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Latest GST Notifications Released Over The First Weekend Of 

April 2020


  1. Notification no.30/CGST Dt.03.04.2020 
    – Amendment in CGST rules         

Last date to file an intimation to opt for composition scheme for FY 2020-21 30.06.2020 and furnish Form GST ITC 03 on or before 31-07-2020

Restriction of ITC to 10% above the value uploaded by supplier shall apply cumulatively for the period February, March, April, May, June, July and August, 2020 instead of individual months and GSTR 3B of September shall be filed by making adjustments of ITC for the said months in compliance of 10% ITC rule.

  1. Notification no.31/CGST Dt.03.04.2020                 

Reduced interest rates for delayed filing of GSTR 3B (Refer Table below)

  1. Notification no.32/CGST Dt.03.04.2020                 

Waiver of late fee and penalty for delayed filing of GSTR 3B (Refer Table below)

EntityApplicable tax periodDuration of delay and Condition to claim reliefRate of interestLate fee and penalty
Turnover More than 5 crores in preceding Financial year February to April 202015 days from due date and GSTR 3B is filed by 24-06-20200% p.aWaived off
Turnover More than 5 crores in preceding Financial yearFebruary to April 2020Beyond 15 days from due date and GSTR 3B is filed by 24-06-20209% p.aWaived off
Turnover More than 1.5 crores but less than 5 crores in preceding Financial yearFebruary to March 2020GSTR 3B is filed by 29-06-20200% p.aWaived off
Turnover More than 1.5 crores but less than 5 crores in preceding Financial yearApril 2020GSTR 3B is filed by 30-06-20200% p.aWaived off
Turnover up to 1.5 crores in preceding Financial yearFebruary 2020GSTR 3B is filed by 30-06-20200% p.aWaived off
Turnover up to 1.5 crores in preceding Financial yearMarch 2020GSTR 3B is filed by 03-07-20200% p.aWaived off
Turnover up to 1.5 crores in preceding Financial yearApril 2020GSTR 3B is filed by 06-07-20200% p.aWaived off

 

  1. Notification no.33/CGST Dt.03.04.2020 

Waiver of late fee and penalty for delayed filing of GSTR 1 for all entities for the months of March, 2020, April, 2020 and May, 2020 and for Quarter ending the same is filed on or before 30-06-2020

  1. Notification no.34/CGST Dt.03.04.2020                 

Last date for furnishing of GST CMP 08 for quarter ending on 31-03-2020 is 07-07-2020 & for GSTR 4 for Financial Year ending on 31-03-2020 is 15-07-2020

  1. Notification no.35/CGST Dt.03.04.2020                 

Compliance by authority/ persons which falls during the period from the 20th day of March, 2020 to the 29th day of June, 2020 is extended up to 30-06-2020 w.r.t proceedings, appeals, orders, sanctions, intimations, approval, replies, etc 

E-way bill validity expiring between 20-03-2020 to 15-04-2020 is extended till 30.04.2020

  1. Notification no.36/CGST Dt.03.04.2020                 

Due date for filing GSTR-3B for the month of May 2020

EntityStatesDue date
Turnover More than 5 crores in preceding Financial year All states27-06-2020
Turnover up to 5 crores in preceding Financial yearChhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep12-07-2020
Turnover up to 5 crores in preceding Financial yearHimachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi14-07-2020
  1. Circular 136/06/2020 Dt.03.04.2020

Clarification in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Coronavirus. 

 

 

Highlights Of GST Notifications & Circulars As Of March 2020

 

Notification/Circular No.

Particulars

13/2020-CGST dt.23.03.2020

Deferment of e-invoicing

E-invoicing provision shall come into force from 01.10.2020 for the class of registered person whose aggregate turnover in a financial year exceeds one hundred crore rupees

14/2020-CGST dt.23.03.2020

QR codes

Provision related to mandating printing of QR codes on invoices issued to unregistered person will come into force from 01.10.2020

15/2020-CGST dt.23.03.2020

Annual return filing due date for FY 18-19

Extension of the time limit for furnishing of the annual return for FY 2018-19 till 30.06.2020

16/2020-CGST dt.23.03.2020

Changes in CGST rules

  • For submission of a registration application, an applicant shall undergo authentication of Aadhaar number. Else registration shall be granted only after physical verification of the principle place of business in the presence of the said person within sixty days from the date of application
  • Every registered person whose aggregate turnover during FY 2018-2019 exceeds five crore rupees shall get his accounts audited and shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C for the FY 2018-2019
  • Refund shall be re-credited to the electronic credit ledger when a registered tax person claims refund of any tax wrongly paid or paid in excess for which debit has been made from the electronic credit ledger
  • Change in definition of Turnover of zero-rated supply of goods w.r.t to refund of input tax credit
  • Recovery of refund of unutilised input tax credit or integrated tax paid on export of goods where export proceeds not realised in India within the period allowed under the Foreign Exchange Management Act, 1999 along with interest unless the Reserve Bank of India writes off the requirement of realisation of sale proceeds on merits. Subsequently if the applicant produces evidence about such realisation within a period of three months from the date of realisation of sale proceeds, the amount so recovered shall be refunded by the proper officer

17/2020-CGST dt.23.03.2020

Persons exempt from Aadhar authentication

w.e.f 01.04.2020 Aadhar authentication shall not apply to a person who is not a citizen of India and persons other than (a)Individual (b) Authorised signatory of all types (c) Managing and Authorised partner and (d) Karta of an Hindu undivided family

18/2020-CGST dt.23.03.2020

Effective date of Aadhar authentication

In order to be eligible for registration, applicant shall undergo Aadhar authentication From 01.04.2020

19/2020-CGST dt.23.03.2020

Persons who shall undergo Aadhar authentication

The below mentioned shall undergo authentication of possession of Aadhaar number in order to be eligible for registration under GST w.e.f 01-04-2020:

(a) authorised signatory of all types; (b) Managing and Authorised partners of a partnership firm; and (c) Karta of an Hindu undivided family

20-26/2020-CGST dt.23.03.2020

Extension of due dates of various returns for erstwhile state of Jammu and Kashmir

GSTR-7: Period July to October 2019 and November to February 2020 – 24th March 2020.

GSTR-1: (Persons with aggregate turnover upto 1.5 crores): For Quarter October to December 2019 – 24th March 2020

GSTR-1: (Persons with aggregate turnover more than 1.5 crores) : For Quarter October to December 2019 – 24th March 2020

GSTR-1: (Persons with aggregate turnover more than 1.5 crores) : For each of the months from July, 2019 to September, 2019 – 24th March 2020

GSTR-1: For Quarter July 2019 to September 2019 – 24th March 2020

GSTR-3B:  From month of October 2019 to February 2020 – 24th March 2020

GSTR-3B:  From month of July 2019 to September 2019 – 24th March 2020

 

27/2020-CGST dt.23.03.2020

Seeks to prescribe due dates

GSTR-1 (Persons with aggregate turnover up to 1.5 crores):

  • For Quarter April, 2020 to June 2020 – 31st July 2020
  • For Quarter July, 2020 to September, 2020- 31st October 2020

 

28/2020-CGST dt.23.03.2020

Seeks to prescribe due dates

GSTR-1 (Persons with aggregate turnover more than 1.5 crores):  

  • April 2020 to September 2020- Eleventh day of the succeeding month

29/2020-CGST dt.23.03.2020

Seeks to prescribe due dates

GSTR-3B

  • Taxpayers having aggregate turnover more than rupees 5 crores -20th day of the month succeeding such month
  • Taxpayers having aggregate turnover up to rupees 5 crores in states of in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep- 22nd day of the month succeeding such month
  • Taxpayers having aggregate turnover up to rupees 5 crores in states of in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi- 24th  day of the month succeeding such month

Circular 133/03/2020 of CGST dt.23.03.2020

Clarification issues in respect of apportionment of input tax credit in case of business reorganisation

Provides clarification on transfer of ITC that remains unutilized to sold, merged, demerged, amalgamated, leased or transferred business on account of change in constitution of business

Filing of form GST ITC-02 along with a request for transfer of unutilized input tax credit by transferor and it should be filed only in states where both transferor and transferee are registered

The transferor shall determine the amount to be transferred under each tax head (IGST, CGST, SGST/UTGST) within the total amount available, subject to the ITC balance available with the transferor under the concerned tax head

In case of demerger the input tax credit shall be apportioned in the ratio of the value of assets of the new units as specified in the demerger scheme. 

The ratio of value of assets shall be applied to the total amount of unutilized input tax credit (ITC) of the transferor i.e. sum of CGST, SGST/UTGST and IGST credit.

For calculating the ratio of the value of assets relevant date should be taken as the “appointed date of demerger

Relevant date for the purpose calculating the ITC balance of the transferor as available in electronic credit ledger is the date of filing of FORM GST ITC – 02 by the transferor

The said formula applies to business re-organization that results in partial transfer of business assets along with liabilities

The value of assets of the new units is to be taken at the State level (at the level of distinct person) and not at the all-India level

 

Circular 134/04/2020 of CGST dt.23.03.2020

Provided clarification on issues under GST law for companies under Insolvency and Bankruptcy Code, 2016

 
 

Highlights Of The 39th GST Council Meeting


Please find the highlights of press release of 39th GST council meeting that was conducted over the weekend.     

 

  1. 1. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017.

  2. 2. Relaxation to MSMEs from furnishing of Reconciliation Statement (FORM GSTR-9C), for FY 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores.

  3. 3. Due date for filing Annual return and Reconciliation Statement for FY 2018-19 to be extended to 30.06.2020.

  4. 4. Late fees not to be levied for taxpayers with aggregate turnover less than Rs. 2 crores for delayed filing of Annual return and Reconciliation Statement for FY 2017-18 and 2018-19. 

  5. 5. Furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax dt 07.03.2019 by filing FORM CMP-02.

  6. 6. Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code.

  7. 7. The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.

  8. 8. Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020.

  9. 9. Extension of the time to finalize e-Wallet scheme up to 31.03.2021.

  • 10. Extension of the present exemptions from IGST and Cess on the imports made under the AA/EPCG/EOU schemes up to 31.03.2021


                                                        Proposed amendments in CGST rules

  1. 1. Prescribing procedure for reversal of input tax credit in respect of capital goods partly used for affecting taxable supplies and partly for exempt supplies under rule 43 (1) (c).

  2. 2. Ceiling to be fixed for the value of the export supply for the purpose of calculation of refund on zero rated supplies.

  3. 3. Allow refund to be sanctioned in both cash and credit in case of excess payment of tax.

  4. 4. Provide for recovery of refund on export of goods where export proceeds are not realized within the time prescribed under    FEMA.



Highlights Of The 35th GST Council Meeting

 

The 35th GST Council meeting concluded with consensus on the following matters

1. GST annual return due date extended till 31 August 2019 for FY 2017-18

The due date for filing GSTR-9, GSTR-9A, and GSTR-9C for the FY 2017-18 has been extended by two months, till 31 August 2019. Official notification can be made anytime soon.

2. Aadhaar-enabled GST Registration introduced:

In order to ease the current process of GST registration and reduce the paperwork involved, GST Council has given a go-ahead to a new system for verification of taxpayers registering themselves under GST. Aadhaar number shall be linked to the GSTIN while generation.

3. NAA tenure extended by two years

Tenure of National Anti-profiteering Authority (NAA) was due to end by 30 November 2019. GST Council has further extended this tenure by two years, to enable it to take up all the pending cases. Hence, the authority can take up new cases in future due to rate cut issues, indicating that the GST Council has plans for further rationalisation of GST rates.

4. 10% penalty to apply for any delay in depositing profiteered amount

GST Council has approved a levy of 10% penalty for delay in depositing the profiteered amount by more than 30 days. This is a fair measure that would encourage timely compliance by the taxpayer.

5. E-invoicing to start from January 2020

The new system for raising all the tax invoices on the GST portal has received in-principle approval for implementation from 1 January 2020. This applies to only B2B invoicing. By this system, no separate e-way bill will be required in case of e-invoice. Returns to be framed from these e-invoices. A phased implementation is being worked out.
Earlier, the government had fixed Rs 50 crore as the limit for the applicability of e-invoicing.

6. E-ticketing made mandatory for multiplexes

Among other major decisions, the GST Council approved the electronic ticketing system, for multiplexes, having multi-screens. This will help curb cases of tax evasion and the use of black tickets that have been prevalent.

7. Rate cut decision on electric vehicles, chargers & leasing thereof deferred; Committee to submit its report

The decision to cut GST rates for electric vehicles and electric chargers have been postponed to the next Council meeting. The matter has been referred to the Fitment Committee for checking the feasibility of the rate cut. At present, the GST rates for electric vehicles and electric chargers are 12% and 28% respectively.

Likewise, the valuation rules for goods and services pertaining to solar power generating systems and wind turbines will be placed before the next Fitment Committee. The suggestions made by this Committee will be placed before the next GST Council meeting.

8. Rate cut for lottery put on hold; Matter to be referred before an Attorney General

The previous council meet had not tabled the rate cut matter for lotteries. The 35th GST Council meeting discussed the matter at length and also brought to light two pending cases on this matter before the high court and supreme court respectively. Although the courts had referred the matter back to GST Council, the Council has decided to consult the Attorney General of India.

9. GSTAT to be GST Appellate Tribunal.

The GST council also definitively stated the Goods and Service Tax Appellate Tribunal will be the appellate authority and will adjudicate on appeals arising from central and state tax authorities’ in-house dispute resolution system. The states will decide the number of GSTAT required by them as a result of which there can be two tribunals in a single state.

10. Other Due date extensions

Form

New due date

ITC-04 for July 2017- June 2019

31 August 2019

CMP-02 for opting into the composition scheme for service providers under Notification 2/2019-CT rate

31 July 2019

11. For non-filing of GST returns, E-way bills to be blocked

The law stated that where the GST returns in GSTR-3B/ GSTR-4 is not filed for two consecutive tax periods, e-way bill generation for such taxpayers would be disabled. This will be brought into effect from 21 August 2019, instead of the earlier notified date of 21st June 2019.

 

28th Mar 2019

The due date for ITC-04 of July 2017-March 2019 is now extended to 30th June 2019.

 

 19th Mar 2019

34th GST Council Meeting was held on 19th Mar 2019.

GST Council members met via video conferencing to discuss and pass the circulars drafted for rate cuts on affordable and non-affordable housing under construction.

 

24th February 2019

  • The 33rd GST council meet was held on 24th February 2019.
  • The due date to file GSTR-3B for the month of January 2019 has been extended up to 22nd February 2019*

*subject to notification being issued by CBIC.For the State of Jammu & Kashmir, due date is 28th February 2019.

 

10th February 2019

The next meeting-33rd GST Council meeting is scheduled to be held on 20th February 2019 via Video Conferencing.

It will be chaired by the Finance Minister Arun Jaitley. Real estate and export sector to be in limelight.

This will be the first one after the Interim Budget 2019.

 

10th January 2019

32nd GST Council meeting was held at New Delhi and chaired by Shri Arun Jaitley. Announcements made was a big relief to MSMEs and small traders.

The key takeaways of the 32nd GST Council meeting are as follows:

  • Increase in GST registration limit from Rs 20 lakhs up to Rs 40 lakhs for suppliers of goods.
  • Changes in the existing composition scheme made by increasing the turnover limit to join the scheme up to Rs 1.5 crores, tax payments to be made quarterly and returns to be filed annually starting 1st April 2019.
  • New composition scheme is introduced for service providers and those who supply services along with goods; the Turnover limit set is Rs 50 lakhs and the Tax rate is fixed at 6%.
  • No rate cuts were announced this time. GoMs were formed to study taxation of under-construction properties & lotteries.
  • Calamity cess up to 1% for up to 2 years will be charged for supplies made within the State of Kerala.

 

22nd December 2018

31st GST Council meeting was held on 22nd December 2018; Some rate cuts, Decisions to extend filing of GSTR-9,9A and 9C upto 30th June 2019, New return filing to be made applicable on trial basis from 1st April 2019 and many more were announced.

 

8th December 2018

CBIC extends due date for filing GSTR-9, GSTR-9A and GSTR-9C from 31st December 2018 till 31st March 2019 for FY 2017-18.

 

8th December 2018

Next 31st GST Council meeting to be held on 22nd December 2018 at Delhi.

 

26th Oct 2018 :

  1. Due date of GST ITC-04 for the period of July 2017 to September 2018 extended till 31 December 2018.
  2. Taxpayers whose registration has been cancelled by the proper officer on or before September 30, 2018, shall be required to furnish the final return in Form GSTR-10 till December 31, 2018.

 

21st Oct 2018 :

Due date to reconcile and file the amended GST data for FY 2017-18 in GSTR-3b for September 2018 & claim accurate ITC now extended to 25 October 2018. 

 

28th Sep 2018 :

30th GST Council Meet held on 28th September 2018 (Friday) through video conferencing.

 

13th Sep 2018 :

  1. TDS & TCSprovisions will be effective from 1st Oct 2018.
  2. Form GSTR-9C released. Due date of filing GSTR -9C yet to be notified.

 

10th Sept 2018:

  1. Extension of Due date for GSTR-3B only for newly migrated taxpayersfor months July 2017 to Nov 2018 till 31st December 2018. The due dates remain unchanged for rest of the taxpayers.
  2. Extension of Due date for GSTR-1in case of taxpayers with turnover above Rs 1.5 crores in previous FY or Current FY
  3. Regular taxpayers : for months from July 2017 to September 2018 extended till the 31st October 2018.
  4. Newly migrated taxpayers : for months from July 2017 to November 2018 extended till the 31st December 2018.
  5. Extension of Due date for GSTR-1in case of taxpayers with turnover upto Rs 1.5 crores in previous FY or Current FY
  6. Newly migrated taxpayers : For all quarters from July 2017 to September 2018 extended till 31st December 2018.
  7. For flood-affected regions of Kodagu, Mahe and Kerala : Above table of dates remain the same except for quarter July 2018 to September 2018 extended till 15th November 2018.
  8. Due date of TRAN-1 and TRAN-2 is extended for certain taxpayers who could not complete filing due to tech glitch,to 31st March 2019 and 30th April 2019 respectively.

 

4th Sep 2018 : 

  1. Taxpayers who filed GST CMP-04 for opting out of the composite scheme between 2nd March 2018 to 31st March 2018 can declare their ITC claim in Form GST ITC -01 till 3rd of October 2018.
  2. Time limit to file Form GST ITC-04 for the period from July 2017 to June 2018 has been extended till 30th September 2018.
  3. CBIC released formats of GSTR -9 & GSTR -9A.
  4. GST council waives the late fees for the following :
  5. Taxpayers whose GSTR -3B for the month of October 2017 was submitted but not filed on the common portal.
  6. Taxpayers whose GSTR -4 was filed for the period of October to December 2017 within due date but late fees were mistakenly charged.
  7. Input service distributors who paid late fees for GSTR-6 for any tax period between 1st Jan 2018 to 23rd Jan 2018.

 

21st Aug 2018:

Due date for filing GSTR – 3B for July 2018 has been extended to 24th August 2018.

 

6th Aug 2018:

Reverse Charge Mechanism (in case of supplies made by unregistered persons to registered persons), TDS and TCS provisions under GST deferred till 30th Sept 2019.

 

4th Aug 2018:

29th GST Council Meet was held at New Delhi. Incentives on Digital payments got a green flag. Committee to be formed for addressing MSME woes.

 

30th Jul 2018:

Know the highlights of Proposed changes to GST return filing.

 

30th Jul 2018:

Due date of GSTR-6 filing extended for months from July 2017 to August 2018  is 3oth September 2018.

GST under CAG lens: National auditor lists concerns

by admin on July 30, 2019 at 12:13 pm
Even as GST roll out completed two years, no process of system-validated input tax credit (ITC) system through invoice matching has been put in place, a CAG report on GST said...

FM Sitharaman holds GST Council meet at Ministry of Finance

by admin on July 27, 2019 at 12:13 pm
Union Finance Minister Nirmala Sitharaman held GST Council meeting through video conferencing at Ministry of Finance in the national capital today. Minister of State (Finance) Anurag Thakur was also present at the meet...

GST Council may reduce tax on electric vehicles

by admin on July 24, 2019 at 12:13 pm
The Goods and Services Tax (GST) Council, at its 36th meeting on Thursday, is likely to reduce the tax rate on electric vehicles, ease tax issues for the solar sector and deliberate on the tax rate on lotteries...

GST Council to decide on tax cut on EVs this week

by admin on July 22, 2019 at 12:13 pm
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on July 25 and decide on lowering tax rates for electric vehicles, officials said...

Higher GST for monthly maintenance above ₹7500

by admin on July 22, 2019 at 12:13 pm
Earlier, the maintenance charges in excess of ₹5,000 attracted GST and the limit was revised in excess of ₹7,500 effective from January 25, 2018...

GST watchdog detects invoice fraud to the tune of ₹7600 crore

by admin on July 19, 2019 at 12:13 pm
The Directorate General of GST Intelligence (DGGSTI), an arm of the indirect tax administration, has unearthed a racket involving 90 firms which issue fake invoices to errant companies for tax evasion, the agency said on Friday...

Seven indirect taxation-related laws being amended: FM

by admin on July 18, 2019 at 12:13 pm
Finance Minister Nirmala Sitharaman Thursday said seven legislations under indirect taxation are being amended to ensure greater simplicity, as she moved the Finance Bill in the Lok Sabha...

GST: Reaping best benefits requires laws and compliance structures

by admin on July 17, 2019 at 12:13 pm
Given the federal structure of our country, we were compelled to introduce a dual GST where the central and state governments have equal right to levy GST on supply of taxable goods and/or services on intra-state transactions...

GST collection of states, union territories increased to Rs 5.18 lakh

by admin on July 15, 2019 at 12:13 pm
GST collection of states, union territories increased to Rs 5.18 lakh crore in FY19, says Nirmala Sitharaman...

GST: Steady decline in number of return filers in last four months

by admin on July 11, 2019 at 12:13 pm
Total number of entities filing GST returns has seen steady declined in the last four months for which data is available. Between February and May this year, the number of entities filing GST return has declined by almost 8 lakh, which is nearly 10% of the total GST return filed in the country...

Delhi government cancels GST registration of 1282 traders for fraud

by admin on July 10, 2019 at 12:13 pm
The Delhi government has cancelled the GST registration of 1,282 traders who were found to be involved in the issuance of fake invoices. In addition, “show cause notices for cancellation have been issued to 3,221 dealers, of which proceedings are still underway​,” a government statement said on Wednesday...

Temporary Reduction in GST for Passenger Vehicles Will Boost Demand - Pawan Goenka

by admin on July 09, 2019 at 12:13 pm
Seeking a temporary reduction in GST rates for passenger vehicles to perk up the demand, which has been on a downward trajectory for quite some time now, Mahindra & Mahindra Managing Director Pawan Goenka said on Friday that the move will keep the demand cycle going...

Centre Has Lowered Its GST Target, but Is It Still Too Ambitious?

by admin on July 08, 2019 at 12:13 pm
The Union government rationalised its expectations for tax revenue collection in FY20 while presenting the Budget. Instead of the projected collections in the interim budget of Rs 25.52 trillion, the budget on Friday pegged the government’s gross tax revenues at Rs 24.62 trillion...

Budget 2019: Government Recommends Reduction Of GST From 12

by admin on July 05, 2019 at 12:13 pm
The government has recommended reducing the GST rate on electric vehicles under the Union Budget 2019, from the current 12 per cent to five per cent, while also offering an additional income tax on loans taken to purchase EVs...

Businesses to declare mismatch in GST returns form, outward supplies

by admin on July 03, 2019 at 12:13 pm
The Finance Ministry Wednesday said any mismatch in GST monthly sales return and outward supply details will have to be reported in annual return form and due taxes should be paid...

GST collections fall below ₹1 trillion for first time in FY20

by admin on July 01, 2019 at 12:13 pm
GSTcollections for June dipped marginally below target with receipts at ₹99,936 crore. The sluggish momentum in tax collection growth is partly due to the cuts in tax rates

New GST return filing system will simplify process: Sushil Modi

by admin on June 30, 2019 at 12:13 pm
Dubbing the new system as GST-2, Sushil Modi said the GST council has decided that the new filing system would be launched from October 1 this year...

Additional discount given by a company to a dealer will attract GST

by admin on June 28, 2019 at 12:13 pm
The Finance Ministry on Friday said the additional discount given by a company to a dealer in certain cases will be liable to Goods & Services Tax (GST)...

Entities identified on basis of risk parameters to face GST audit

by admin on June 26, 2019 at 12:13 pm
The revenue department has come out with a plan to audit accounts of GST registered businesses based on risk parameters, which may include history of tax evasion, irregular filing of returns and employing "questionable accountants"...

15th Finance Commission stresses on dialogue with GST council

by admin on June 25, 2019 at 12:13 pm
Finance Commission Chairman N K Singh said the panel had requested the Finance Minister, who is the Chairman of the GST council, regarding this, and has received a favourable response...

Companies using GST softwares will increase, says Logo Infosoft CEO

by admin on June 24, 2019 at 12:13 pm
Logo Infosoft, the Indian arm of South Eastern Europe's leading software vendor Logo, expect India to become their largest market in the next 2-3 years riding on a projected boom for Goods and Services Tax (GST) management solution market, a top company official said...

GST council extends return filing date

by admin on June 22, 2019 at 12:13 pm
In a major relief to trade and businesses, the GST Council, in its first meeting after the PM Narendra Modi government came back to power, extended the cut-off date for filing annual returns, by two months, to August 2019...

GST council extends tenure of anti-profiteering body

by admin on June 21, 2019 at 12:13 pm
India has extended the anti-profiteering framework under the goods and services tax (GST) by another two years while also making the rules more stringent to ensure companies pass on the benefit of lower taxes to consumers...

Beware: Businesses avoiding GST, council deliberating crackdown

by admin on June 20, 2019 at 12:13 pm
Finance Minister Nirmala Sitharaman is all set to chair her first meeting of the GST council on Friday. The newly appointed finance minister will preside over a ...

GST Council to consider e-invoicing for firms with over Rs 500-cr turnover

by admin on June 11, 2019 at 12:13 pm
The Goods and Services Tax (GST) Council in its first meeting under the new chairman, Union Finance Minister Nirmala Sitharaman, on June 20 will consider the introduction of an electronic invoicing mechanism for large companies on a voluntary basis, with an aim to capture transactions on a real-time basis.

  • GST Rate on Advertising Agency Services in India
    by admin on January 10, 2020 at 5:58 am

    Advertising refers to the process of promoting the products and/or services of a business by either or both offline and online means. For businesses and individuals using advertising services in India, GST compliance is now an important issue, since GST (Goods & Services Tax) now effectively replaces all the previous indirect taxes on such services. … Continue reading "GST Rate on Advertising Agency Services in India" […]

  • GST Rate on Fruits and Vegetables (Fresh & Frozen)
    by admin on December 18, 2019 at 9:28 am

    As per the recent update, the Good and Service Tax council can increase the GST from 5% to 6% on many essential goods like food, clothes, and shoes. So if you are interested to know the GST rates on fruits and vegetables, then this is the perfect time. GST on fruits and vegetables can be … Continue reading "GST Rate on Fruits and Vegetables (Fresh & Frozen)" […]

  • Is there Applicability of GST on Mutual Funds? All You Need to Know
    by admin on December 5, 2019 at 1:27 pm

    A mutual fund is a kind of a professionally managed investment fund that pools fortune (money) from investors to purchase securities. As per recent updates, at the end of 2018, mutual fund capital worldwide was around $46.7 trillion. Which is enough to gain the attention of the new investor. It also fulfils the aim of … Continue reading "Is there Applicability of GST on Mutual Funds? All You Need to Know" […]

  • GST on Health Insurance in India – Tax Rate & Impacts
    by admin on November 26, 2019 at 11:40 am

    Commencement of Goods & Services Tax (GST) regime has increased the tax burden on taxpayers as it has subsumed all indirect taxes such as VAT, excise duty, service tax and so on as a whole. Beyond the shadow of a doubt, this has raised the taxation on various products and insurance & banking sectors are … Continue reading "GST on Health Insurance in India – Tax Rate & Impacts" […]

  • GST Rate on Photography and Videography Services in India
    by admin on November 11, 2019 at 7:05 am

    An array of services such as laser photography, Jewellery photography, clothes photography,  wedding video recording, pre-wedding video shooting, aerial photography, fluorescent photography. etc come under the category of Videography and Photography service and fall under Goods and Services Tax (GST) purview. This is a complete guide to know about the GST Rate on Photography and … Continue reading "GST Rate on Photography and Videography Services in India" […]

  • GST on Sale of Fixed Assets in India (2019 Update)
    by admin on October 30, 2019 at 12:37 pm

    Fixed assets are the assets or things purchased for a long-term purpose. These may include immovable properties such as buildings and lands as well as equipment such as machinery, computers, etc. In this post, We are going to show you about GST on Sale of Fixed Assets. Keep reading… Before GST Before the implementation of … Continue reading "GST on Sale of Fixed Assets in India (2019 Update)" […]

  • Impact of GST on E-Commerce (Online Shopping) Sellers in India
    by admin on October 21, 2019 at 12:15 pm

    It’s been a while since the GST (Goods & Service Tax) system was introduced in India to replace all the other indirect taxes such as VAT, sales tax, service tax, etc. GST is a one-in-all indirect tax system, which means consumers need to pay only one tax during the overall supply chain. It also effectively … Continue reading "Impact of GST on E-Commerce (Online Shopping) Sellers in India" […]

  • GST on Foreign Exchange Conversion Service in India
    by admin on October 11, 2019 at 11:14 am

    Foreign Exchange conversion services allow users to convert their currencies to other foreign or domestic currencies. When exchanging (purchasing or selling) a foreign currency in India, the value of supply will be calculated by the service supplier. GST on Foreign Exchange Conversion will be determined based on the value of supply. There are the following … Continue reading "GST on Foreign Exchange Conversion Service in India" […]

  • All You Need to Know About OIDAR Services under GST
    by admin on October 3, 2019 at 12:55 pm

    OIDAR services under GST regime? OIDAR stands for Online Information Database Access and Retrieval services. In other words, OIDAR refers to the services are provided through the means of the internet. For a service to be qualified as OIDAR, it must fulfill the following two conditions: Delivery is performed through the internet It is an … Continue reading "All You Need to Know About OIDAR Services under GST" […]

  • GST on Reimbursement of Expenses in India – Explained with Example
    by admin on September 26, 2019 at 1:28 pm

    GST is the Goods and Services Tax which is charged on the supply of specific goods and/or services in India. There are 5 different tax slabs under GST – 0%, 5%, 12%, 18%, and 28%. In this article, you will get to know the rate of GST on Reimbursement of Expenses. What is the Reimbursement … Continue reading "GST on Reimbursement of Expenses in India – Explained with Example" […]

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