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 …
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 …
New GST return system, GST refund mechanism from Today- Two years of GST Read More »
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 …
Over 1,000 traders under GST scanner for GST bogus billing-Fraud Read More »
“From October, 2019 onwards, Form GST ANX-1 (outward supply details) shall be made compulsory and Form GSTR-1 would be replaced by Form GST ANX-1,” The large taxpayers (with aggregate annual turnover over Rs 5 crore in the previous financial year) would upload their monthly Form GST ANX-1 from October, 2019 onwards. large taxpayers would …
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 …
GST council may remove more items from the 28 per cent slab. Read More »
1) Regular Returns- These returns are required to be filed on monthly, quarterly or annual basis Return Form Particulars Frequency CGST Act and Rules Due Date Applicable for GSTR-1 Details of outward supplies > Rs 1.5 Crore Monthly Sec 37, Rule 59 11th* of the next month with effect from October 2018 *Previously, the due date …
Now the due date of filing of first GST annual return form GSTR-9 is 30th Jun-2019, this date of filing is extended from 31/03/2019 to 30/06/2019. The ministry of finance recently reminded that the last date to file GST Annual return will continue as June 30 and there would not be any further extension for …
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 …
GSTR-9C : Analysis of Point No. 5A to 5O-GST Audit. Read More »
The audit is significant because this is the first time that GST returns and the accounts of companies will be scrutinised for compliance levels and the positions they had taken — whether they had interpreted tax provisions correctly and paid tax — after GST was introduced in July 2017. However, tax experts have called for …
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 …
