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Dec 14, 2018, 06.35 AM IST

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GST

MULTIMEDIA

Companies may have to show ledgers for claiming GST credit of over Rs 25 lakh

Companies may have to show ledgers for claiming GST credit of over Rs 25 lakh

This comes after a detailed analysis of the top 50,000 taxpayers showed a sharp rise in the closing balance of credit of many at the end of June last year compared with September 30, 2016

GST Council focuses on missing collection target every month

GST Council focuses on missing collection target every month

Finance minister Arun Jaitley said states faced an average 16% shortfall in GST collections in the year ended March 2018, after it was implemented in July 2017.

Bank nod for MSME loans of up to Rs 1 crore in 59 mins: Govt

Bank nod for MSME loans of up to Rs 1 crore in 59 mins: Govt

Businesses need to submit GST and income tax details, along with bank statement, to be eligible for speedier loan sanctions.

20% cashback on GST likely on RuPay, BHIM using QR codes

20% cashback on GST likely on RuPay, BHIM using QR codes

The idea is to automatically capture all transaction details including GST rate and the cashback accordingly.

IGST exemption for EOUs, Software Technology Parks extended till March 31

IGST exemption for EOUs, Software Technology Parks extended till March 31

A notification extending the IGST and compensation cess exemption has been issued by the Central Board of Indirect Taxes and Customs (CBIC).

Easier tax refund regime for exporters in the works

Easier tax refund regime for exporters in the works

Government is looking at all the procedures, execution issues, to streamline the tax refund mechanism.

Organised fan manufacturers seeks 12 per cent GST slab

Organised fan manufacturers seeks 12 per cent GST slab

IFMA said that fans were a basic necessity in a tropical climate like India and being used by all strata of the society.

Freedom from clutter: Spreadsheet or software?

Freedom from clutter: Spreadsheet or software?

Once that decision is taken, businesses resort to one of the two most popular automation methods - spreadsheets and software.

Foreign ecommerce companies rush to register for GST in all states

Foreign ecommerce companies rush to register for GST in all states

Under the provisions, notified entities have to deduct up to 1% state GST and 1% central GST on intrastate supplies of over Rs 2.5 lakh.

E commerce companies set to collect tax from sellers

E commerce companies set to collect tax from sellers

The tax deducted at source (TDS) and tax collected at source (TCS) provisions under the goods and services tax (GST) have been notified to be effective from October 1.

Taxpayer with turnover over Rs 2 cr need GST audit certificate, will be arduous job for auditors

Taxpayer with turnover over Rs 2 cr need GST audit certificate, will be arduous job for auditors

The Government on Thursday through the notification No. 49/ 2018 - Central tax dated September 13, 2018 has notified the format for GSTR-9C.

Last chance to claim GST Credits for previous fiscal: All you need to do within this month

Last chance to claim GST Credits for previous fiscal: All you need to do within this month

Return to be filed for September happens to be the last return to take all credits pertaining the previous financial year. So what are the key steps?

Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31

Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31

Under GST, businesses with a turnover of over Rs 1.5 crore has to file final sales return or GSTR-1 by the 11th of next month

Suppliers liable to pay penalty for not passing GST rate cut benefits: NAA

Suppliers liable to pay penalty for not passing GST rate cut benefits: NAA

he application, which was filed by a Departmental Store was examined by Standing Committee on anti profiteering and was referred to DGAP for detailed probe.

Providing transport to women employees working the night shift? You will soon be able to claim ITC

Providing transport to women employees working the night shift? You will soon be able to claim ITC

GST has framed comprehensive ITC laws which explicitly define the exclusions for certain items that are to be left out of its scope.

Alarmed by falling revenue, FinMin looks at  yet more GST tweaks

Alarmed by falling revenue, FinMin looks at yet more GST tweaks

One of the options being considered is stepping up anti-evasion measures with a focus on top 30 taxpayers.

Cost of Compliance under GST goes up by 2X for taxpayers

Cost of Compliance under GST goes up by 2X for taxpayers

In the pre-GST era, the filing of indirect tax returns was a mutually exclusive activity by the taxpayers, independent of the supplier or buyer’s return.

Not so simple: Annual GST return seeks additional details from taxpayers

Not so simple: Annual GST return seeks additional details from taxpayers

GST Law mandates all taxpayers, except casual taxable person or non-resident taxable person, input service distributor, person liable to deduct TDS, to file annual return for the period July 2017 to March 2018 by 31 December 2018.

Finance Ministry simplifies GST refund claim process for businesses

Finance Ministry simplifies GST refund claim process for businesses

GSTR-2A is a purchase return auto-generated by the system based on the transaction between a business and its supplier.

Government notifies new annual return form for GST

Government notifies new annual return form for GST

The normal taxpayers will need to file GSTR-9 return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18 is December 31.

GST authorities get their act together to plug gaps

GST authorities get their act together to plug gaps

In a recent circular, Andhra Pradesh’s chief commissioner of state tax empowered state case officers to take action if they detect tax evasion based on intelligence inputs.

Sale of religious books, DVDs to attract GST: AAR

Sale of religious books, DVDs to attract GST: AAR

Large businesses that form trusts for charitable & religious activities may need to reassess the tax treatment of supplies.

Bring petrol, diesel under GST immediately: Chidambaram

Bring petrol, diesel under GST immediately: Chidambaram

"The price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly," Chidambaram said.

How has GST impacted manufacturing

How has GST impacted manufacturing

India saw highest manufacturing growth in more than 2 years in April-June, 2018.

Government spent Rs 132.38 crore on GST advertisements

Government spent Rs 132.38 crore on GST advertisements

As per the Bureau of Outreach and Communication under the ministry, the "expenditure on GST advertisements through this bureau" on print media stood at Rs 1,26,93,97,121.

‘Missing’ service tax credit in GST update worries companies

‘Missing’ service tax credit in GST update worries companies

Tax practitioners say the latest changes deny carry forward of credit for cesses, as intended, but credit for service tax has also been done away with.

​GST: A circular that could lead to turf war between states and centre

​GST: A circular that could lead to turf war between states and centre

Tax experts had predicted that richer states, like AP, Tamil Nadu, Maharashtra and Gujarat, may get aggressive as they could see fall in their indirect tax collections.

Indenting firms challenge IGST levy on export services

Indenting firms challenge IGST levy on export services

The petitioners have challenged the Constitutional validity of Section 13(8) (b) of the IGST Act which deems the place of supply for “intermediary” services to be in India.

MSME in GST's focus: What's in store the coming months?

MSME in GST's focus: What's in store the coming months?

The sector has faced many challenges both regarding the economies of scale, the lack of high-end technology and other benefits enjoyed by its larger counterparts.

GST Annual Return: Everything you need to know about the format, eligibility & rules around GSTR 9

GST Annual Return: Everything you need to know about the format, eligibility & rules around GSTR 9

Efforts are underway to finalize the contents of the annual return with the dual purpose of achieving simplicity and comprehensiveness.

Shhh! No more chirping over GST issues on Twitter

Shhh! No more chirping over GST issues on Twitter

Govt decided to discontinue the account launched a year ago to respond to the taxpayers' questions.

Freebies may be freed of GST payment burden

Freebies may be freed of GST payment burden

Essentially, the price paid by the consumer for the goods would be considered for the levy of GST.

Government extends deadline for filing July GSTR-3B till Aug 24

Government extends deadline for filing July GSTR-3B till Aug 24

The earlier due date was August 20.

No GST on petrol, diesel in near future as Centre, states not in favour

No GST on petrol, diesel in near future as Centre, states not in favour

If the two fuels are put under GST, the Centre will have to let go Rs 20,000 crore input tax credit it currently pockets by keeping petrol, diesel, natural gas, jet fuel and crude oil out of the GST regime.

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