An extensive plan is being worked out even though annual return filings has been postponed by two months to August 31.
GST officials likely to identify top 20 suppliers in their jurisdiction.
The 35th Council meeting was the first to be chaired by the new finance minister Nirmala Sitharaman.
The Council is likely to discuss a mechanism for single point sanctioning and processing GST refunds.
In a high-volume, low margin business like shipping, even a 5 percent cost disadvantage can dent the competiveness of domestic shipping businesses significantly.
"Traders who have clean transactions have nothing to fear and will not face any hardship," a tax official said.
Tax experts said the move to verify the refund claims would delay the process of refund issuances to exporters.
The GST Council is set to take up the proposal at its June 20 meeting, said a govt official aware of the development.
It has a specifically tailored reduced version of ClearTax’s 5-point checklist to help a faster review for a CA.
The Centre is of the view that the state govts may not support such a move as petroleum products are among a handful of items on which states still have control after the introduction of GST.
Large taxpayers will continue to file the GSTR-3B during the months of October and November 2019, after which they will have to start filing FORM GST RET-01.
The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers.
Some states fear slowdown may get entrenched, reach out to Centre; GST Council may meet on June 20.
The Micro, Small and Medium Enterprises (MSME) sector was seriously affected due to the higher GST rates in India, particularly Tamil Nadu.
Move Supreme Court against government which has set conditions for exporters to avail benefits of the scheme.
The ministry also advised taxpayers to file the correct data about tax payment and other details as reported in monthly sales returns in annual return GSTR-9 by omitting the auto populated data.
The audit is significant because this is the first time that GST returns and the accounts of companies will be scrutinised for compliance levels.
One of the most glaring gaps noticed by tax officials is the use of shell companies to make bogus claims. In several cases of fraudulent claims, identity theft was also noticed.
Six firms to offer software free of cost to the targeted 8 million small businesses.
The NAA after considering the legal provisions and facts of the case, held that the contention of the developer that computation of the benefit/ loss could not be done before completion of the project is not tenable.
Considering the fact that the full amount of GST as applicable on the original transaction value remains paid to the government, there is no revenue loss to the exchequer.
Some businesses are yet to draw reconciliations, between GSTR-1, GSTR-2A and GSTR-3B. Too many changes in the process of filing have kept some away from compliance with GSTR-9.
This sub-group will examine and recommend the business process, policy and legal aspects for generation of e-invoice.
The Government should consider taking appropriate measures to further strengthen the GST portal, to facilitate compliance with GST law amendments and to ensure GST portal’s easy access to the taxpayers.
The AARs in different states have passed about 470 orders, while AAARs have disposed of around 69 cases till March 2019.
Final decision on NAA extension may be taken by the new govt after polls, said officials.
Currently, the facility of automatic refund is available only for those exporters who have paid Integrated Goods and Services Tax (IGST) while exporting goods
The move follows a goahead by the GST Council before the elections and now the details of the payment mechanism are being worked out.
Two people buying identical flats in the same complex but in different buildings, may end up paying different GST.
The e-invoice generation method will be similar to the one being followed for e-way bill on the 'ewaybill.nic.in' portal or payment of GST on the GSTN portal.
Most leading indicators show production and demand conditions have remained weak.
The number hit a record high on the back of high compliance and increased returns.
Before GST was introduced, the department could not reconcile the data filed by the business persons in his/her sales tax return/service tax return and ITR.
If compliances in terms of current taxation policy of the Government and do’s and don’ts for availing the benefits are not adhered to, it may lead to difficulty in exports or denial of precious export incentives.
The GST Council has taken a number of measures, such as the introduction of electronic way (e-way) bills, to clamp down on tax evasion.
Conflicting rulings on annual maintenance contracts have caused considerable confusion in the industry.
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