Suppliers forget to upload invoices in GSTR1 : Two ways to short out the issue

In a case supplier fails to upload few invoice(s) for suppliers to registered person in his GSTR1 and filed his GSTR1, there is no need for undue concern for the recipient (buyer). Though no invoices can be added to a GSTR1 once it is filed. There are yet two ways in which the recipient can claim … Continue reading Suppliers forget to upload invoices in GSTR1 : Two ways to short out the issue

GST rate structure for Petroleum and Oil Sector

To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6thOctober, 2017 has made the following recommendations for GST rate … Continue reading GST rate structure for Petroleum and Oil Sector

No extension of last date for filing GSTR-1 for July, 2017 -Press Release

The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately. … Continue reading No extension of last date for filing GSTR-1 for July, 2017 -Press Release

Changes in GST Rates for Goods and IGST Rates on Imports of Good

As per discussions held in the 22nd GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6th October, 2017, the following changes in GST rates for certain Goods and IGST rates on Imports of specified Goods have been recommended.   GST RATE FOR FOLLOWING GOODS HAVE BEEN REDUCED   S. No. Chapter/ … Continue reading Changes in GST Rates for Goods and IGST Rates on Imports of Good

Relief Package for Exporters – Recommendations of the 22nd GST Council Meeting.

            The GST Council under Chairmanship of Union Finance Minister Shri Arun Jaitley has in its 22nd Meeting held at Delhi today approved a major relief package for exporters. Mindful of the difficulties faced by exporters post-GST leading to a decline in export performance and export competitiveness, the Council had last month set up a … Continue reading Relief Package for Exporters – Recommendations of the 22nd GST Council Meeting.

GST Rates on Services as Recommended by GST Council in its 22nd Meeting

Decisions taken by the GST Council in the 22ndmeeting held on 6th October 2017 The following decisions were taken by the GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6thOctober, Relief to small units: GST rates on job work services is being rationalised as follows:- S.No Description of Service Rate … Continue reading GST Rates on Services as Recommended by GST Council in its 22nd Meeting

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

Clarification on issues related to furnishing of Bond/LUT for exports

Circular No. 8/8/2017-GST F. No. 349/74/2017-GST (Pt.) Vol.-II Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing New Delhi, Dated the 4th October, 2017 To, The Principal Chief Commissioners/Chief Commissioners/Principal Commissioners/ Commissioners of Central Tax (All) The Principal Director Generals/Director Generals (All) Madam/Sir, Subject: Clarification on … Continue reading Clarification on issues related to furnishing of Bond/LUT for exports

Notification No. 37 /2017 – CT extension of facility of LUT to all exporters issued

Government of India Ministry of Finance (Department of Revenue ) [Central Board of Excise and Customs] Notification No. 37 /2017 – Central Tax New Delhi, the 4 th October, 2017 G.S.R….(E).- In exercise of the powers conferred by section 54 of the Central Goods and Services Tax Act, 2017, and section 20 of the Integrated … Continue reading Notification No. 37 /2017 – CT extension of facility of LUT to all exporters issued