MSMEs to be urged to obtain Udyog Aadhaar
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 …
Tax payers upto Turnover of Rs 5 crores to file quarterly return, but pay taxes monthly.
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 …
GST council prunes the highest GST bracket to just 35 items
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 …
GST provisions on TDS/TCS, reverse charge mechanism deferred to 30th September 2018
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
Six more states to roll out intra-state e-way bill
Six more states Bihar, Jharkhand, Haryana, Madhya Pradesh, Tripura and Uttarakhand have decided to rollout the same for intra-state movement of goods from April 20. The GST Council had launched the bill for inter-state movement of goods from April 1. Karnataka was the only state to start intra-state e-way bill the same day. E-way bill …
Govt advances deadline for GST seller returns for April, May, June
The government has advanced the deadlines for filing of seller forms under the goods and services tax, GSTR-1, for April, May and June, in comparison to those given for previous months. GSTR-1 for the month of April will have to be filed by May 31.
GST return form to become simpler:
GST Council has proposed a single return form after consulting tax experts and industry leaders with the objective of simplifying the process for filing returns. Anew model of return filing form, not very different in essence and content, has been worked out, which will be placed before the GST Council for approval. However, GSTR-3B will …
Promoting foreign varsities not an export, to incur GST
The Authority for Advance Rulings (AAR) has held that services performed by Global Reach Education Services, which promoted courses of foreign universities among prospective students in India, cannot be regarded as ‘export of services’.
Finance Ministry clarifies on return filing by composition dealers in Form GSTR-4
The finance ministry has clarified doubts on the manner of filing the quarterly return by composition dealers in Form GSTR-4. The ministry said traders who have opted for composition scheme need not file certain details in return form since the reverse charge mechanism in not yet functional. The GST Council, headed by Finance Minister Arun …
The 26th GST Council Meeting has decided to extend the suspension of reverse charge mechanism up to June 2018.
The GST TDS and TCS provisions are applicable for e-commerce companies and certain types of taxpayers. The GST TDS and GST TCS provisions were also suspended and will not be applicable up to June 2018. E-way bill rollout has been announced from 1st April 2018 across India. From 1st April 2018, e-way bill would be mandatorily required for all transport …