14-Jul-2018 , 08:13:46 am | Posted By CASANSAAR

Foreign companies having liaison offices in India will not have to cough up goods and services(GST) on reimbursements of charges or expenses. A ruling by the Rajasthan Authority for Advance Rulings (AAR) has held that payment of salaries of employees and other working expenses are not services and n...

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Category : GST | Comments : 0 | Hits : 341

GST Council to discuss ease of filing returns, rate reduction on July 21
Posted Date : 12-Jul-2018 , 10:21:02 pm | Posted By CASANSAAR

The GST Council will discuss ease of filing returns, ease of assessment and may also consider further rationalisation of tax rates in its upcoming meeting on July 21, Finance Minister Piyush Goyal said on Thursday. He said the Goods and Services Tax (GST) Council had been responsive to industry d...

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GST Council unveils draft of changes proposed to GST law
Posted Date : 11-Jul-2018 , 07:57:08 am | Posted By CASANSAAR

India has proposed a slew of changes to the year-old goods and services tax law, including an amendment to deny credit in lieu of accumulated balances of education cess, secondary and higher education cess, Krishi Kalyan cess, and additional excise duties levied on textile and textile articles. ...

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Category : GST | Comments : 0 | Hits : 184

GST Council next meeting scheduled on July 21
Posted Date : 10-Jul-2018 , 07:29:44 am | Posted By CASANSAAR

The next meeting of Goods and Services Tax (GST) Council scheduled on July 21 is likely to endorse 3 per cent cess on sugar. In its last meet on June 4, the Council had constituted a Group of Ministers (GOM) and authorised it to take a final call on the matter.  The new sugar cess will be ov...

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Category : GST | Comments : 0 | Hits : 338

Scrap reverse charge, defer sops for digital payments - GST GoMs
Posted Date : 09-Jul-2018 , 07:59:26 am | Posted By CASANSAAR

A group of ministers (GoM) led by Bihar deputy chief minister Sushil Modi on Sunday decided to recommend to the GST council that a section in the GST Act concerning the reverse charge mechanism (RCM) be scrapped as “it discriminates against unregistered dealers while not adding much to the rev...

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Category : GST | Comments : 0 | Hits : 540

Non-tariff charges in electricity bill to attract GST
Posted Date : 06-Jul-2018 , 08:01:43 am | Posted By CASANSAAR

Electricity bills can have a goods and services tax (GST) component at times. Non-tariff charges, which include application fee for releasing connection, rentals charged against metering equipment and labour charges for shifting of meters and service lines, are liable to taxed at 18% under the GST. ...

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Govt likely to go slow on key anti-evasion measure under GST
Posted Date : 03-Jul-2018 , 08:35:33 am | Posted By CASANSAAR

The government is unlikely to insist on implementing the reverse charge mechanism, a key anti-evasion measure proposed under the goods and services tax (GST), on concerns that the rule will adversely impact small businesses while not yielding revenue gains. The implementation of the reverse charg...

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Government celebrates First GST Day
Posted Date : 01-Jul-2018 , 09:28:17 pm | Posted By CASANSAAR

Government of India celebrated the 1st GST Day here today. The event saw an address on the eventful 1styear journey of GST over a live video link by Union Minister, Shri Arun Jaitley. Union Minister for Railways, Coal, Finance & Corporate Affairs, Shri Piyush Goyal presided over as the Chie...

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GSTN to go in for third-party audit of its software - CEO
Posted Date : 28-Jun-2018 , 08:11:36 am | Posted By CASANSAAR

GST Network has decided to go in for third-party audit of its software developed by Infosys to ensure that all changes in law are adequately captured and its performance is not lagging on any count, a senior official said. GSTN operates the IT backbone for collection of Goods and Services Tax (GS...

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Category : GST | Comments : 0 | Hits : 410

Rs 2,000 crore GST evasion unearthed in 2 months
Posted Date : 27-Jun-2018 , 08:12:38 pm | Posted By CASANSAAR

The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes, a senior official said today.  CBIC member John Joseph said alike small businesses w...

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Category : GST | Comments : 0 | Hits : 336

GST provisions on TDS/TCS, reverse charge mechanism deferred by 3 months
Posted Date : 26-Jun-2018 , 09:24:27 pm | Posted By CASANSAAR

The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end.  The GST Council in its meeting on March 10 had suspended the provision for ...

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Category : GST | Comments : 0 | Hits : 567

GST notices to Cos for passing off cash balance as transition credit
Posted Date : 26-Jun-2018 , 08:58:26 am | Posted By CASANSAAR

The indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to Goods and Services Tax (GST), triggering panic among such companies.  PLA is a cash ledger account with the...

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Category : GST | Comments : 0 | Hits : 637

GST example of cooperative federalism - PM Modi
Posted Date : 24-Jun-2018 , 10:59:56 pm | Posted By CASANSAAR

Prime Minister Narendra Modi today said, Goods and Services Tax, GST is a great example of cooperative federalism, where all the States decided to take a unanimous decision in the interest of the nation.  He informed that it is a matter of pride that all the decisions taken in the 27 meeting...

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Category : GST | Comments : 0 | Hits : 174

GSTN designing tools for taxmen to analyse data to check evasion
Posted Date : 24-Jun-2018 , 10:57:35 pm | Posted By CASANSAAR

Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said.  GST Network (GSTN), the company handling the technology backbone for Go...

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Category : GST | Comments : 0 | Hits : 309

GST increased illegal activities 4-5 times in terms of Billing
Posted Date : 21-Jun-2018 , 10:31:59 am | Posted By CASANSAAR

The goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times. ‘Bill selling’, a practice common in the construction sector among those who inflate cost of projects, has gone up four-five times...

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Category : GST | Comments : 0 | Hits : 2105

Govt clears Rs. 38,062 Cr in GST refunds
Posted Date : 21-Jun-2018 , 10:29:33 am | Posted By CASANSAAR

The government has cleared pending GST refunds to the tune of Rs.38,062 crore to exporters so far, the Central Board of Indirect Taxes and Customs said on Wednesday. “In all, Rs.21,142 crore (IGST refunds), Rs.9,923 crore (RFD-01A refund by CBIC) and Rs.6,997 crore (RFD-01A refund by states...

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Category : GST | Comments : 0 | Hits : 333

GST leads to Formalization of Economy and Widening of Tax Base
Posted Date : 18-Jun-2018 , 03:27:49 pm | Posted By CASANSAAR

Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections. In the past, the Centre had little data on small manufacturers and consumpt...

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Category : GST | Comments : 0 | Hits : 339

GST collection soars 150%, revenue gap dips by half
Posted Date : 18-Jun-2018 , 12:42:31 pm | Posted By CASANSAAR

UP has been registering a steady growth in GST collections, and the rise has been to such an extent that the compensation paid by Centre to the states for revenue loss due to GST implementation has come down from 27% in September 2017 to nil for the months of April and May, 2018 in UP's case. UP...

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Category : GST | Comments : 0 | Hits : 603

Delhi raises GST e-way bill threshold limit
Posted Date : 16-Jun-2018 , 07:24:21 pm | Posted By CASANSAAR

After West Bengal and Tamil Nadu, Delhi has become the third state to double the threshold for electronic-way (e-way) bill for intra-state movement of goods to Rs 1 lakh of the cargo value. Experts said the move poses a threat to seamless implementation of a unified, pan-India GST. States are leg...

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Category : GST | Comments : 0 | Hits : 425

Funds collected under GST anti-profiteering rules to be split between Centre, state
Posted Date : 16-Jun-2018 , 12:00:10 pm | Posted By CASANSAAR

Centre and the 'concerned state' will equally share the amount deposited by erring businesses in the consumer welfare fund set up as part of the GST anti-profiteering rules, as per a FinanceNSE -0.08 % Ministry notification.  Following the rollout of GST in July last year, the govern...

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Category : GST | Comments : 0 | Hits : 344

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