Recommendations made by the GST Council in its 22nd Meeting

  The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses:  Composition Scheme 1. The composition scheme shall be made … Continue reading Recommendations made by the GST Council in its 22nd Meeting

Facility of furnishing Letter of Undertaking extended to more exporters

Small exporters have brought to the notice of the Government the difficulties in furnishing bond with requisite bank guarantee. To facilitate exports under GST, it has been decided that the facility of furnishing Letter of Undertaking, in place of a bond, for exporting goods or services or both shall be allowed to exporters and no … Continue reading Facility of furnishing Letter of Undertaking extended to more exporters

GST Revenue Figures – As on 25th September, 2017

The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283 crore. Out of the total GST collection of Rs. 92,283 crore, the … Continue reading GST Revenue Figures – As on 25th September, 2017

Notification regarding GST rate for branded cereal, pulses and flour

The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name: a) A brand registered as on 15.05.2017 shall be deemed to be a registered brand for … Continue reading Notification regarding GST rate for branded cereal, pulses and flour

Goods Transport Agency (GTA) under GST : All you need to know

Background of levying tax on the services of Goods Transport Agency The levy of Service Tax on Road Transportation Service has always been a contentious issue. The Finance Act, 1997 had levied Service Tax on Goods Transport Operators w.e.f. 16-11-1997 which was subsequently withdrawn after nation-wide strike. Thereafter by the Finance (No. 2) Act, 2004 … Continue reading Goods Transport Agency (GTA) under GST : All you need to know

List of GOODS FOR CHANGE IN GST RATE RECOMMENDED BY GST COUNCIL IN ITS 21 st MEETING

  The GST Council has recommended changes in the GST rates on the following goods: S. No. HSN Description Present GST Rate Recommended GST rate 1. 0802 Walnuts, whether or not shelled 12% 5% 2. 0813 Tamarind dried 12% 5% 3. 2106 Roasted Gram 12% 5% 4. 2106 Custard powder 28% 18% 5. 2106 Batters, … Continue reading List of GOODS FOR CHANGE IN GST RATE RECOMMENDED BY GST COUNCIL IN ITS 21 st MEETING

Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th September, 2017

The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: a)      In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved: Sl. No. Details / Return Tax Period Revised due date 1 GSTR-1 July, 2017 10-Oct-17 For … Continue reading Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th September, 2017

CBEC issued important points to be remembered in regards to filing of Form GSTR-1

Kindly note that, the following are important points to be remembered in regards to filing of Form GSTR-1 I. Timelines The regular Returns filing (GSTR-1, GSTR-2, and GSTR-3) deadline relaxed for July/August 2017. The Time period for filing returns (GSTR-1, GSTR-2, and GSTR-3) is given below Return For July 2017 For August 2017 GSTR1 1st … Continue reading CBEC issued important points to be remembered in regards to filing of Form GSTR-1

GST Council to meet in Hyderabad on Saturday 

The 21st meeting of the Goods and Services Tax (GST) Council, composed of states' finance ministers and headed by Union Finance Minister Arun Jaitley, is slated to be held in Hyderabad on Saturday. Following the council's previous meeting here last month, Jaitley had appealed to the Indian industry to pass on to customers the benefits … Continue reading GST Council to meet in Hyderabad on Saturday