The 32nd Goods and Services Tax (GST) Council meeting concluded today with a list of decisions made that would impact medium and small-scale industries and the ailing real estate sector.
The Group of Ministers under Modi has also suggested to the GST Council to allow additional borrowing over the permitted limit by states hit by natural calamity.
Half of the seven crore small businesses in the country can be brought under the indirect tax regime if its procedures were made simple, the Confederation of All India Traders (CAIT) stated.
For taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh, the due date for filing GSTR-3B for the months of September and October has been extended till November 30, 2018.
Since the ITC is availed on the basis of summary sales return or GSTR-3B filed, hence the deadline for ITC claims and GSTR-3B have been kept same.
The sustained drive by the Commercial Taxes department against fake ITC claims and a spate of recent arrests have created fear in errant businessmen.
"The GoM has decided that the GST Council will prepare a questionnaire and send to states for response..Out of the terms of reference of the GoM.
The industry says the benefit will encourage it to offer better social security package to workers while also reducing their cost of doing business.
FIEO had claimed that input tax credit (ITC) refund worth Rs 15,000 crore and at least Rs 8,000 crore of integrated GST refunds are stuck with the government.
For services companies such as telecom consultancies and banks, the problem could be more complex because of the wider scope for input tax credits.
Sections of GST experts believe the GST policy requiring aggregators to pay GST on fares collected by cab drivers will hurt startups
The article focuses on the debate pertaining to taxability of liaising services provided by liaison offices to its parent company under GST regime.
GST law amendment had brought in pre-import condition that denies IGST benefits to imports which had happened after exports.
The GSTIN and turnover/gross receipt as per GST must be reported while filing ITR-4.
A circular issued in September has created some confusion prompting the industry to seek a clarification from the government.
GST revenue rose to Rs 94,442 crore in September and officials feel it could surpass the landmark one lakh crore on increased demand during festival season.
This comes after a detailed analysis of the top 50,000 taxpayers showed a sharp rise in the closing balance of credit of many at the end of June last year compared with September 30, 2016
Finance minister Arun Jaitley said states faced an average 16% shortfall in GST collections in the year ended March 2018, after it was implemented in July 2017.
Businesses need to submit GST and income tax details, along with bank statement, to be eligible for speedier loan sanctions.
The idea is to automatically capture all transaction details including GST rate and the cashback accordingly.
A notification extending the IGST and compensation cess exemption has been issued by the Central Board of Indirect Taxes and Customs (CBIC).
Government is looking at all the procedures, execution issues, to streamline the tax refund mechanism.
IFMA said that fans were a basic necessity in a tropical climate like India and being used by all strata of the society.
Once that decision is taken, businesses resort to one of the two most popular automation methods - spreadsheets and software.
Under the provisions, notified entities have to deduct up to 1% state GST and 1% central GST on intrastate supplies of over Rs 2.5 lakh.
The tax deducted at source (TDS) and tax collected at source (TCS) provisions under the goods and services tax (GST) have been notified to be effective from October 1.
The Government on Thursday through the notification No. 49/ 2018 - Central tax dated September 13, 2018 has notified the format for GSTR-9C.
Return to be filed for September happens to be the last return to take all credits pertaining the previous financial year. So what are the key steps?
Under GST, businesses with a turnover of over Rs 1.5 crore has to file final sales return or GSTR-1 by the 11th of next month
he application, which was filed by a Departmental Store was examined by Standing Committee on anti profiteering and was referred to DGAP for detailed probe.
GST has framed comprehensive ITC laws which explicitly define the exclusions for certain items that are to be left out of its scope.
One of the options being considered is stepping up anti-evasion measures with a focus on top 30 taxpayers.
In the pre-GST era, the filing of indirect tax returns was a mutually exclusive activity by the taxpayers, independent of the supplier or buyer’s return.
GST Law mandates all taxpayers, except casual taxable person or non-resident taxable person, input service distributor, person liable to deduct TDS, to file annual return for the period July 2017 to March 2018 by 31 December 2018.
GSTR-2A is a purchase return auto-generated by the system based on the transaction between a business and its supplier.