GST News

Transition into GST Has Shaken Up the Economy by Fixing the Compliance Slab Really High

Posted by Sakshi Sharma on Oct 04, 2017 11:42:59 am

The Modi government took a revolutionary step by bringing the new indirect tax regime into reality. The main intention behind this was to remove the cascading effect of taxation while subsuming the various indirect taxes under one head. The expectations associated with GST were skyrocketing as it was addressed as the biggest tax reform since the country’s independence. Considered as a possible game-changer, the new tax regime was ... Read more>>

Lower Number of GST Slabs with More Revenues is Possible, Says the Finance Minister

Posted by Sakshi Sharma on Oct 03, 2017 12:46:21 pm

# Finance minister Arun Jaitley on Sunday assured that the new tax regime will be simplified in the coming times by reducing the number of tax slabs with more revenues. “Eventually once we become revenue neutral to think in terms of bigger reforms such as lesser slabs…But for that, we have to become revenue neutral plus,” said Mr. Jaitley while agreeing to the fact that there exists a scope for further improvement in GS... Read more>>

GST to Bring Relief to Small Firms As They May Get Time to File Returns

Posted by Sakshi Sharma on Sep 29, 2017 02:35:54 pm

The Centre is mulling over the proposal from the industry to permit the small businesses for quarterly filing of returns. These small firms are facing a lot of troubles in complying with the norms set forth under GST due to their inability to seek proper professional help and adequate technology. Chandrajit Banerjee, Director General, CII, said, “Filing of GST return may be made on a quarterly basis, as against the current mont... Read more>>

Taxmen Levy Huge Penalties to Keep a Check on Tax Evasion of GST

Posted by Sakshi Sharma on Sep 28, 2017 03:17:48 pm

# Seldom has anyone come across a fine of 100,000 percent. A trader in Andhra Pradesh received a notice from the Goods and Service tax officials to pay a penalty of more than that. An Andhra Pradesh tax officer, in a show cause notice, has commanded a trader to pay a fine of INR 20,000 for omitting a GST of INR 15 in a bill. “It’s clearly established that you wilfully violated the provisions (of GST law)…a punishable... Read more>>

GST Puts a Break on Designer Jewellery Sourced from Hubs

Posted by Sakshi Sharma on Sep 27, 2017 12:37:46 pm

# GST Council has taken a decision to not exempt inter-state taxable supply of job work in the jewellery division. As a result of this, the movement of jewellery from manufacturing hubs will most likely decelerate. Prior to this, a job worker making inter-state taxable supply of job work service wasn’t entitled to gain an exemption of INR 20 lakh and was responsible for mandatory registration under the new indirect tax regime. Ho... Read more>>

New Freebie in GST Raj: GST Waiver for Under-Construction Properties

Posted by Sakshi Sharma on Sep 26, 2017 12:17:53 pm

# With the flow of time, the gifts given during the festivals have witnessed a significant change; chocolates have replaced old-school sweets and GST waiver has replaced gold coins. Many real estate developers have started offering a 12 percent discount by choosing to absorb the Goods and Services Tax in an attempt to attract buyers to invest their money in property. Harpreet Singh, Partner, KPMG, says, "Announcing that flats are free ... Read more>>

Government Decides to Extend the Deadline for Filing GST TRAN 1 till 31st October

Posted by Sakshi Sharma on Sep 25, 2017 04:14:50 pm

# Amidst a lot of ambiguities, the government finally decided to give clarification and extended the deadline for filing GST TRAN 1 to October 31. A notification under rule 117 of the Central Goods and Services Tax Rules, 2017 was issued on behalf of the government to make the necessary modifications. Deep confusion took place after the statement of GST Council which stated that the date to file TRAN 1 has been duly extended to October... Read more>>

5 Percent GST Is Not Applicable on Unbranded Packaged Foods, Says the Finance Ministry

Posted by Sakshi Sharma on Sep 21, 2017 02:14:05 pm

# The GST Council has finally taken the decision to plug the loophole of businesses which are trying to escape the 5 percent tax levy on branded packaged food articles by deregistering their brand name. Companies which are in the business of selling packaged food items such as pulses, flour and cereals can avoid the payment of 5 percent GST if at all they make the choice to forgo any actionable claim on the name of their brand, under norm... Read more>>

Due to the Revenue Concerns, States and the Centre are Less Likely to Bring Petrol, Diesel Under the Purview of GST

Posted by Sakshi Sharma on Sep 20, 2017 03:35:48 pm

# The latest news about the new indirect tax regime introduced in the country isn’t going to please a lot of people. Even though the Union oil minister Dharmendra Pradhan is of the opinion that the prices of petrol and diesel should come down, both the Centre and states are less likely to agree to anything like that. There exists no legal obstacle to include the various petroleum products under the purview of GST as the Council h... Read more>>

Less than 3 Days Left to File GST Return; Only 6.9 Lakh Taxpayers Filed Returns till Now

Posted by Sakshi Sharma on Sep 19, 2017 06:15:08 pm

# The deadline for filing GST returns for the month of August is coming closer. Less than 3 days are left and only 6.9 lakh taxpayers have filed their GSTR 3B till now. The government is anticipating tax return filing from approximately 64 lakh taxpayers for August. As per the data, by the end of September 17, roughly 4.99 lakh taxpayers had filed 3B returns for the previous month. The last date for filing GSTR-3B is September 20. Reve... Read more>>

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