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GSTmitra's Webinar on Removing Difficulties in filing Annual Returns by CA. Praveen Sharma # GSTcompliance ,  # gstsoftware ,  # GSTAudit , # GSTrefund , # GSTinvoice , # GSTRecords ,  # GSTPayment ,  # GSTPenalties

   GSTN on its portal has enabled facility for taxpayers to view notices and orders issued.   GSTN, in partnership with ICAI, has introduced e-invoice standard template, (referring and considering the PEPPOL standard, which is based on UBL standard) which also takes into account the requirement under tax laws and has features, which are required for international trade.   Punjab Tax Bar Association writes to Chief Minister to resolve GST refund matter soon.   Liberty to increase prices as per the business cycle after transferring GST cuts may come as a relief to Companies. lakh to Rs 40 lakh. GST Registration,  GST Notifications,  GST Announcements, GST Return, Goods and Services Tax,

Normal / Composition / SEZ Developer / SEZ Unit / Casual Taxable Person / ISD / NRTP users can now select a GST Practitioner for filing of Application for Cancellation of Registration;  UN Body / Embassy can now select a GST Practitioner for filing clarifications on issues raised by a tax official on their registration application;  The GSTP can save draft of the application.  The taxpayer users and GSTP would be able to work on the drafts of the application, saved by either of them. GST Registration,  GST Notifications,  GST Announcements, GST Return, Goods and Services Tax,

Ahmedabad, Jul 25 A man was arrested here on Thursday for his alleged involvement in illegally utilising and passing Input Tax Credit of Rs 129.92 crore, an official said. With his arrest, the Preventive wing of the Central GST Ahmedabad-South Commissionerate busted the racket of issuance of fake invoices wherein huge amount of ineligible Input Tax Credit was fraudulently availed and utilised to evade the payment of GST, said Sachin Gusia, Joint Commissioner (Preventive), CGST, Ahmedabad-South. Aliasgar Vahidali Saiyed, 31, a resident of Ahmedabad, was arrested for availing wrong Input Tax Credit of Rs 129.92 crore on bogus invoices without the receipt of goods, he said. Good sand services tax, GST Notifications, GST Announcements, GST News, Gst mitra, GSTrate, GST Council,     

The government on Thursday re-appointed Badri Narain Sharma as chairman of the National Anti-profiteering Authority (NAA) which ensures that consumers get benefit of reduced prices under the Goods and Services Tax (GST). An official order said that Sharma, who was due for retirement on next Wednesday, will continue as the NAA chairman for another two years. The Appointments Committee of Cabinet, chaired by Prime Minister Narendra Modi, cleared the name of Sharma, a 1985-batch IAS officer from Rajasthan, “for re-appointment for a period beyond July 31”, the order said. At present the NAA has three members — J C Chauhan, chairman, tax tribunal, Himachal Pradesh; and Indian Revenue Service officers R Bhagyadevi and Amand Shah. Good sand services tax, GST Notifications, GST Announcements, GST News, Gst mitra, GSTrate, GST Council,     

The  GST Council  meeting, which would have taken up the issue of slashing of tax rates for electric vehicles, was on Thursday rescheduled for Saturday. Union Finance Minister Nirmala Sitharaman, the chairman of the Council, was busy with the ongoing Parliament session, officials said. The meeting, which was to be held through a video conferencing, had a single agenda to boost production of electric vehicles (EVs). The agenda included reduction in GST rate from 12 per cent to 5 per cent for electric vehicles and from 18 per cent to 12 per cent for their chargers. It was also to discuss GST exemption on hiring electric buses. All state finance ministers and officials were logged in for 15 minutes for the meeting at 3 pm before being informed of further delay and a possibility of deferment. In fact, a few finance ministers, mostly from Opposition-ruled states, questioned the urgency to call a meeting for a single point agenda. “What was the urgency to call a Council meeti...

In an order that will offer some succour to exporters, the Gujarat High Court directed the Department of Revenue, Ministry of Finance to pay interest to a party at the rate of 9% per annum for delay in granting refund under the  Integrated Goods and Services Tax (IGST) Act. The petitioner, M/S Saraf Natural Stone, had approached the High Court seeking compensation and interest for the substantial delay in making payment of the refund of Integrated Tax paid on the export of goods. Good sand services tax, GST Notifications, GST Announcements, GST News, Gst mitra, GSTrate, GST Council,     

The 36th GST Council meeting , which was to be held on thrusday through video conferencing has been rescheduled for July 27.  The meeting was to be held on 25.07.2019. According to sources, the meeting has two items to consider. First item is to consider gst rates for electric vehicles, chargers and hiring of EVs. Initially the proposal was to cut the rate on electric vehicles to 5 per cent from 12 per cent and on chargers to 5 per cent from 18 per cent, and on hiring to 5 per cent from 18 per cent. The second item is to extend the last date for enrolling under alternate composition scheme for service providers. The last date as of now is July 31. Decisions to be taken in 36th GST council meeting GST rates on electronic vehicles After several announcement for electronic vehicle(EV) sector including income tax exemption and reduction in custom duties for certain components, the government is now expected to push for a GST rate cut on EVs from 12% to 5%. Good sand servi...

The Divisional officer of CGST Commissionerat e in Coimbatore has nabbed a tax consultant for allegedly defrauding the department of  ₹ 36 lakh. The consultant, the department found, was running a firm to file GST returns and other liaison work on behalf of his clients. The issue came to light when the divisional officer found that the concerned GSTIN registrant had not paid the dues since March 2018 Summons were issued by the department to the GSTIN registrant notifying about the dues. According to a department official, “the receipts and supply details as declared in the respective GST returns showed nil payment of GST in GSTR 3B from March 2018 and showing the GST involved in supplies in GSTR 1.” It is learnt that the tax consultant would ask the GSTIN registrant to transfer the GST liability to his account, provide forged challans to the client and hold on to the money (without filing). Due to this fraudulent act of the consultant, the GSTIN registrant was compelled t...

Auto industry body SIAM has said that there is a need for a long-term unambiguous electric vehicles (EVs) road map while welcoming the reduction in GST on EVs and chargers and reiterated the need for government intervention to stimulate demand to enable the auto industry to overcome the current slowdown. Reacting to the GST council decision to reduce GST rate on EVs from 12 per cent to 5 per cent and EV chargers to 5 per cent from 18 per cent, Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said, “Over the years, this will help popularise electric vehicles and increase penetration in the country.” He further said, “the Government’s vision of increasing electric mobility in the country has been acknowledged by the GST council by significantly reducing GST rate on electric vehicles. We are thankful to the GST council for accepting these recommendations which were proposed by SIAM in our white paper which was released last year to promote the growth of electr...

The 36th GST Council Meeting recommended that the GST rate on all electric vehicles is to be reduced from 12% to 5%. The GST rate on charger or charging stations for Electric vehicles is also to be reduced from 18% to 5%. Hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities be exempted from GST. These changes shall become effective from 1st August, 2019. Good sandservices tax, GST Notifications, GST Announcements, GST News, Gst mitra, GSTrate, GST Council,

In a bid to pre-empt tax evasion under the Goods and Services Tax (GST), the government is looking at options to deal with taxpayers based on their risk profile. Assessees identified as ‘risky’ could face restrictions on issuing invoices, utilisation of input tax credit and sanctioning of refunds. The government has been grappling with evasion through fake invoice since the GST was launched two years ago. The indirect tax department has detected such frauds worth over Rs 12,000 crore. A tax official said the rule of the thumb indicated that detected frauds were only about 10% in value of actual frauds being committed, which would take actual evasion to nearly Rs 1.2 lakh crore. The GST Council, which is the apex decision-making body for the GST, has constituted a committee of officers (CoO) to suggest parameters for risk-based profiling so that a taxpayer could be categorised as risky in an automated manner. Further, the CoO will identify methods for assessing financial credibili...

                        Lowering GST rate on cement next on agenda: Arun Jaitley Finance Minister Arun Jaitley on Thursday said the BJP-led NDA will continue with fiscal prudence and lower tax rates if elected back to power. He further said the GST (Goods and Services Tax) Council has cut tax rates on consumption items to 12 or 18 per cent from the highest slab of 28 per cent and lowering rate on cement is next on agenda. “I speak in terms of taxation policies… I’m quite clear in my mind that on two issues at least we had – a lot of good fiscal prudence and we brought the rates down, these are two areas, if we are in power we will continue the same glide path,” Jaitley said while addressing the CII AGM here. The general elections will be held in phases beginning April 11 and counting of votes will take place on May 23. Jaitley said India’s growth has stabilised between 7-7.5 per cent and irrespective of global t...

Opinion | Congress’s promise on revenue   The Congress party in its poll manifesto has promised to overhaul India’s current goods and services tax (GST) classification, vowing to replace it with a simpler system “based on a single, moderate, standard rate of tax on all goods and services”. GST kicked in from July 1, 2017, but its impact on prices, businesses and government revenues continue to play out in an economy characterised by multiple pain points. Under the existing GST, all goods and services have been placed broadly under a four slab structure — 5, 12, 18 and 28 percent — along with a cess on luxury and demerit goods such as tobacco, pan masala and aerated drinks. The multiple tax structure has drawn criticism from traders, retailers and business leaders as many feel it will distort the system and go against the “one-nation, one-market” concept. Its rollout was also accompanied with frequent changes in rules, leading to confusion among businesses, few round...

                                        A gist of Congress’ ‘Theoretical’ GST The Congress election manifesto has called for a ‘single, moderate, standard rate’ of goods and services tax (GST). It might have theoretical appeal, but can hardly be a practical proposition in a large diverse economy, and could be regressive. Revenue collections under GST have reportedly added up to Rs 1.06 lakh crore for March, a credible 15.6% higher than collections in the same period last year. Yet, GST remains a work-in-progress. The two middle rates of 12% and 18% probably could be compressed and lowered, and the peak rate of 28% axed. The Congress manifesto promises to bring real estate, petroleum products, tobacco and liquor under the ambit of GST within two years, and adds that there would be a special rate of duty on demerit goods, which is unexceptionable. It does make perfect sense to exte...

The GST regime seems to stabilising after rate rationalisation With the month of March seeing Goods and Services Tax (GST) rake in its highest mop-up since its inception, the new tax regime has ended financial year 2018-19 on a high note. Gross GST collections of  ₹ 1.06-lakh crore in March have helped the government close this fiscal year with  ₹ 11.77-lakh crore in the GST kitty, against revised estimates of  ₹ 11.47-lakh crore it set out in the Interim Budget, defying apprehensions of a significant shortfall. But despite this last-minute rise in collections, the Centre’s share of GST for the year at  ₹ 4.3-lakh crore hasn’t quite measured up to its revised estimate of  ₹ 5.03-lakh crore. With direct tax collections said to be falling short by a substantial  ₹ 60,000 crore for the year, the Centre’s ability to meet its fiscal deficit target of 3.4 per cent depends on whether it managed to scrounge up enough non-tax revenues to fill the gap. It ...

Significant improvement in availability of electricity, even in interior pockets, coupled with the roll-out of the Goods and Services Tax (GST), has helped Usha Fans to improve its sales, clocking a growth rate better than that of the industry. The company expects further boost through innovations like the recently-launched Aero switch, a remote-control device for fans. “These [electrification and GST] have been major growth drivers. We are expecting to close 2018-19 with sales of one crore fans for the first time,” Rohit Mathur, president, Electric Fans and Pumps, Usha International Ltd. told  The Hindu . Two lakh a month The company churns out nearly two lakh fans a month at its two company-owned and three outsourced units. Usha’s own fan units are in Hyderabad and Kolkata. The outsourced units are in Haridwar and Baddi. The company also has a “significant” sourcing facility and a dedicated office in China. The company has 21% share of the overall organised market for f...

Rate changes and political compromises when the Goods and Services Tax was formed did not detract from its long term value to Australia, John Howard told a UNSW Sydney conference. A quarter of a century of growth: former prime minister John Howard at the GST conference. “The introduction of GST was life changing, because the introduction of the Goods and Services Tax had an impact on prices, the way in which business was operated and was accompanied by major changes between the Commonwealth and the states,” said John Howard, when he addressed a conference on the 20th anniversary of the introduction of the GST in Australia, organised by UNSW Sydney. “It was also accompanied by the removal of some very inefficient state taxes.” John Howard OM AC served as the 25 th  Prime Minister of Australia from 1996 to 2007. The two-day conference marked the anniversary of the Australian GST and discussed its past and future. “We spent a long period of time creating our...