GST News

New in GST: The Registrations for Composition Scheme are Open Till September 30

Posted by Sakshi Sharma on Sep 18, 2017 12:22:32 pm

# Goods and Services Tax Network (GSTN), the apex body which manages the entire IT system of the GST portal, announced on Sunday that the registration window for the Composition Scheme will be opened till September 30. Under this scheme, small scale taxpayers — whose turnover is less than INR 75 lakh — are given the freedom to file returns quarterly which frees them from the burden of monthly filing and documentation. &ldqu... Read more>>

High GST Rates Pose Problems for the Ayurveda Medicine Industry

Posted by Sakshi Sharma on Sep 16, 2017 12:08:59 pm

# The Ayurveda medicine industry was already struggling due to the increasing prices of raw materials and the additional burden of GST has made things even more challenging. Under the new indirect tax regime, Ayurveda medicines will be attracting a tax of 12 percent in comparison to the previous charge of 5 percent. D. Ramanathan, general secretary, Ayurveda Medicine Manufacturers Organisation of India (AMMOI), said, “Scientifica... Read more>>

Petrol Prices May Witness a Dip From INR 70 to INR 38 Under GST; But Will the Government Do It?

Posted by Sakshi Sharma on Sep 15, 2017 11:35:00 am

# Numerous discussions are taking place pertaining to whether or not the Finance Minister Arun Jaitley will take into consideration the suggestions of Petroleum Minister Dharmendra Pradhan. "The Petroleum products' inclusion in GST only way for rational fuel prices," tweeted Dharmendra Pradhan. The petroleum prices have reached the highest in the past three years and the minister is of the opinion that bringing them under the realm of... Read more>>

GST Council’s Next Meeting is scheduled on October 24; Rates of 60 Articles are likely to Get Revised

Posted by Sakshi Sharma on Sep 14, 2017 11:57:47 am

# GST Council, the apex body of the new indirect tax regime which is chaired by Finance Minister Arun Jaitley, will most likely have a discussion relating to the reductions in charges of 60 items in its next meeting on October 24th in New Delhi. “Around 100 items was there in the Council meeting's agenda on Saturday. Only 40 items could be taken up for discussion as we were running out of time. Remaining items will be conside... Read more>>

Half-Hearted Response Prompts the Government to Reopen the Registrations for the Composition Scheme under GST

Posted by Sakshi Sharma on Sep 13, 2017 12:07:58 pm

Recently, only 10 percent of total taxpayers, qualified under the new tax regime, have opted for the composition scheme. As a result of this lukewarm response, the government has determined to re-open the registrations for small businesses. “We (GST Council) have decided that those who have migrated as well as new (taxpayers) can up to September 30 migrate further to the composition scheme,” said Finance Minister Arun Jai... Read more>>

New in GST: Confusion over Branded Food Items

Posted by Sakshi Sharma on Sep 12, 2017 12:11:05 pm

Most of the trade is in a deep state of ambiguity after the statement of GST Council over the weekend pertaining to the tax levied on branded food items. The Council has made no changes in the tax rates applicable on food — 0 percent is levied on unbranded food articles while 5 percent is applicable on its branded counterparts— but many traders, who didn’t apply GST earlier, are of the opinion that now they might come ... Read more>>

Increased GST Cess on Cars Applicable from Today

Posted by Sakshi Sharma on Sep 11, 2017 11:55:29 am

GST cess hike on mid-sized, luxury and SUV cars will get effective from Monday onwards. The GST Council on September 9th took the decision to increase the cess on mid-sized cars by 2 percent which makes the effective GST rate 45 percent. In addition to this, the cess on large cars has been increased by 5 percent which takes the total rate to 48 percent. The cess on SUVs has been hiked by 7 percent and now a total charge of 50 percent wo... Read more>>

Relief in GST: No Tax on Housing Society Maintenance up to INR 5,000

Posted by Sakshi Sharma on Sep 08, 2017 05:10:32 pm

# The monthly maintenance charges which are paid to co-operative housing societies (CHS) will not fall under the purview of GST, provided that they are less than INR 5,000. This instruction is a part of a comprehensive descriptive note which is issued lately in the form of FAQs by the Tax Research Unit, Ministry of Finance (MoF). Yusuf Hakim, the indirect tax partner at CNK & Associates, said, “However, even if you are paying mor... Read more>>

No Buyers for Branded Food Grains under GST

Posted by Sakshi Sharma on Sep 07, 2017 06:16:26 pm

The imposition of a 5 percent GST on all branded food grains has created huge problems for the retailers as the sale of these goods has witnessed a significant dip. As a result of this tax levy, small retailers have cut down their purchases from wholesale merchants to a great extent. Approximately 90 to 95 percent of cereals and pulses, which are purchased by retail groups, are in loose form as they are unbranded. Fascinatingly, it is j... Read more>>

Exporters Plea Outright Exemption from GST

Posted by Sakshi Sharma on Sep 06, 2017 12:36:43 pm

Exporters have sent a request to the government pleading for an exemption on the payment of GST stating their issue that the time taken to get the reimbursements under the present scenario causes a major working capital crisis. According to the claims of the industry, approximately INR 1.85 lakh crore will get trapped annually due to the implementation of the new tax regime. Before the enforcement of GST, exporters were entirely exem... Read more>>

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