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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : GST

HC allows ITC under GST regime to realtor making shopping mall
Posted Date : 22-May-2019 , 08:36:23 am | Posted By CASANSAAR

The Orissa High Court has resolved an important issue of blocked credit under the goods and services tax (GST) regime for real estate companies constructing commercial spaces for the purpose of letting it on rent or lease. The court has allowed input tax credit to a shopping mall construction c...

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Category : GST | Comments : 0 | Hits : 419

GST Council may consider national bench of AAAR next month
Posted Date : 21-May-2019 , 09:54:31 am | Posted By CASANSAAR

The GST Council is likely to consider next month a proposal for setting up a national bench of the Appellate Authority for Advance Ruling (AAAR) to reconcile the contradictory orders on similar issues passed by AARs in different states, a move aimed at providing certainty to taxpayers. Sources sa...

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Category : GST | Comments : 0 | Hits : 120

AAR allows input tax credit by debt settlement under GST regime
Posted Date : 20-May-2019 , 10:21:52 am | Posted By CASANSAAR

Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR). The Bengal wing of AAR made the ruling whil...

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Category : GST | Comments : 0 | Hits : 408

New single GST Returns form to be rolled out in July
Posted Date : 17-May-2019 , 09:47:12 am | Posted By CASANSAAR

The new simplified returns filing format, approved by the GST Council last July, is finally ready to be rolled-out after being deferred twice. Under the new format, taxpayers will be required to file one monthly return, except small taxpayers and a few exceptions. Those with no purchases, no output ...

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Category : GST | Comments : 0 | Hits : 1686

Home buyers to pay 12% GST on dues if completion certificate issued by March 31
Posted Date : 16-May-2019 , 08:44:35 am | Posted By CASANSAAR

Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said. Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge...

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Category : GST | Comments : 0 | Hits : 433

Exam for confirmation of enrollment of GST Practitioners to be conducted by NACIN
Posted Date : 15-May-2019 , 10:49:28 am | Posted By CASANSAAR

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized vide Notification No. 24/2018-Central Tax dated 28.5.2018, to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the...

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Category : GST | Comments : 0 | Hits : 762

Exporters are likely to get GST refunds automatically by next month
Posted Date : 15-May-2019 , 10:33:40 am | Posted By CASANSAAR

Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said.  Under GST, every person making a claim of refund o...

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Category : GST | Comments : 0 | Hits : 988

GST Council extends deadline for realty firms to opt for old GST rate till May 20
Posted Date : 10-May-2019 , 09:26:14 am | Posted By CASANSAAR

The GST Council extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates. The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real esta...

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Category : GST | Comments : 0 | Hits : 691

Owners may have to pay different GST for identical flats
Posted Date : 09-May-2019 , 10:59:58 am | Posted By CASANSAAR

The taxman has asked builders to choose before May 10 the new goods & services tax (GST) rate for ongoing realty projects.  The concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively. Developers ...

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Category : GST | Comments : 0 | Hits : 798

GST B2B invoices will have to be generated on Govt portal by Sept
Posted Date : 06-May-2019 , 10:16:00 am | Posted By CASANSAAR

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of...

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Category : GST | Comments : 0 | Hits : 1895

GST collection scales all-time high of Rs 1.13 lakh Cr in April 19
Posted Date : 01-May-2019 , 03:39:23 pm | Posted By CASANSAAR

GST collection scaled all-time high of over Rs 1.13 trillion in April, up from Rs 1.06 trillion in the previous month, the finance ministry said Wednesday. "The total gross GST revenue collected in April 2019 is Rs 1,13,865 crore of which Central GST is Rs 21,163 crore, State GST (SGST) is R...

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Category : GST | Comments : 0 | Hits : 1045

Govt paid input tax credit on Rs 4,000 Cr fake GST invoices in 2018
Posted Date : 28-Apr-2019 , 11:47:02 am | Posted By CASANSAAR

The government is looking into a proposal from the Central Economic Intelligence Bureau (CEIB) to bring fraudulent input credit tax, claimed by companies generating fake invoices of Goods and Services Tax, under the stringent Prevention of Money Laundering Act (PMLA) by making it a predicate offence...

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Category : GST | Comments : 0 | Hits : 373

E-invoicing may begin under GST
Posted Date : 27-Apr-2019 , 09:08:50 am | Posted By CASANSAAR

In what could radically transform the indirect tax administration system and the way business is conducted, India is looking at the possibility of introducing electronic invoicing under goods and services tax.  If the country adopts the system, businesses will likely have to issue invoices, ...

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Category : GST | Comments : 0 | Hits : 1081

Businesses can apply for revoking cancellation of GST registration by July 22 - CBIC
Posted Date : 26-Apr-2019 , 08:33:41 am | Posted By CASANSAAR

The revenue department has allowed businesses whose GST registration has been cancelled due to non-filing of tax returns to apply for its revocation by July 22, provided they file their pending returns and pay due taxes. In a letter to field offices, the Central Board of Indirect Taxes and Custom...

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Category : GST | Comments : 1 | Hits : 1299

Composition scheme biz to now file simplified self-Assessed GST return quarterly
Posted Date : 25-Apr-2019 , 09:08:36 am | Posted By CASANSAAR

Giving relief to composition scheme taxpayers under the GST, the finance ministry has allowed such businesses to file 'self-assessed tax' return on quarterly basis in a simplified form. So far, businesses opting for composition scheme had to file tax returns every quarter in GSTR-4 which ran...

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Category : GST | Comments : 0 | Hits : 555

Non-filers of GST returns for 2 months to be barred from generating e-way bills from June 21
Posted Date : 25-Apr-2019 , 08:47:34 am | Posted By CASANSAAR

Non-filers of GST returns for two straight months will be barred from generating e-way bills for transporting goods effective June 21, the finance ministry said.  Businesses under GST composition scheme, however, will be barred from generating e-way bill if they fail to file tax returns for ...

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Category : GST | Comments : 0 | Hits : 1054

Businesses must pay interest on entire GST tax liability
Posted Date : 24-Apr-2019 , 09:39:29 am | Posted By CASANSAAR

The Telangana high court has rejected a writ petition challenging the imposition of interest on total goods and services tax liability including input tax credit, a ruling that has significant implications for industry.  This means that tax authorities can levy interest on the gross tax liab...

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Category : GST | Comments : 0 | Hits : 1178

No input tax credit if GST returns not filed - Telangana High Court
Posted Date : 23-Apr-2019 , 08:28:46 am | Posted By CASANSAAR

The Telangana High Court has ruled that no input tax credit (ITC) is available unless GST returns are filed and a taxpayer is liable to pay penalty on the entire liability. The ruling is expected to have a significant impact on all businesses that use tax credits available on inputs and raw material...

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Category : GST | Comments : 0 | Hits : 1131

Govt extends last date for GST sales return for March 19 to April 23
Posted Date : 21-Apr-2019 , 07:24:35 am | Posted By CASANSAAR

The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23. "Due date for filing GSTR-3B for the tax period March 2019 has been extended to April 23, 2019," a ticker on GST portal ‘gst.gov.in' said. The l...

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Category : GST | Comments : 0 | Hits : 464

Samsung rapped for not passing GST benefits to consumers
Posted Date : 19-Apr-2019 , 10:23:20 pm | Posted By CASANSAAR

The Directorate General of Anti-Profiteering (DGAP) has served a notice on technology major Samsung India for allegedly not passing on the benefits of GST reduction to its customers and in turn making undue profits, sources said.  The notice, sources said, was served on the basis of a compla...

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Category : GST | Comments : 0 | Hits : 412

Examination for Confirmation of Enrollment of GST Practitioners
Posted Date : 16-Apr-2019 , 09:55:17 pm | Posted By CASANSAAR

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the Central Goods and Services Tax Rules, 2017, vide Notificat...

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Category : GST | Comments : 0 | Hits : 587

Businesses with turnover over Rs 2 Cr can now start filing GST Audit Reports
Posted Date : 15-Apr-2019 , 09:18:59 pm | Posted By CASANSAAR

Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal. The audit report for 2017-18, the first year of the goods and services tax (GST) implementation, is to be filed by Jun...

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Category : GST | Comments : 0 | Hits : 509

GST Network has 1.2 crore tax payers registered - CEO
Posted Date : 13-Apr-2019 , 09:26:54 am | Posted By CASANSAAR

A total of 1.21 crore taxpayers have been registered by the Goods and Services Tax Network (GSTN), its CEO Prakash Kumar said on Friday. "We started with 60 lakh taxpayers. Today, we have 1.21 tax-payers registered and 57.12 crore e-way bills generated so far," he said. An e-way bi...

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Category : GST | Comments : 0 | Hits : 376

Service providers can opt for GST composition scheme by April 30 - CBIC
Posted Date : 08-Apr-2019 , 08:46:27 am | Posted By CASANSAAR

The tax department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 per cent GST.  The option to pay Goods and Services Tax (GST) at reduced rate of 6 per cent would be effective from the beginning of the financial y...

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Category : GST | Comments : 0 | Hits : 695

GST officers seek clarification from companies for mismatch in sales returns, e-way bill data
Posted Date : 08-Apr-2019 , 08:44:01 am | Posted By CASANSAAR

GST officers have started seeking clarification from companies whose tax payments did not match with the e-way bills generated, as revenue authorities start matching supplies data to check tax evasion, sources said. Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2...

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Category : GST | Comments : 0 | Hits : 718

CBIC asks tax officers to be cautious while processing fresh GST registration
Posted Date : 04-Apr-2019 , 08:10:08 am | Posted By CASANSAAR

Cracking down on tax evaders, the CBIC has asked tax officers to be cautious while processing application for fresh GST registration by those businesses whose earlier registration has been cancelled due to non-compliance. The Central Board of Indirect Taxes and Customs (CBIC) also directed tax of...

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Category : GST | Comments : 0 | Hits : 1876

GST Revenue collection for March 19 crossed Rs One Lakh Cr and recorded Highest Collections in the FY 18-19
Posted Date : 01-Apr-2019 , 06:14:41 pm | Posted By CASANSAAR

Total Gross GST revenue collected in the month of March, 2019 is Rs. 1,06,577 crore of which CGST is Rs. 20,353 crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521crore collected on imports) and Cess is Rs. 8,286 crore (including Rs. 891crore collected on imports). The tota...

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Category : GST | Comments : 0 | Hits : 1152

Roll-out of new, simplified GST return forms deferred
Posted Date : 31-Mar-2019 , 02:34:39 pm | Posted By CASANSAAR

The pilot project envisaged for rolling out simplified monthly GST return forms from April 1 has been deferred and the new forms would be made available once they the notified and the software is ready. The GST Council had in July last year decided that the simplified GST return forms -- Sahaj an...

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Category : GST | Comments : 0 | Hits : 1462

GST Authority clarifies on change/transfer in ownership of sole proprietorship
Posted Date : 29-Mar-2019 , 12:28:40 pm | Posted By CASANSAAR

The Goods and Services Tax, GST Authority has clarified that transfer or change in the ownership of business will include transfer or change in the ownership of business due to death of the sole proprietor. In a circular, Central Board of Indirect Taxes and Customs, CBIC said, that the transferee or...

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Category : GST | Comments : 0 | Hits : 715

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 : 788

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