Page 47 - Gst

Realty cos must pay GST on shortfall in input procurement by June 30: Govt

Any shortfall in the procurement would be subject to GST to be paid by real estate developers at the rate of 18% on supplies used as inputs or input services and 28% for cement

Relief for GST filers: From July, Nil GSTR-1 Form can be filed via SMS

In a major move towards GST taxpayers' facilitation, the government has decided to provide the facility of SMS filing of NIL statement of Form GSTR-1 from the first week of July.The Central Board of Indirect Taxes and Customs (CBIC) said that the filing of NIL statement in Form GSTR-1 also through SMS would substantially improve ease of GST compliance for over 12 lakh registered taxpayers. At present, these taxpayers have to log into their account on the common portal and then file their statement of outward supplies in Form GSTR-1 every month or each quarter, read a release from Finance Ministry."GST taxpayers with NIL outward supplies would not be required to log on to the GST Portal and would be able to file their NIL statement in Form GSTR-1 through just an SMS. The status confirmation of the filed statement or return application can be tracked by them on the GST Portal by logging in to their GSTIN account and navigating to Services>Returns>Track Return Status," the ministry

'NIL' return filers can file sales statement GSTR-1 via SMS from July 1

Taxpayers willing to file GSTR-1 have to send SMS to 14409 to initiate the SMS facility

Blanket exemption from fees for late GST payments unfair, says CBIC

The CBIC said a blanket exemption of late fee would be unfair towards taxpayers who filed their February, March and April GST sales returns within the extended due date

Don't make mistake of dismissing Galwan incident as patrol clash: Punjab CM

Twenty Indian soldiers, including four from the state, were killed in a violent clash with Chinese troops in the valley in eastern Ladakh on June 15.

GST officials detect Rs 105-cr tax evasion by Indore-based cigarette maker

DGGI had conducted searches at the firm's premises that revealed that a secret exit had been set up on the rear side through which unaccounted raw materials were brought and finished goods cleared

Input tax credit cannot be availed on GST paid for employees cabs

The AAR in its ruling said since the applicant failed to cite any law under which the service of providing transportation facility to its employees is obligatory, ITC will not be available

GST Council updates: No fees for GSTR-3B for those with nil liabilities

Members of the GST Council discussed issues over videoconferencing in their first meeting since the coronavirus lockdown was imposed

Govt lifts restrictions, gives relief on ITC to exporters, others under GST

The government has now kept imports, ISD and RCM out of the purview of its move to limit ITC to inputs reflected in GSTR2A

CBIC settles controversy over imposition of GST on directors' income

These remunerations would be treated as fees for professional or technical services

Conflicting rulings at state level fuel call for setting up centralised AAR

Centralised AAR was, in fact, already approved by GST Council and Cabinet over a year ago

Centre releases Rs 36,400 cr GST compensation to states,UTs for 3 months

For the April-November 2019 period, the Centre had already released Rs 1,15,096 crore to compensate states and UTs on account of revenue loss due to implementation of the GST

Covid-19 crisis: Central GST collection falls 87% in April amid lockdown

The dip in revenue collections is being attributed to the country being put under lockdown to contain the coronavirus from March 24 and return filing being deferred

Opportunity in crisis: 5 sectors that may gain from coronavirus pandemic

As India moves to open up the country, investors look at sectors that have been resilient. Puneet Wadhwa charts sectors that are expected to do well in the next few months

States' GST compensation requirement to swell to Rs 4.1 trn in FY21

This is equivalent to 2.1 per cent of the country's estimated GDP

Emaar MGF found guilty of profiteering, to refund Rs 13 cr to homebuyers

The National Anti Profiteering Authority has ruled that the realty firm has benefited from additional input tax credit

GST boost to MSMEs

The definitional changes made for MSMEs would address the problem of "dwarfism"

Time to boost P2P lending

As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders

Story in Numbers: Sanganeri textile exporters drained of colour in Covid-19

The sector was trying to emerge from the aftereffects of the implementation of GST when the pandemic struck

GST compensation to states pending for December-March FY20: Sitharaman

The Centre has, so far, released over Rs 2.45 trillion as GST compensation to states since the implementation of the new indirect tax regime on July 1, 2017