Page 68 - Gst

GST relief to MSMEs, levy of calamity cess to be decided on Sunday

Currently, businesses with an annual turnover of up to Rs 20 lakh are exempt from GST

As GST non-compliance rate rises 3-fold, govt set to strike at defaulters

Fake invoices to claim input tax credit increased from only 4 cases involving Rs 9.75 crore in 2017-18 to 499 involving Rs 3894.94 crore in 2018-19

CGST shortfall may force govt to cut spending to meet fiscal deficit target

Adjusting for tax devolution to states, the Centre is possibly staring at a shortfall of Rs 58,000 crore

Jewellery exporters welcome govt move to exempt gold import from IGST

We are also expecting a similar relief to the exporters of articles of silver and platinum very soon, said Pramod Kumar Agrawal, chairman of Gem & Jewellery Export Promotion Council

GST Council meet on Jan 10; to consider 5% tax on under-construction flats

This would be the 32nd meeting of the council, which is chaired by Finance Minister Arun Jaitley and comprises his state counterparts

Govt waives late fee for GST returns during July 2017-September 2018

The fee for late filing of the returns is Rs 25 per day for Central GST and an equal amount under State GST

Govt notifies new annual GST return forms; to be filed by June 30

The government has notified new annual GST return forms, which are required to be filed by businesses registered under the Goods and Services Tax regime by June 30, 2019. In the annual return forms, businesses have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during the 2017-18 fiscal. The Central Board of Indirect Taxes and Customs (CBIC) on December 31, 2018, notified form GSTR-9, GSTR-9A and GSTR-9C. GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is for composition taxpayers, while GSTR-9C is a reconciliation statement. Trade and industry bodies had raised several objections on the GST annual return filing forms, which were earlier notified in September last year. Following this, the CBIC has notified the new forms. AMRG & Associates Partner Rajat Mohan said "it is disheartening to witness that only minor modifications have been made in these forms and all other demands have been rejected. Primary ...

New GST rates: 23 goods and services to get cheaper from January 1

The goods on which GST has been lowered to 18% from 28% at present include pulleys, gear boxes, retreaded or used tyres, power banks of lithium ion batteries, digital cameras and video game consoles

Faulty e-way bills help detect Rs 276 million worth of tax evasion

As the system is in its initial stages, the evasion detected by the e-way bill system is a very small proportion of the total evasion under the ambit of the GST

Govt working on bringing untaxed sectors under tax net: Revenue Secy

He said the Income Tax Department will implement faceless assessment for all scrutiny cases over the next one year

Absence of guidelines for calculating profiteered amount irks India Inc

Last year, industry representatives had approached the GST Council seeking norms for calculating profiteering

Chidambaram attacks govt over 'one GST rate', asks why goals are changing

Until yesterday a single standard rate of GST was a stupid idea. Since yesterday, it is the declared goal of the government, Chidambaram said in a tweet

Welcome reform

A single standard GST rate will be just what the doctor ordered

Single GST rates in the works, 28% peak slab to be pruned too: Jaitley

Experts said the standard rate would be crucial in determining if the move would help industry or not

Single GST rate in the process, cutting tax on cement a priority: Jaitley

Jaitley said of the 1,216 commodities which are used, broadly 183 are taxed at zero rate, 308 at 5 per cent, 178 at 12 per cent and 517 at 18 per cent

Key learnings from GST advance rulings: Not all that 'bad'

There have been 280 advance rulings and 40 orders from Appellate Authority of Advance rulings in various states

In GST era , state govts control only 35% of their revenue: Report

With the implementation of GST, the autonomy of states is expected to reduce an additional 17% of the revenues

Back office firms move Gujarat High Court on 'intermediary' ruling

The firms have pleaded the definition of 'intermediary' is already established under the previous service tax regime, and alteration will increase the tax burden of the outsourcing industry

GST implementation to curb state govts' autonomy on revenues: Study

States primarily depend on two sources for their revenue - their own revenue and central transfers

Fearing 18% GST, back office firms challenge intermediary tag in Gujarat HC

In November, it was ruled that back office support services qualify as intermediary services and not as exports