Cabinet approves the establishment of the National Anti-profiteering Authority under GST

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on yesterday's sharp reduction in the GST rates of a large number of items of mass consumption.This paves the … Continue reading Cabinet approves the establishment of the National Anti-profiteering Authority under GST

Decisions relating to Services in 23rd GST Council meeting at Guwahati

In the 23rd meeting of GST Council held at Guwahati, Assam on 10.11.2017, the following decisions relating to exemptions / changes in GST rates / ITC eligibility criteria, rationalization of rates / exemptions and clarification on levy of GST on services were taken. The information is being uploaded immediately after the GST Council’s decision and … Continue reading Decisions relating to Services in 23rd GST Council meeting at Guwahati

Changes recommended in Composition Scheme

The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati. (i) Uniform rate of tax @ 1% under composition scheme for manufacturers and traders (for traders, turnover will be counted only for supply of taxable goods). No change for composition … Continue reading Changes recommended in Composition Scheme

Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017

The GST Council, in its 23rd meeting held at Guwahati on 10thNovember 2017, has recommended the following facilitative measures for taxpayers: Return Filing a)The return filing process is to be further simplified in the following manner: (i) All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till … Continue reading Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017

Panel proposes lower GST rates for small businesses

A ministerial panel has recommended lowering the goods and services tax (GST) rates for small businesses and extending the benefit to more such units in an attempt to reduce their tax burden and improve compliance. If accepted by the GST Council at its 9-10 November meeting, the changes in the so-called composition scheme could benefit … Continue reading Panel proposes lower GST rates for small businesses

GSTR 2 & GSTR 3 due date for the the month of July Extended

The last date for filing of GSTR-2 for the month of July, 2017 is 31st October, 2017. The competent authority has approved the extension of filing of GSTR-2 for July, 2017 to 30th November, 2017, for facilitation of businesses and all taxpayers. The last date for filing of GSTR-3 for the month of July, 2017 … Continue reading GSTR 2 & GSTR 3 due date for the the month of July Extended

New functionalities made available on GST Portal.

Following new functionalities have been made available to taxpayer on GST Portal: 1. GSTR-2 Offline Version 2.1 - New version of GSTR-2 offline tool is available on portal now. This will enable taxpayers to export data of GSTR-2 from Tool to Excel. This will be helpful in comparing this data with purchase register to take actions … Continue reading New functionalities made available on GST Portal.

GST Revenue Collection Figures stand at Rs.92,150 crore as on 23rd October, 2017

The total revenue of GST paid under different heads (upto 23rd October, 2017) for the month of September 2017 is Rs. 92,150/- crore. The total CGST revenue is Rs. 14,042 crore, SGST revenue is Rs. 21,172 crore, IGST revenue is Rs. 48,948 crore (of which IGST from imports in September 2017 is Rs. 23,951 crore) and Compensation Cess is Rs. … Continue reading GST Revenue Collection Figures stand at Rs.92,150 crore as on 23rd October, 2017

Exporters can claim refund this week for GST paid in Aug., Sept.

Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said on Monday. GST Network (GSTN), the company handling IT infrastructure for the indirect tax regime, has from October 10 started issuing refunds … Continue reading Exporters can claim refund this week for GST paid in Aug., Sept.

Waiver of late fee on filing of GSTR-3B for August and September, 2017

  Press Release In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers, the competent authority has decided to waive the late fee on filing of GSTR-3B for the months of August and September, 2017. The necessary software changes are being carried out in the IT … Continue reading Waiver of late fee on filing of GSTR-3B for August and September, 2017