GSTR-2A is a purchase return auto-generated by the system based on the transaction between a business and its supplier.
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.
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.
Large businesses that form trusts for charitable & religious activities may need to reassess the tax treatment of supplies.
"The price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly," Chidambaram said.
India saw highest manufacturing growth in more than 2 years in April-June, 2018.
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.
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.
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.
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.
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.
Efforts are underway to finalize the contents of the annual return with the dual purpose of achieving simplicity and comprehensiveness.
Govt decided to discontinue the account launched a year ago to respond to the taxpayers' questions.
Essentially, the price paid by the consumer for the goods would be considered for the levy of GST.
The earlier due date was August 20.
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.
The average size of space take-up increased to 90,000 sq ft from around 75,000 sq. ft. during the first half of 2017.
MSME credit and especially micro credit — including loans by banks and NBFCs — show a healthy rate of growth in recent quarters. According to the report, bank credit to MSMEs increased on an average by 8.5% in Q1FY19.
The credit disbursal to the MSME sector has, however recovered a tad since the lows of 2017 to reach the mid-2015 level, notes an RBI report called the Mint Street Memo.
The ruling has raised concerns over how to deal with salaries of stewardship functions such as chief executive, chief financial officer, audit head, legal head and marketing teams.
FMCG cos that raised the quantity of their packaged products instead of reducing prices can breathe easy as NAPA will accept higher grammage as effectively passing on the benefit.
The Centre has issued directions that all such pre-packed commodities with reduced GST slab must bear revised MRP so that consumers can avail the benefit of tax reduction.
The ruling implies that companies with offices in many cities will need to raise invoices for inhouse service functions and pay GST.
DG Audit can only audit those e-com companies which are registered with the Centre. Those who are registered with states, the state tax officials would have jurisdiction over them.
From day one, many glitches were experienced which were magnified when the e-Way Bill was rolled out.
At its last meeting on July 23, the GST Council cut rates on paints, washing machines, TVs below a certain size and refrigerators among other goods to 18% from 28%.
The agency has questioned their practice of passing tax cuts on select products and not across the board, according to an official aware of the development.
In a notification issued today, the Central Board of Indirect Taxes and Customs (CBIC) has stipulated that details of outward supplies for July 2018 to March 2019 has to be filed by the 11th of the succeeding month.
The ruling came in relation to applicability of goods and services tax in case of a derivative contract in diamonds through Indian Commodity Exchange.
As per the government, the provision related to cesses will apply retrospectively once the parliament and all the state legislatures pass the bill.
India’s first federal institution, the GST reform does away with the old multilayer arbitrary tax scheme, making it easier to administer taxes while making revenue collection more efficient.
The GST is an indirect tax levied on the supply of goods and services in India.It came into effect on July 1, 2017.
The IGST makes provisions for the levy and collection of taxes on inter-state supply of goods or services or both by the Central government.
Automotive Component Manufacturers Association of India (ACMA) further sought creation of a fund to support indigenous research and development (R&D) and technology creation in the component industry.