The Economic Times
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| 09 August, 2020, 07:18 AM IST | E-Paper
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    GST

    GST

    MULTIMEDIA

    GST mop-up hit by Covid, 'Act of God': Centre

    GST mop-up hit by Covid, 'Act of God': Centre

    The Centre has agreed to look into the issue of compensating states after finance minister Nirmala Sitharaman suggested in March that the Council could look at the option of market borrowings.

    Government gives leeway to MSMEs from penalties, interest for GST non compliance

    Government gives leeway to MSMEs from penalties, interest for GST non compliance

    Industry trackers say that the government is trying to do a balancing act as it needs more revenue through GST but also doesn’t want to create hurdles for companies in terms of compliance.

    GST Council Meet: FM gives relief to small taxpayers

    GST Council Meet: FM gives relief to small taxpayers

    The 40th GST Council meeting was held today under the chairmanship of Finance Minister Nirmala Sitharaman. This was the first meet of the Council post the Covid-19 lockdown.

    Parotas are not rotis and will attract 18% GST, says authority

    Parotas are not rotis and will attract 18% GST, says authority

    Bengaluru-based ID Fresh Foods had approached the Karnataka bench of the Authority of Advance Ruling (AAR) on whether preparation of whole wheat parota and Malabar parota can be classified under Chapter 1905 attracting 5 per cent GST. The AAR in its ruling said that parotas are neither rotis or khakhras and hence cannot be taxed at 5 per cent.

    To cut, or not to cut GST rates, that is the question

    To cut, or not to cut GST rates, that is the question

    On one hand, tax revenues have dwindled to unbelievable levels and on the other hand businesses are bleeding and looking up to the government for a bailout.

    EY and Automation Anywhere to bring RPA-based tax automation solutions

    EY and Automation Anywhere to bring RPA-based tax automation solutions

    The RPA solutions are aimed to automate high volume tax compliance processes across various industry sectors.

    Government rolls out facility of filing of Nil GST return through SMS

    Government rolls out facility of filing of Nil GST return through SMS

    The functionality of filing Nil FORM GSTR-3B through SMS has been made available on the GSTN portal with immediate effect.

    GST Council to meet on June 12

    GST Council to meet on June 12

    Faced with dismal collection and extended deadline for filing returns, the government has refrained from releasing the monthly GST revenue collection figures for the months of April and May.

    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.

    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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