Page 64 - Gst

Mumbai HC grants bail to man held for circular trade, fake ITC claim

The court also ruled that no coercive action would be taken against the person, while posting the next hearing on July 8

12% GST on RECs: Renewable power companies move Delhi High Court

The court on Tuesday issued notices to the Centre, the GST Council and the Central Board of Indirect Taxes and Customs in this regard

Businesses with turnover over Rs 2 cr can now file FY18 GST audit reports

The audit report for 2017-18, the first year of the goods and services tax implementation, is to be filed by June 30

Rs 13-cr GST fraud busted after multi-city raids by UP STF, sales tax dept

They were involved in circular trading and had shown transactions worth Rs 72.7 crore between them, on which they claimed an input tax credit of Rs 13.09 crore at 18% GST, a senior official said

Huge burden for players in farm produce as warehouses comes under GST net

Collateral management firms working on rented warehouse model hit as they cannot avail input credit, given that farm commodities themselves are outside the GST net

Service providers can opt for GST composition scheme by April 30: CBIC

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 year or from the date of obtaining new registration during the financial year. Service providers opting for the composition scheme can charge a lower tax rate of 6 per cent from customers, as against the higher rates of 12 and 18 per cent for most services under GST. In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said suppliers who want to opt for composition scheme would have to file Form GST CMP-02 by selecting 'Any other supplier eligible for composition levy' latest by April 30, 2019. Businesses which apply for new registration may avail the said benefit in Form GST REG-01 at the time of filing application for registration. AMRG & Associates Partner Rajat Mohan said ...

GST officers ask cos to clarify mismatch in sales returns, e-way bill data

Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another

GST revenue touches record high of Rs 1.06 trillion in March: FinMin

Total number of summary sales return GSTR-3B filed for the month of February up to March 31 stood at 7.59 million

Some interpretation issues remain even after GST

The principle the SC enunciated in several judgments was that where in a tariff entry there were several sub-entries, the classification should be in one of the sub-entries

Roll-out of new, simplified monthly GST return forms deferred

Small taxpayers, with turnover of up to Rs 5 crore in the last financial year, can file quarterly return with monthly payment of taxes on self-declaration basis

Roll-out of new, simplified monthly GST return forms deferred

In July last year, the Central Board of Indirect Taxes and Customs had come out with the draft GST returns forms and sought comments from stakeholders

Explained: Why GST still vexes India's real estate developers and buyers

The press release after the 34th GST Council meeting has attempted to address many of ambiguities and apprehensions

Govt extends IGST, compensation cess exemption

These exemptions have been extended for exporters buying inputs domestically or importing for export purposes under export oriented unit (EOU) scheme

GST Council's plan for real estate sector may not find many takers

Sector seeks expansion of price band of affordable housing, lower tax on cement, pins hopes on post-poll reforms

Cannot take coercive action in circular trading cases: Bombay HC

The petitioner, whose business is in dealing with MS ingots, had filed a plea in court for personal liberty enshrined in the constitution

Jaitley bats for GST Council type of cooperation in farm, healthcare

Jaitley advocated for cooperative federalism in agriculture, rural development and healthcare for the larger national interest.

GST Council approves transition plan for new tax rates for real estate

Reasonable time for transition will be given to developers in consultation with states, he told reporters here.

Housing GST rule must be changed, says West Bengal FM Amit Mitra

The GST Council meeting slated for Tuesday will take up the issue of finalising the rules and procedures to implement the decisions of the last Council on real estate

GST Council to consider implementation of lower tax rates for realty sector

The council is expected to give its nod on new rules on how far builders can make use of credit for taxes paid on raw materials

GST on real estate: Transition is key

Tomorrow's GST Council meeting, which is expected to finalise the transition provisions, will be keenly watched