E-way bill system will be enabled to auto calculate the distance for movement of goods based on the postal PIN codes of source and destination locations while allowing a variation of only 10%.
The GST impact goes beyond revenues and rates of duty. It has transformed our federal polity for the good.
With the extended time limit, taxpayers who are yet to submit GSTR-9 must proceed only after ensuring that all the GST Returns applicable to their business during FY 2017-18 are filed.
Lack of clear guidelines and apprehension of possible controversy around transition of unutilised input tax credit as on 31 March 2019, has been a key issue for the sector.
During April-February of the current fiscal year, exports grew 8.85 per cent to USD 298.47 billion, while imports rose by 9.75 per cent to USD 464 billion.
Leading biscuit makers say unbranded, GST non-compliant outfits are grabbing market share by offering higher retail margins, lower price points.
The GST council has additionally imposed a condition that 80% procurement by developers should be from registered dealers to avail the composition scheme.
The Council also decided that reversal of input tax credit to be done on propotionate basis and the time limit for transition to new rates will be discussed with the states.
Under GST supply includes all forms of supply of goods or services such as sale, transfer, barter, rental, lease or disposal made or agreed to be made for a consideration by a person in the course of furtherance of business.
Change in credit set-off methodology in CGST Act puts an unwarranted burden on auto dealers working capital requirement.
The Cabinet meeting was chaired by Chief Minister Captain Amarinder Singh, as per an official release.
On the roadmap ahead, industry leaders opine that GST council needs to take charge and restart the work of aligning tax rules, so as to ensure that entire country signs and dances on the same tunes.
Banks don't make money on domestic payments. You make money by taking money and giving it out, says Gupta
The IGST came in at Rs 47,000 crore while the CGST and SGST stood at Rs 17,600 crore and Rs 24,200 crore.
Realtors’ body, NAREDCO, has written to the Ministry of Housing and Urban Affairs seeking clarity on this.
Businesses like restaurants, banks, hospitals etc. can lose opportunities to competitors who provide rich data and advertise their business effectively with the use of say, Google Posts on their Google listing.
The GST Council has approved new simplified return formats and these are expected to be launched on a pilot basis from April and full-fledged from July this year.
India's real estate sector has been in trouble for some time now with plummeting sales and huge inventories with developers.
The govt will take more steps to check frauds and increase compliance, a senior tax officer said Wednesday.
It's now slightly more than one and half years that GST has been implemented, and hence a good time to take stock of its 'hits and misses'.
The crucial aim of building the GST system is to allow a free and transparent flow of credit for taxpayers. The new system looks up to accomplish this.
Starting April 1, homes under construction will be levied 5% GST, against 12%. For affordable homes, GST will drop to 1% from 8%.
There is a thin line between perquisite and business expenditure and the ruling does not do anything to reduce confusion.
The companies while importing the products had paid 12% Goods and Services Tax when they were required to pay only 6%.
The due date for filing summary sales return - GSTR-3B - is February 20.
The premise of anti-profiteering is that if the government has given up its revenue, this benefit has to be passed on and enjoyed by the consumer.
The government late last year had come out with credit utilisation mechanism that companies have to follow beginning this month.
The Indian warehouse industry is booming with supply, which was a limited commodity earlier, increasing with every year that passes.
Under the new system, input tax credit available to businesses would only be limited to the extent it is reflected on the GST portal.
The apex body of the Indian auto component industry has pitched for increasing the rate of weighted deduction on R&D spend and called for a reduction of import duty on aluminium and steel.
Filing of GST returns has gone through its own share of challenges and the Annual return and GST Audit is the last milestone, in completion of the journey of GST returns for FY 17-18
The new system will bar businesses who have not filed returns for two straight cycles, from generating bills.
According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Mantri Suraksha Bima Yojana (PMSBY) for the traders at an affordable premium.
These decisions would lead to a focus on compliance by larger traders and manufacturers, who would have the ability to undertake the compliances mandated by GST.
The finance minister also said that the annual turnover for availing composition scheme has been increased to Rs 1.5 crore from Rs 1 crore, effective from April 1, 2019.
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