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Hike in GST rates unlikely

Hike in GST rates unlikely

If goods and services tax (GST) rates are increased on non-essential items, sources said it will further bring down their demand and impede the overall economic recovery.

Finance Ministry not considering calamity cess on GST

Finance Ministry not considering calamity cess on GST

Ministry sources said that in the present economic scenario during the COVID-19 pandemic, any purported proposal of introducing a calamity cess would be nothing less than an adversity itself. This would prove to be counter-productive, as sales are already at low volume and the industry is facing a deep crisis for want of demand and likely labour challenges, a source said.

Incomplete claim memos stall GST refunds

Incomplete claim memos stall GST refunds

Tax authorities have been issuing deficiency memos for some incomplete refund claims beyond the stipulated time of 15 days, forcing taxpayers to refile applications, people familiar with the development said. However, the refiled applications are treated as new and in many cases.

GST officials seek directors’remuneration information

GST officials seek directors’remuneration information

The inquiries come on the heels of conflicting orders passed by the Authority of Advance Ruling in two states on the applicability of GST on the remuneration of directors. The AAR Rajasthan said director remuneration is under the ambit of GST, while the AAR Karnataka ruled it was not.

Disunion between essential and non-essential goods during Covid-19 may percolate to GST

Disunion between essential and non-essential goods during Covid-19 may percolate to GST

Tax considerations resulting in cost saving measures, credit optimisation etc would fall under the new ‘must haves’ category vis-a-vis routine compliance and filings matters, which may not warrant any significant attention or management time.

ATM industry seeks lower GST rate, stimulus to address COVID-19 challenges

ATM industry seeks lower GST rate, stimulus to address COVID-19 challenges

In a letter to Finance Minister Nirmala Sitharaman, the Confederation of ATM Industry (CATMi) mentioned that it has been recognised by the government as a crucial player to further the financial inclusion. The COVID-19 situation has caused a sharp decline in the ATM transactions and has posed severe business challenges to the ATM industry, the CATMi stated.

Govt gives relaxations to taxpayers for GST compliance for filing annual returns and audits

Govt gives relaxations to taxpayers for GST compliance for filing annual returns and audits

In a notification dated May 5, the Central Board of Indirect Taxes and Customs (CBIC) has allowed registered persons to furnish GSTR-3B verified through electronic verification code between April 21 and June 30. This was not permitted earlier.

Expired e-way bills biggest challenge for India Inc

Expired e-way bills biggest challenge for India Inc

India Inc’s first attempts to move goods across states after the easing of lockdown curbs were hobbled by expired e-way bills which made it near impossible for transporters to cross checkpoints.

GST audit guidelines need to be reviewed to include video conferencing: Experts

GST audit guidelines need to be reviewed to include video conferencing: Experts

As per the current goods and services tax (GST) audit guidelines, taxpayers have been broadly categorised into three groups based on their annual turnover -- large, medium and small.

States seek GST compensation beyond 2022 to tide over Covid-19 crisis

States seek GST compensation beyond 2022 to tide over Covid-19 crisis

State finance ministers, during a video conference on Monday, also discussed issues arising out of the lockdown, including the urgent requirement of some form of aid for micro, small and medium enterprises, which have been affected the most, besides relief for the services sectors.

6-month GST payment freeze for worst-hit sectors, a lower rate for realty among Covid options mulled

6-month GST payment freeze for worst-hit sectors, a lower rate for realty among Covid options mulled

Other proposals include switch to a cash-based tax system from current invoice-based one.

GST: Government should provide more relief to taxpayers to combat Covid-19 crisis

GST: Government should provide more relief to taxpayers to combat Covid-19 crisis

On the day of announcement of lockdown, most of these investigations were underway and have now been stalled as most lower level revenue authorities were operating on the conventional printed document model.

Government to release all GST, customs refund worth Rs 18k crore

Government to release all GST, customs refund worth Rs 18k crore

The Government also said it would provide immediate relief to the business entities and individuals by releasing all the pending income-tax refunds up to Rs. 5 lakh, immediately.

GST rates for mobile phones, matchsticks, MRO services notified

GST rates for mobile phones, matchsticks, MRO services notified

Mobile phones will be charged 18% GST from April 1, compared to 12% earlier, while all kinds of matchsticks will be charged a 12% GST versus a range of 5% to 18%. Maintenance and repair operations (MRO) services required for aircraft will be charged 5% GST, lower from the earlier rate of 18%, with full input tax credit.

GST filing deferment no relief for mobile phone makers after recent rate hike

GST filing deferment no relief for mobile phone makers after recent rate hike

An intelligence firm that tracks the smartphone market has cut this year’s growth estimate to 5.5% from 8% earlier. Realme has estimated that phone prices could go up by 12-15% for reasons including fluctuation in rupee-dollar exchange rates, impact of Covid-19 on the supply chain for components, an increase in memory prices of smartphones, and higher GST.

Covid 19: GST Return filing date extended, relief from late fee, penalties

Covid 19: GST Return filing date extended, relief from late fee, penalties

Finance Minister Nirmala Sitharaman said companies which have less than Rs 5 crore turnover will not have to pay interest, late fee or penalty.

All you need to know from the 39th GST Council meet

All you need to know from the 39th GST Council meet

Addressing the media after the meeting, Finance Minister Nirmala Sitharaman also said that a better GSTN system to be ensured by Infosys by July 2020.

GST officers to take steps to check export valuation, devise SOP for verification of risky taxpayers

GST officers to take steps to check export valuation, devise SOP for verification of risky taxpayers

Measures to check export valuation, including capping of value for calculating export benefits and incentives, were also discussed and proposed for further examination.

GST on cellphones, footwear, textiles to be rationalised on March 14

GST on cellphones, footwear, textiles to be rationalised on March 14

The Council would also discuss operational glitches on the GST Network portal and seek a resolution plan from Infosys, which has won the contract for managing back-end for GSTN in 2015. The Council would also discuss the integration of the GST e-way bill system with the NHAI's FASTag mechanism from April to help track movement of goods and check GST evasion

Nandan Nilekani gets govt summons over persisting GSTN glitches

Nandan Nilekani gets govt summons over persisting GSTN glitches

As per reports, Infy chairman Nandan Nilekani will have to make a presentation during next GST Council meet.

E-invoicing under GST may be deferred

E-invoicing under GST may be deferred

The government is considering deferring the implementation of e-invoicing under goods and services tax (GST) by three months to July 1.

Parliamentary panel suggests lower GST rate for auto sector

Parliamentary panel suggests lower GST rate for auto sector

Amid slowdown in the sector, the committee, among other things, recommended to either suspend or postpone the upfront payment of insurance for 5 years for the time being and reduction in GST rate to a lower slab "at least till the revival of the auto sector". Further, it made a case for introduction of incentive-based scrappage policy for creating purchase demand for new vehicles.

GST officials detect fake invoices, arrest 3 in Delhi

GST officials detect fake invoices, arrest 3 in Delhi

Officers of the Central GST Delhi East Commissionerate detected that the fraudulently availed input tax credit by these firms was used to file refund claims to the tune of Rs 11.55 crore, an official statement said.

GST: Changes and method to claim Input Tax Credit answered

GST: Changes and method to claim Input Tax Credit answered

Small business owners often voice a few queries related to input tax credit (ITC). This article seeks to answer some of the commonly asked questions and list out the key changes in the process.

Tally releases new version of software with browser access, to enable GST e-invoicing by March-end

Tally releases new version of software with browser access, to enable GST e-invoicing by March-end

The customers remain in custody of their business data, while getting access to it using a simple web browser. It is our first major product release towards the journey of bringing even more powerful solutions which leverage the internet for our customers.

AEPC identifies top 10 product lines to enhance apparel exports

AEPC identifies top 10 product lines to enhance apparel exports

Jerseys, pullovers, cardigans, waistcoats made of cotton/ man-made fibres (MMF), trousers, shorts made of cotton/ synthetic fibres, hosiery, T-shirts, singlet and tracksuits are the top ten Chinese products exported to the US where India also has a presence.

Centre releases Rs 19,950 crore as GST compensation to states and UTs

Centre releases Rs 19,950 crore as GST compensation to states and UTs

In December 2019, the Centre had released Rs 35,298 crore to states to compensate for the revenue loss on account of GST rollout.

India's GST collections are below potential: IMF team

India's GST collections are below potential: IMF team

Multiple rates, exemptions and implementation challenges are affecting goods and services tax (GST) collections in India, an analysis by an International Monetary Fund (IMF) team has said.

Over 91% of large biz file FY18 GSTR

Over 91% of large biz file FY18 GSTR

About 91.3% of eligible taxpayers with over Rs 2-crore turnover or about 9.11 lakh, had filed their annual goods and services tax (GST) returns for 2017-18 by February 12, while 92.3% or 8.42 lakh of the eligible base had filed their reconciliation statements.

Service tax, GST added to AGR dues

Service tax, GST added to AGR dues

The tax authorities have started sending out notices for service tax and GST on the unpaid AGR dues. The carriers are seeking legal advice on the next steps.

Delayed GST payments face Rs 46k cr interest

Delayed GST payments face Rs 46k cr interest

Apart from a late payment fee of Rs 100 a day for central GST and a matching amount for state GST, the law also provides for a levy of 18% penal interest.

Tax dept wants cos to pay GST on non-compete fee

Tax dept wants cos to pay GST on non-compete fee

Several private equity firms, strategic investors and others that have bought businesses and entered into these contracts with the sellers have received notices from the indirect tax department, demanding that they pay goods and services tax at 18% on the non-compete fee.

Panel to give feedback on new GST system

Panel to give feedback on new GST system

The Goods and Services Tax Network (GSTN) has set up a consultation committee to provide feedback on new functionalities in the GST system.

What is GST? All about it:

Goods and Services Tax (GST) is an indirect tax used on the supply of goods and services. GST is a value-added tax levied on goods and services sold for domestic consumption. It has subsumed several taxes including central excise duty, services tax, additional customs duty, surcharges and state-level value added tax. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. GST provides revenue for the government and the Goods and Service Tax Act was passed in the Parliament in March 2017 and came into effect on July 2017. The three types of GST are Central Goods and Service Tax, State Goods and Service Tax, Integrated Goods and Service Tax. Since its instruction, GST has undergone many changes and is spearheaded by the GST Council, which has 34 members (primarily finance minister from each state) and headed by the Union Finance Minister. The Council meets on a regular basis for revisions, clarifications, additions and enactments of rule or rate changes of the goods and services in India.

1. How do I register for GST?
Go to the GST website, click on Register Now under Taxpayers, enter the details in Part A, add the OTP received on the email and mobile. You will receive the Temporary Reference Number (TRN) on your mail and mobile. To Register, fill all the details in Section B. Submit appropriate documents which include, proof for the place of business, bank account details, and authorization form. After the completion of the forms a success message and Application Reference Number (ARN) is sent to registered email and mobile.

2. Can a person operating two different companies with different names but with same PAN get two GST registrations?
One PAN holder gets one registration in every state, but he has the option of getting different registrations for different business verticals.

3. Is it compulsory to register for GST?
Following businesses/companies must register for GST:
a. Businesses with turnover above Rs 40 lakh.
b. Individuals registered under the Pre-GST law.
c. Companies that supply via e-commerce aggregator.
d. All e-commerce aggregators.

4. How long does one have to wait to register?
An unregistered person has 30 days to complete its registration formalities from its date of liability to obtain registration.

5. What are the GST slabs?
Goods and services are divided in into five different tax slabs for collection of tax -5%, 12%, 18% and 28%. Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.

6. Who decides rates for levy of GST?
The CGST and SGST are levied at rates jointly decided by the Centre and states. The rates are notified on the recommendations of the GST Council.

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