GST Consultancy

Budget on books: Publishers not delighted;GST & rising paper costs bigger concern for industry.

The government’s decision to levy 5 per cent customs duty on imported books has not found much favour with the publishing industry, which feels ease in claiming GST-related benefits and availability of cheaper paper would have rather helped Indian publishers. Finance Minister Nirmala Sitharaman announced the duty hike on foreign-made books from nil to 5 …

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New GST return system, GST refund mechanism from Today- Two years of GST

By celebration to mark two years of the GST implementation, the finance ministry will come up with further reforms in the indirect tax system with introduction of new return system, rationalisation of cash ledger system and a single refund-disbursing mechanism, among others. The introduction of GST was a game changer for the Indian economy as it has replaced …

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Over 1,000 traders under GST scanner for GST bogus billing-Fraud

More than 1,000 traders are under the scanner of State Goods and Services Tax (SGST) department for creating fake bills. Officials of the SGST department have raided 62 offices and shops of traders dealing in textiles, scraps, tiles, machineries, grey fabrics and yarn. Traders have evaded taxes worth Rs 100 crore  through bogus billing. The …

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GST council may remove more items from the 28 per cent slab.

The upcoming GST Council meeting is scheduled for June 20, two weeks ahead of the budget presentation by Finance Minister Nirmala Sitharaman. Worried that the ongoing GDP growth deceleration may pick up pace, some states are favouring a reduction in tax rates and have communicated their concern to the Centre. Most consumer goods companies reported …

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GSTR-9C : Analysis of Point No. 5A to 5O-GST Audit.

5A – Turnover (including exports) as per audited financial statements for the State / UT (For multi-GSTIN units under same PAN the turnover shall be derived from the audited Annual Financial Statement) The turnover as per the audited Annual Financial Statement shall be declared here. While considering the turnover from the audited financial statements, the …

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From June 21: Non-filers of GST returns for 2 months to be barred from generating e-way bills

CBIC has notified June 21, 2019, as the day from which any “consignor, consignee, transporter, e-commerce operator or courier agency” would be barred from generating electronic way or e-way bill for failure to file tax returns for the stipulated time period as mentioned in the GST rules. As per rules, a composition scheme taxpayer who …

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