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| 02 December, 2020, 05:16 AM IST | E-Paper
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    GST

    GST

    MULTIMEDIA

    GSTN infra upgraded to handle up to 3 lakh users concurrently

    GSTN infra upgraded to handle up to 3 lakh users concurrently

    Besides, the Goods and Services Tax Network (GSTN) has introduced auto-populated sales return form GSTR-3B in PDF form which will be available from October 2020 tax periods onwards.

    GST collection, power consumption show recovery: Ex-RBI chief C Rangarajan

    GST collection, power consumption show recovery: Ex-RBI chief C Rangarajan

    Rangarajan, also the former Prime Minister's Economic Advisory Council chairman, said this during 'SICCI-360' organised here by the Southern India Chamber of Commerce and Industry.

    Suspecting fraud, taxmen block input tax credit of several companies for a year

    Suspecting fraud, taxmen block input tax credit of several companies for a year

    People in the know say that the tax department’s investigations revealed that several companies were allegedly manipulating the input tax credit mechanism.

    GST: Aim of digitisation is to convenience taxpayers and not harass them, says Bombay High Court

    GST: Aim of digitisation is to convenience taxpayers and not harass them, says Bombay High Court

    The Bombay High Court was hearing a petition filed by BMW India Financial Services Ltd.

    GST borrowing quantum has to be reasonable, will continue to request states to join: Finance Secretary

    GST borrowing quantum has to be reasonable, will continue to request states to join: Finance Secretary

    He said while extending the loan, the Centre would take authorisation from states that repayment would be made only from the GST compensation cess which is being collected and repayment schedule will be set in such a manner that the collections in cess pool post June 2022 would be enough to repay the interest arising out of borrowing.

    GST collection crosses Rs 1 lakh crore mark for first time since February

    GST collection crosses Rs 1 lakh crore mark for first time since February

    GST revenues for October were 10 per cent higher than in the same month last year, with revenues from import of goods being 9 per cent higher and revenues from domestic transaction (including import of services) being 11 per cent higher.

    GST filing adds to MSME woes amid pandemic

    GST filing adds to MSME woes amid pandemic

    The foremost concern of MSMEs and auditors alike are the number of changes that have been taking place in the law and the frequency with which they take place.

    GSTN enables composition taxpayers to file NIL statement through SMS

    GSTN enables composition taxpayers to file NIL statement through SMS

    Composition taxpayers can now file NIL statement in Form GST CMP-08 through SMS and without logging in to the GST portal.

    Due date for 2018-19 annual return, reconciliation statement extended to 31st Dec

    Due date for 2018-19 annual return, reconciliation statement extended to 31st Dec

    The government has taken the decision on recommendations of the GST Council and representations from industry regarding the need to extend due dates on account of Covid-19 pandemic related lockdown and restrictions.

    CBIC offers more relaxations to small taxpayers for FY20

    CBIC offers more relaxations to small taxpayers for FY20

    The requirement to file annual return in GSTR-9 by taxpayers having aggregate turnover upto Rs 2 crore has been made optional for financial year 2019-20.

    Gujarat High Court to relook at GST on intermediaries

    Gujarat High Court to relook at GST on intermediaries

    The Gujarat High Court in July had held that supply of services by intermediaries outside India is not an export and that 18% GST should be levied on that. That meant that these entities will have to cough up 18% additional GST, like any other domestic companies on such services provided to service recipient based outside India.

    Business with turnover of over Rs 100 crore to generate e-invoice for B2B deals from Jan

    Business with turnover of over Rs 100 crore to generate e-invoice for B2B deals from Jan

    The electronic invoicing system for business to business transactions was implemented on a mandatory basis for companies with turnover above Rs 500 crore kicked into effect from October 1.

    5% or 18%: No final ruling on ‘ready-to-cook’ parota GST rate

    5% or 18%: No final ruling on ‘ready-to-cook’ parota GST rate

    As the classification issue was pending in another proceeding, the previous ruling of the lower authority, which applied a rate of 18% has been held as void. This leaves the issue open and it’s likely that the litigation will continue.

    Government extends due date for GSTR-9 and GSTR 9C till October 31

    Government extends due date for GSTR-9 and GSTR 9C till October 31

    With the GST annual compliance date coinciding with implementation of e-invoicing, the industry had given up hope on meeting both the statutory deadlines.

    States that don't choose one of Centre's borrowing options may not get GST dues till June 2022

    States that don't choose one of Centre's borrowing options may not get GST dues till June 2022

    As many as 21 states have backed the first option, entailing Rs 97,000 crore borrowing, more than the requisite number needed to pass a resolution in the GST Council if it is put to vote. This is bound to put pressure on the Opposition-ruled states, which have rejected both the options.

    GST Council can ask Centre to let states borrow to compensate shortfall: Attorney General

    GST Council can ask Centre to let states borrow to compensate shortfall: Attorney General

    ​​In a written reply to a query in Rajya Sabha, minister of state for finance Anurag Thakur said that the AG had, however, left it to the Centre to take the final call on the borrowing by states.

    GST Network issues FAQs on invoicing scheme ahead of Oct 1 launch

    GST Network issues FAQs on invoicing scheme ahead of Oct 1 launch

    The GST Network issued clarifications through frequently asked questions on Monday, ahead of the October 1 launch of the scheme for businesses with more than Rs 500 crore turnover. The scheme will introduce a standard invoicing standard for all companies.

    GST compensation due to states at Rs 1.51 lakh crore, Maharashtra leads

    GST compensation due to states at Rs 1.51 lakh crore, Maharashtra leads

    The provisional GST compensation due to states/UTs for 2020-21 was highest for Maharashtra at Rs 22,485 crore, followed by Karnataka (Rs 13,763 crore), Uttar Pradesh (Rs 11,742 crore), Gujarat (Rs 11,563 crore) and Tamil Nadu (Rs 11,269 crore).

    GST: 12 states accept centre’s Rs 97,000 crore borrowing option

    GST: 12 states accept centre’s Rs 97,000 crore borrowing option

    Six more states - Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh - will be giving their option in a day or two, finance ministry sources said.

    GST laws review: Focus on decriminalising offences and wider use of compounding provisions

    GST laws review: Focus on decriminalising offences and wider use of compounding provisions

    ​​The government is evaluating removal of clauses in the law that provide officers powers to arrest taxpayers suspected of evasion.

    How the recent decision by GST council has further deepened states' financial woes

    How the recent decision by GST council has further deepened states' financial woes

    For most states, the decision came as a bolt from the blue, throwing into disarray their finances, already severely weakened by the pandemic

    States to take up GST compensation in monsoon session

    States to take up GST compensation in monsoon session

    States are set to take up the matter of compensation for the goods and service tax shortfall in the monsoon session of parliament scheduled to start on September 14, with the GST Council unlikely to meet before September 19.

    Validity of e-way bills extended till November 30: Central Board of Indirect taxes and Customs

    Validity of e-way bills extended till November 30: Central Board of Indirect taxes and Customs

    The Central Board of Indirect taxes and Customs (CBIC) extended the validity of e-way bills till November 30, while extending the due date for certain compliances under customs, central excise and service tax laws till the same date.

    GST collection at Rs 86,449 crore in August

    GST collection at Rs 86,449 crore in August

    The government has settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement.

    Govt extends FY20 GST return filing date for composition dealers till October 31

    Govt extends FY20 GST return filing date for composition dealers till October 31

    The Central Board of Indirect Taxes and Customs (CBIC) in a tweet said, "Last date GSTR 4 for FY 2019-20 extended to 31st October 2020". Goods and Services Tax (GST) composition scheme can be opted by any taxpayer whose turnover is up to Rs 1.5 crore.

    Opposition states plan to seek Prime Minister Modi's help on GST shortfall compensation

    Opposition states plan to seek Prime Minister Modi's help on GST shortfall compensation

    Tamil Nadu chief minister Edappadi K Palaniswami wrote to the PM on Monday, asking him to direct the finance ministry to revisit its stance on GST compensation.

    Punjab rejects central government's options on GST compensation shortfall

    Punjab rejects central government's options on GST compensation shortfall

    State finance minister Manpreet Badal has written to Union finance minister Nirmala Sitharaman communicating the decision while seeking clarity on several concerns raised by the state. “We thus take both the options with great regret as a clear breach of solemn and constitutional assurance by the Central government,” Badal said in his letters sent out on Monday. ET has seen a copy.

    Kerala rejects Centre's proposal of borrowing by states to meet GST revenue shortfall

    Kerala rejects Centre's proposal of borrowing by states to meet GST revenue shortfall

    The Centre and opposition-ruled states like Punjab, Kerala, Delhi and West Bengal, are at loggerheads over the financing of the Rs 2.35 lakh crore Goods and Services Tax (GST) shortfall in the current fiscal. Of this, about Rs 97,000 crore is on account of GST implementation and rest Rs 1.38 lakh crore is the impact of COVID on states' revenues.

    GST Council meeting: Centre, states set to clash over compensation payment

    GST Council meeting: Centre, states set to clash over compensation payment

    States are likely to push the Centre to borrow from the market, bring more products under the compensation cess ambit, extend GST compensation cess collection to 10 years from present five years and continue with on-time payment of compensation at 14%, as mandated by the GST Compensation Act.

    Delayed GST payment: Interest to be charged on net tax liability from September 1

    Delayed GST payment: Interest to be charged on net tax liability from September 1

    The industry had earlier this year raised concern over the directive of recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The interest was charged on gross tax liability.

    Step-by-step guide to GST registration through Aadhaar authentication

    Step-by-step guide to GST registration through Aadhaar authentication

    Aadhaar authentication facility for new taxpayers has been rolled out from August 21, 2020.

    GST reduced tax rates, doubled taxpayer base to 1.24 cr: Finance Ministry

    GST reduced tax rates, doubled taxpayer base to 1.24 cr: Finance Ministry

    In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax (GST), the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in high standard rate of tax up to 31 per cent.

    The GST cess shortfall – does tobacco hold the key?

    The GST cess shortfall – does tobacco hold the key?

    Tobacco is taxed at the highest slab of GST at 28 percent, being ‘sin goods’ and further attracting levies of additional duties like NCCD. The imposition of additional compensation cess on tobacco products by virtue of the Compensation to States Act, 2017, is already in effect in the GST regime.

    View: States are the biggest losers in GST sharing formula

    View: States are the biggest losers in GST sharing formula

    ​​The track record so far of the present government toward states demonstrates a betrayal of trust so crucial not just for India’s federal polity, but also for its economic recovery.

    GST registration after physical verification of biz place if Aadhaar not authenticated: CBIC

    GST registration after physical verification of biz place if Aadhaar not authenticated: CBIC

    In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration opts for authentication of Aadhaar number, he shall, with effect from Friday (August 21), undertake the said authentication while submitting an application.

    41st GST Council meet: Covid makes for grim backdrop as battle brews over revenue sharing

    41st GST Council meet: Covid makes for grim backdrop as battle brews over revenue sharing

    The Council’s 41st meeting on August 27 would discuss a single matter: compensation to states for revenue losses under the indirect tax regime.

    What is GST? All about it:

    Goods and Services Tax (GST) is an indirect tax used on the supply of goods and services. GST is a value-added tax levied on goods and services sold for domestic consumption. It has subsumed several taxes including central excise duty, services tax, additional customs duty, surcharges and state-level value added tax. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. GST provides revenue for the government and the Goods and Service Tax Act was passed in the Parliament in March 2017 and came into effect on July 2017. The three types of GST are Central Goods and Service Tax, State Goods and Service Tax, Integrated Goods and Service Tax. Since its instruction, GST has undergone many changes and is spearheaded by the GST Council, which has 34 members (primarily finance minister from each state) and headed by the Union Finance Minister. The Council meets on a regular basis for revisions, clarifications, additions and enactments of rule or rate changes of the goods and services in India.

    1. How do I register for GST?
    Go to the GST website, click on Register Now under Taxpayers, enter the details in Part A, add the OTP received on the email and mobile. You will receive the Temporary Reference Number (TRN) on your mail and mobile. To Register, fill all the details in Section B. Submit appropriate documents which include, proof for the place of business, bank account details, and authorization form. After the completion of the forms a success message and Application Reference Number (ARN) is sent to registered email and mobile.

    2. Can a person operating two different companies with different names but with same PAN get two GST registrations?
    One PAN holder gets one registration in every state, but he has the option of getting different registrations for different business verticals.

    3. Is it compulsory to register for GST?
    Following businesses/companies must register for GST:
    a. Businesses with turnover above Rs 40 lakh.
    b. Individuals registered under the Pre-GST law.
    c. Companies that supply via e-commerce aggregator.
    d. All e-commerce aggregators.

    4. How long does one have to wait to register?
    An unregistered person has 30 days to complete its registration formalities from its date of liability to obtain registration.

    5. What are the GST slabs?
    Goods and services are divided in into five different tax slabs for collection of tax -5%, 12%, 18% and 28%. Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.

    6. Who decides rates for levy of GST?
    The CGST and SGST are levied at rates jointly decided by the Centre and states. The rates are notified on the recommendations of the GST Council.
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