GST News

The Deadline for Filing GST Returns Extended

Posted by Sakshi Sharma on Sep 05, 2017 12:39:40 pm

# The Goods and Services Tax Network (GSTN), the IT backbone of the new indirect tax regime, witnessed a sudden surge in the filing of returns which led to an extreme load on the portal. As a result of this, the government on Monday decided to extend the deadline for return filing for three categories. "GIC (GST Implementation Committee) decides to extend date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th Se... Read more>>

President Promulgates the Ordinance to Raise GST Compensation Cess on Large Cars, SUVs to 25 Percent

Posted by Sakshi Sharma on Sep 04, 2017 03:05:46 pm

# President Ram Nath Kovind has promulgated an ordinance to increase GST cess on medium sized cars, large cars and sports utility vehicles (SUVs) to 25 percent in comparison to the existing rate of 15 percent. The GST (Compensation to States) Amendment Ordinance, 2017 has revised the law in order to accommodate the increase of the maximum cess limit which is applicable on vehicles to 25 percent. On August 30th, the Union cabinet had gi... Read more>>

Prime Minister Proposes GST Registration for Small Traders

Posted by Sakshi Sharma on Sep 02, 2017 01:00:07 pm

# Prime Minister Narendra Modi advised tax officers to create a GST registration for traders whose sales are below INR 20 lakh per annum and are looking forward to availing the benefits being offered by the new tax regime. As there doesn’t exist any compliance requirement of this nature, registered small business will get a fair chance of acquiring large customers as GST encourages businesses to get their supplies from registered bo... Read more>>

Fewer GST Slabs Could be A Possibility in the Near Future, Says Finance Minister

Posted by Sakshi Sharma on Sep 01, 2017 12:06:00 pm

# Finance Minister Arun Jaitley on Thursday gave an indication that the number of tax slabs under the new tax regime could be reduced once GST settles down completely. Addressing the crowd at the India Summit in Delhi, Mr. Jaitley said that the GST Council is considering to collapse the standard rates of 12 and 18 percent into one. “I do see a situation where, assuming tax compliance remaining high and the transition smooth, the GST... Read more>>

Cabinet has Decided to Increase GST Cess on Mid, Large Sized Cars to 25 Percent

Posted by Sakshi Sharma on Aug 31, 2017 01:02:25 pm

# Cabinet cleared the issuing of Ordinance in order to raise the cess on mid and large sized cars, luxury vehicles, hybrids and SUVs to 25 percent from the existing rate of 15 percent. When GST was rolled out on July 1, car prices had witnessed a dip by INR 3 lakh. The Ordinance is being considered as a means to rectify the irregularity as the tax rates of common use articles had increased substantially while luxury items were costing les... Read more>>

GST Collections for the Month of July are INR 92,000 crore, exceeds target, says Finance Minister

Posted by Sakshi Sharma on Aug 30, 2017 12:23:40 pm

# The Goods and services tax collections have surpassed the estimates in the first month itself in spite of the fact that a substantial number of entities haven’t filed their returns yet. On Tuesday, Finance Minister Arun Jaitley held a meeting regarding the first set of data on tax collections and he said, “We seem to be comfortable... The red line has been crossed in the first month itself. Not many had thought that the r... Read more>>

Branded Used Car Companies Urge the Government to Lower GST rate

Posted by Sakshi Sharma on Aug 29, 2017 12:26:17 pm

# Big Boy Toyz, a company based in Gurugram that focusses on selling used luxury cars like Bentleys and Lamborghinis, has put a break on its expansion plans, courtesy the new tax regime. GST treats pre-owned cars in a similar way as the new ones and this treatment has raised concerns for dealers who trade used cars. Big Boy Toyz along with other players in the market of used cars like Maruti True Value and Mahindra FirstChoice Wheels L... Read more>>

New in GST: Govt. is considering a 2 Percent Relief on Digital Payments

Posted by Sakshi Sharma on Aug 28, 2017 11:17:17 am

# The government has gone a step ahead with promoting ‘Digital India’ by mulling to give a 2 percent incentive on the GST rate in the case wherein a payment of up to 2,000 is made through the digital mediums. If the sources are to be believed, then the proposal is being deliberated upon between the finance ministry, RBI, cabinet secretariat and ministry of electronics and IT. The proposition might extend the benefits by means ... Read more>>

GST in India Can Facilitate Immaculate Credit Monitoring for Banks

Posted by Ishtiyaq Nabi on Aug 28, 2017 10:59:50 am

# The newly-introduced GST (Goods and Services Tax) framework in India has showered some unintended benefits on various stakeholders, and banks are certainly the ones that are the most influenced by those benefits.  Sensing these benefits, many banks in India have started offering monthly GST returns filing solutions to companies through the banks’ websites. Some of the banks that have already started offering this special b... Read more>>

21st Meet of the GST Council is Scheduled on 9th Sept. in Hyderabad, says an official

Posted by Sakshi Sharma on Aug 24, 2017 12:12:55 pm

# The next meeting of the GST Council will take place in Hyderabad on September 9th, a senior official from the government said. This would be the third meeting since the time the new tax regime has come into action on July 1st and 21st since the Council was set up in the month of September last year. The official said in a statement, “The meeting will be held in Hyderabad. Union Finance Minister Arun Jaitley will be heading the ... Read more>>

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