Tuesday, March 19 2024

News and Updates on GST

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In a bid to force non-compliant businesses to file returns regularly, the finance ministry has barred e-way bill generation while transporting consignment if the supplier or recipient of the cargo has not furnished returns for two consecutive tax periods under Goods and Services Tax (GST). The e-way bill is required to be generated from a …

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A ministerial panel allowed Kerala to levy an additional 1 percent calamity cess on the value of goods and services under the new indirect tax regimeacross all or select items for two years. If the GST Council gives its approval, Kerala would be the first state to levy a calamity

105

Multiple threshold Limits for GST registration – Supplier of Goods • The GST council has decided to introduce two threshold limits – 20 Lakhs and 40 Lakhs for GST registration for supplier of goods • The states have an option to select one of the limit within a week’s time • It should be noted …

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Another panel, headed by Minister of State for Finance Shiv Pratap Shukla, recommended the council to allow dealers under the composition schemes to file GST returns annually but pay tax quarterly. It also suggested that the composition scheme be extended to all service providers with an annual turnover of up to Rs 50 lakh.

74

The Central Board of Indirect Taxes & Customs has issued revised due dates for filing of GSTR 1 for the period from July 2017 to September 2018 for assessee’s having turnover upto Rs. 1.50 crores and beyond. The revised due dates are summarized as under:

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Traders with a turnover up to Rs 5 crore will deposit GST monthly and their returns will be filed on a quarterly basis. This will enable 93 per cent taxpayers to file quarterly returns.

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GST LEGAL WORLD

Migration to GST

Treatment of Imports and Exports

Classification of Goods and Services

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