The Finance Ministry has introduced changes in e-way bill system as it seeks to crack down on GST evaders.
So far, businesses opting for composition scheme had to file tax returns every quarter in GSTR-4 which ran into around seven pages.
In the GST regime, businesses have to file monthly tax returns by the 20th day of the subsequent month.
This means that tax authorities can levy interest on the gross tax liability of an assessee if there is any delay in tax payment.
The company had delayed filing the GST returns from July 2017 to May 2018 when its tax liability added up to Rs 1,014 crore.
The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23.
Payment using DRC 03 can either be voluntarily by the taxpayer when he or she discovers the shortfall, or it can be when the taxman issues a SCN.
The due date to file returns has been shifted twice, initially from December, 2018 to March, 2019 and then again to June 30, 2019.
Traders and businessmen from across the state that ET spoke to claim that the ‘simplification of GST’ that has been promised by the Congress has found resonance among the trader community.
Designed as an anti-evasion measure, the e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another.
Tax filers who file their returns quarterly now do not have to wait for the quarterly filing of refund applications too. The portal has enabled the monthly filing option of the same.
The government is banking on anti-evasion measures to meet its GST collection target for the current fiscal.
The aggregators are unable to show tax collected at source (TCS) from restaurants using their platform.
Businesses which apply for new registration may avail the said benefit in Form GST REG-01 at the time of filing application for registration.
In November 2017, the government cut GST rates on restaurants to 5% from 18%.
GST authorities act based on any hints collected on verifying the taxpayer’s GST Returns or received from another Government department or any third parties.
E-way bill system will be enabled to auto calculate the distance for movement of goods based on the postal PIN codes of source and destination locations while allowing a variation of only 10%.
The GST impact goes beyond revenues and rates of duty. It has transformed our federal polity for the good.
With the extended time limit, taxpayers who are yet to submit GSTR-9 must proceed only after ensuring that all the GST Returns applicable to their business during FY 2017-18 are filed.
Lack of clear guidelines and apprehension of possible controversy around transition of unutilised input tax credit as on 31 March 2019, has been a key issue for the sector.
During April-February of the current fiscal year, exports grew 8.85 per cent to USD 298.47 billion, while imports rose by 9.75 per cent to USD 464 billion.
Leading biscuit makers say unbranded, GST non-compliant outfits are grabbing market share by offering higher retail margins, lower price points.
The GST council has additionally imposed a condition that 80% procurement by developers should be from registered dealers to avail the composition scheme.
The Council also decided that reversal of input tax credit to be done on propotionate basis and the time limit for transition to new rates will be discussed with the states.
Under GST supply includes all forms of supply of goods or services such as sale, transfer, barter, rental, lease or disposal made or agreed to be made for a consideration by a person in the course of furtherance of business.
Change in credit set-off methodology in CGST Act puts an unwarranted burden on auto dealers working capital requirement.
The Cabinet meeting was chaired by Chief Minister Captain Amarinder Singh, as per an official release.
On the roadmap ahead, industry leaders opine that GST council needs to take charge and restart the work of aligning tax rules, so as to ensure that entire country signs and dances on the same tunes.
Banks don't make money on domestic payments. You make money by taking money and giving it out, says Gupta
The IGST came in at Rs 47,000 crore while the CGST and SGST stood at Rs 17,600 crore and Rs 24,200 crore.
Realtors’ body, NAREDCO, has written to the Ministry of Housing and Urban Affairs seeking clarity on this.
Businesses like restaurants, banks, hospitals etc. can lose opportunities to competitors who provide rich data and advertise their business effectively with the use of say, Google Posts on their Google listing.
The GST Council has approved new simplified return formats and these are expected to be launched on a pilot basis from April and full-fledged from July this year.
India's real estate sector has been in trouble for some time now with plummeting sales and huge inventories with developers.
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