Page 44 - Gst

April GST return filing deadline extended till 20 June in parts of Odisha

The due date for filing summary sales return GSTR-3B and GSTR-1 for April was earlier notified as May 20 and May 11, respectively

GST chink likely to increase input tax credit of real estate companies

In a set of frequently asked questions (FAQs), the Central Board of Indirect Taxes and Customs (CBIC) on Wednesday cleared the air on GST rates on under-construction houses

Centre allocates more from IGST to itself; states may view this as unfair

The 60:40 formula (in favour of the Centre) for sharing the IGST collections has given the Centre an added advantage in meeting its annual GST target

GST will not reduce state deficits as social expenditure rises: S&P Report

Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending, says a report. According to S&P Global Ratings the institutional framework for Indian states is evolving, but there is structural deficits due to persistent revenue expenditure mismatch. S&P Global Ratings credit analyst YeeFarn Phua in the report titled "Public Finance System Overview: Indian States" noted that the passage of the GST bill in 2017 is a major overhaul of tax structure and will help to widen the tax base and improve revenues of state governments. "However, states will continue to run large deficits because a significant part of this imbalance is from the expenditure side. States are unable to cut expenditures because of large and growing expenditure mandates for the social sector as well as capital spending. Therefore, the revenue-expenditure gap will ..

Why record high GST collection is an exception and not a norm yet

The government had touted GST as a tool to increase tax compliance when it was introduced in July 2017

GST: B2B invoices will have to be generated on govt portal by Sept

The move will help in curbing Goods and Services Tax (GST) evasion through issue of fake invoices

April GST collections at new high despite rate rationalisation in December

Rs 1 trillion exceeded for third month since Jan, with 10% growth over a year; experts cite rising tax base as driver

Tax benefit issue sets companies, GST body on collision course again

Interpretation of the law is an important aspect, say executives at FMCG firms

Explained: How service sector benefited and govt lost revenue after GST

Companies were able to set off a higher share of tax liability using input-tax credit in the first year of GST

Crackdown on restaurants coming after customers catch them cheating on GST

Mobile app allows people to scan unique GST Identification Number of a business and find out if it had filed returns.

ITC, Patanjali under scanner for not passing on GST benefits to customers

GST rules mandate businesses to pass on the benefits from lower tax incidence, arising from rate reduction and/or input tax credit, to the consumer

Soon, businesses may have to generate GST e-invoice on govt portal

The proposed 'e-invoice' is part of the exercise to check GST evasion

Businesses can use IGST credit to settle centre, state tax dues: CBIC

Importers typically pay IGST on goods they bring into the country. Also IGST is paid on inter-state movement of goods

Finance Ministry simplifies 'self-assessed' to file GST composition scheme

Businesses had to use a seven-page form called GSTR-4 when they filed tax returns every quarter if they opted for composition scheme.

Mumbai HC grants bail to man held for circular trade, fake ITC claim

The court also ruled that no coercive action would be taken against the person, while posting the next hearing on July 8

12% GST on RECs: Renewable power companies move Delhi High Court

The court on Tuesday issued notices to the Centre, the GST Council and the Central Board of Indirect Taxes and Customs in this regard

Businesses with turnover over Rs 2 cr can now file FY18 GST audit reports

The audit report for 2017-18, the first year of the goods and services tax implementation, is to be filed by June 30

Rs 13-cr GST fraud busted after multi-city raids by UP STF, sales tax dept

They were involved in circular trading and had shown transactions worth Rs 72.7 crore between them, on which they claimed an input tax credit of Rs 13.09 crore at 18% GST, a senior official said

Huge burden for players in farm produce as warehouses comes under GST net

Collateral management firms working on rented warehouse model hit as they cannot avail input credit, given that farm commodities themselves are outside the GST net

Service providers can opt for GST composition scheme by April 30: CBIC

The tax department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 per cent GST. The option to pay Goods and Services Tax (GST) at reduced rate of 6 per cent would be effective from the beginning of the financial year or from the date of obtaining new registration during the financial year. Service providers opting for the composition scheme can charge a lower tax rate of 6 per cent from customers, as against the higher rates of 12 and 18 per cent for most services under GST. In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said suppliers who want to opt for composition scheme would have to file Form GST CMP-02 by selecting 'Any other supplier eligible for composition levy' latest by April 30, 2019. Businesses which apply for new registration may avail the said benefit in Form GST REG-01 at the time of filing application for registration. AMRG & Associates Partner Rajat Mohan said ...