Tuesday, December 11 2018

News and Updates on GST

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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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The government will urge about one crore MSMEs registered under the GST Network to obtain Udyog Aadhaar number to avail benefits of various government schemes. The finance ministry is likely to send an email to the micro, small and medium enterprises soon, detailing the services that can be obtained using Udyog Aadhaar. The move is …

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In its meeting on 21st July 2018, the GST Council decided to allow quarterly return filing for businesses with turnover of up to Rs 5 crore. This move will benefit 93 per cent of the GST registered taxpayers. They will have to, however, pay taxes monthly. So far, businesses with turnover of up to Rs …

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The GST Council has pruned the 28 per cent slab by cutting tax rates on 191 goods over the last one year, leaving just 35 items, including ACs digital cameras, video recorders, dishwashing machine and automobiles, in the highest tax bracket. There were around 226 goods in the 28 per cent category when Goods and …

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The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end. The GST Council in its meeting on March 10 had 

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GST LEGAL WORLD

Migration to GST

Treatment of Imports and Exports

Classification of Goods and Services

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