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Showing posts from November, 2018

GST Audit Process And Assessment Thereof

The current article provides the audit and assessment procedure involved in an audit being conducted by the tax authorities and also audit process and assessment involved in the special audit being conducted by the proper officer.

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Rahul Gandhi assures GST will be simplified

Mr Gandhi took part in the election campaign meeting with Mahakutami leaders of TD.Congress president Rahul Gandhi on Thursday criticised Prime Minister Narendra Modi and caretaker Chief Minister Mr K. Chandrasekhar Rao and said that they had cheated the youth by assuring them two crore jobs in the country and one lakh jobs in Telangana state per annum.People of Telangana, especially the youth had spent their sweat and blood to achieve the new State hoping for the bright future that supposedly awaited them, but in vain.Mr Gandhi took part in the election campaign meeting with Mahakutami leaders of TD, Telangana Jana Samiti here at Javed Bhai stadium on Thursday. TPCC chief N. Uttam Kumar Reddy, Congress state in-charge R.C. Kuntia, senior leaders V. Hanmanth Rao, Madhu Yashki, balladeer Gaddar, TJS chief Kodan-daram, TD former MLAs Mandava Venkateshwara Rao, A. Annapurnamma and others were present.Speaking at the meeting, Rahul Gandhi said that GST will be simplified after the Congres…

Centre, states apportion Rs 33,000 cr IGST in November

The apportionment would add to the goods and services tax (GST) revenue of both the centre and states for November. The total revenue collection figures for the month would be released on Saturday.As much as Rs 33,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in November. The states’ share would be over Rs 16,000 crore, the official told PTI.The apportionment would add to the goods and services tax (GST) revenue of both the centre and states for November. The total revenue collection figures for the month would be released on Saturday.This is the sixth time that IGST funds have been divided between the centre and states.As much as Rs 32,000 crore was settled in October, Rs 29,000 crore was settled in September, Rs 12,000 crore in August, Rs 50,000 crore in June and Rs 35,000 crore in February this year.When some substantial amount accrues to IGST pool, it is apportioned between the centre and states so that it d…

GST: Air India to be spared of Rs 29,000 crore of debt

Civil aviation secretary R.N Choubey told reporters here that transferring the large chunk of Air India’s massive accumulated debt of Rs 55,000 crore will be a partial but significant relief to the national carrierNEW DELHI: Loss-making national carrier Air India will be relieved of Rs 29,000 crore of debt as part of the turnaround plan being executed, a senior official said on Thursday.Civil aviation secretary R.N Choubey told reporters here that transferring the large chunk of Air India’s massive accumulated debt of Rs 55,000 crore will be a partial but significant relief to the national carrier.Mint had reported on Tuesday that a ministerial panel led by finance minister Arun Jaitly had decided to transfer a significant amount of Air India’s accumulated debt and Air India’s profit making ground handling arm to a special purpose vehicle. The idea is to sell the ground handling arm and use the proceeds to retire the debt.Choubey explained that Air India Asset Holding Company Ltd., th…

GST on banks ‘free services’ may be passed on to customers

MUMBAI: Faced with the prospect of paying goods and services tax (GST) on ‘free services’ provided to customers who maintain a minimum balance in their accounts, top lenders including State Bank of India, ICICI Bank and HDFC Bank are considering passing on this cost to them. Over the past two months, the tax department has issued preliminary notices to banks seeking to levy goods and services tax on services such as issuing cheque books and additional credit cards, ATM usage and refund of fuel surcharge. The GST notices are separate from those served in April to recover about Rs 40,000 crore in service tax and penalties from all banks.“Most banks are now considering passing on the GST cost to the customer. This would be a pure pass-through and the amount would go directly to the government,” VG Kannan, CEO of the Indian Banks’ Association, told ET. “How much the customer would be charged would differ from one bank to another as that would depend on how the free services are valued.”Mo…

Ayushman Bharat better than GST in implementation: NITI Ayog member

BENGALURU: Ayushman Bharat has done better than GST, in the last two months of inception in terms of technical absorption, as no major issues have been faced in its implementation across the country, said professor Vinod K Paul, member of NITI Ayog. Known as the brain behind the national health scheme Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) that aims to cover 10 crore families across the country, professor Paul said that more than two thirds of the intended population has been already covered under the scheme.“There may be technical glitches here and there, but its reach has been huge. In the last two months, it’s been a great journey for AB-PMJAY with as many as 3.79 lakh patients benefitting from it by either getting treated or operated,” said professor Paul, the architect of the scheme.Professor Paul was in Bengaluru on Thursday to attend the 42nd Annual Conference of Indian Association of Medical Microbiologist, Microcon 2018.Stating that the project is spread …

One more held in Chennai for GST evasion

CHENNAI: The GST commissionerate has arrested Dilip Kumar, 45, for availing input tax credit using fake companies and thereby causing tax revenue loss to the extent of several crores of rupees. Kumar is the second person to be arrested in the city by the commissionerate this month for GST evasion. Kumar used to deal with steel, chemicals, plastics, electronic goods and leader goods. In all these dealings, Kumar used the input tax revenue without moving any goods.“In continuation of further investigations on the issue of fake GST invoices racket, the officers of headquarters preventive unit and central excise commissionerate were keeping a watch on the activities of bill traders,” said a press release.The officers noticed that Dilip Kumar was availing input tax credit in fake companies based on fake invoices received and passed on the same to other companies so that they can avail input tax credit without receipt of goods.“We are in the process of quantifying the tax revenue loss for t…

Former CEA’s book echoes views of Opposition on GST, note ban

‘Of Counsel: The Challenges of the Modi-Jaitley Economy,’ to be released soonNEW DELHI: Adding credibility to the Opposition’s campaign that the economy is being mismanaged during the Narendra Modi regime, former chief economic advisor Arvind Subramanian penned a book making public his criticism of the implementation of demonetisation and the GST. The book, titled ‘Of Counsel: The Challenges of the Modi-Jaitley Economy,’ will be released soon. Penguin Random House has published the book.“Leaving aside the prurient ‘who knew what when’ questions and demonetisation’s rights and wrongs, the questions that puzzled me then, and continue to puzzle me now, relate to the measure’s impact,” Subramanian wrote in the introduction of the book.He said in the book that demonetisation was a massive, draconian, monetary shock that “in one fell swoop, 86 per cent of the currency in circulation was withdrawn”. In a chapter titled, ‘The Two Puzzles of Demonetization: Political and Economic’, he said he …

Year-end compliance under GST: Filing the annual GST return is a tedious task

Filing the annual GST return is a tedious task as businesses will have to match every transaction with their suppliers’ returns and incur significant amounts of time and effortAs the government and industry sailed through the first year of GST compliance, the time is now fast approaching to put the pieces together for year-end compliance for FY18 under the GST regime. The annual return under GST is to be filed in form GSTR 9, GSTR 9A and GSTR 9B by regular taxpayers, taxpayers taxable under the composition scheme and electronic commerce operators respectively. Form GSTR 9 provides for consolidation of monthly or quarterly GST returns, i.e., value of supplies, input tax credits availed and utilised, taxes paid etc. Most of the details need to be manually entered and one needs to reconcile input tax credit availed as per GSTR 3B (monthly summarised GST return), with the details of outward supplies filed by the suppliers and as appearing in the GSTR 2A of the recipient.This is a tedious …

Patnaik writes to Jaitley for reduction of GST on Tendu leaves

Odisha government on Thursday urged the Centre to take steps for reduction of GST on Tendu leaves from 18 per cent to five per cent. The request was made by Chief Minister Naveen Patnaik in a letter he wrote to Union Finance minister Arun Jaitley.“In the interest of large cross section of the people dependant on Kendu (Tendu) leaves for their livelihood, it is requested to place the matter in the next meeting of GST Council and consider GST on Kendu (tendu) leaves from 18 per cent to 5 per cent,” he wrote to Jaitley.Tendu leaves, which are used to roll beedis, are locally called Kendu.Stating that Kendu leaves, a minor forest produce is the lifeline of the tribal people of Odisha, Patnaik said these people collect the leaves as part of their right defined under Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006. They have the rights to procure and sell these products, Patnaik said.Patnaik pointed out that prior to implementation of the GST,…

Subsidy on interest rates raised for small exporters hit by note ban, GST

This is the latest step after the central bank decided to consider allowing banks to restructure stressed loans to small businesses following persistent demand from the governmentThe government increased subsidy on interest rates charged to small exporters under a so-called interest equalisation scheme, the Reserve Bank of India said on Thursday, to boost exports.The eligible exporters will be able to avail of rupee export credit from banks at five per cent lower, compared to the earlier three per cent, the RBI said.India’s October exports fell to a three-month low of $26.98 billion.Prime Minister Narendra Modi’s government has been keen to provide financial support to small businesses otherwise known as the micro, small and medium enterprises, which have been hit hard following a note ban exercise and a new goods and services tax.This is the latest step after the central bank decided to consider allowing banks to restructure stressed loans to small businesses following persistent dem…

Section 8 – Taxability of Composite and Mixed Supply under GST

The tax liability on a composite or a mixed supply shall be determined in the following manner, namely:-

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CBIC extends due date to file FORM GSTR – 7 to 31st January 2019

CBIC extends the due date for filing of FORM GSTR – 7 for the months of October, 2018 to December, 2018 till the 31st day of January, 2019 vide  Notification No. 66/2018-Central Tax Dated 29th November, 2018 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 66/2018 […]

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CBIC extends due date to file Form GSTR-1 in Srikakulam district for taxpayers having turnover upto Rs 1.5 crores

CBIC extends the due date for filing of FORM GSTR – 1 for taxpayers having aggregate turnover up to Rs 1.5 crores for the quarter from July, 2018 to September, 2018 for taxpayers in Srikakulam district of Andhra Pradesh vide Notification No. 64/2018 – Central Tax Dated 29th November, 2018. Government of India Ministry of Finance […]

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CBIC extends due date to file Form GSTR-1 in 12 districts for taxpayers having turnover above Rs 1.5 crores

CBIC extends the due date for filing of FORM GSTR – 1 for taxpayers having aggregate turnover above Rs 1.5 crores for taxpayers in Srikakulam district in Andhra Pradesh and 11 districts of Tamil Nadu vide Notification No. 63/2018 – Central Tax Dated 29th November, 2018. Government of India Ministry of Finance (Department of Revenue) Central Board […]

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CBIC Extend dates for filing GST returns FORM GSTR-3B in 12 Districts

CBIC Extends dates for filing GST returns FORM GSTR-3B in the district of Srikakulam, Andhra Pradesh, and in eleven districts of Tamil Nadu vide Notification No. 62/2018 – Central Tax Dated 29th November, 2018

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Online GST Certification Course by TaxGuru & MSME- Last 2 Days to Register

TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces their most intensive and comprehensive Online GST Certification Course. Batch will start on 02nd December 2018. GST Certification Course covers detailed analysis of entire GST law with special focus on Effective GST Audits & Reconciliation Statements, filing of Annual Returns, Handling Assessments and comprehensive […]

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GST on transportation service in contacts for erection of transmission towers

In re Skipper Ltd (GST AAR West Bangal) The Applicant supplies works contract service, the value of which includes inter alia consideration paid for transportation and in-transit insurance. GST is to be paid on the entire value of the works contract, including the supply of materials, transportation, in-transit insurance, erection, commissioning etc. The exemption under […]

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GST payable on services by Association of Inner Wheel Clubs in India

In re The Association of Inner Wheel Clubs in India (GST AAR Kolkata) The Applicant’s activities involve supply of services classifiable under SAC Heading 99959 against consideration received in the form of subscription and membership fees. Services classifiable under SAC Heading 99836 are also supplied. Sale of souvenirs is to be considered as a supply […]

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Only GST Practitioners can certify Reconciliation in Form GSTR 9C

GST Practitioners only, can prepareand certify Reconciliation Statement in Form GSTR 9-C.

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Registration open for GSTP enrolled on GSTN after 15.11.2018 & till 26.11.2018

Now the GSTPs in the relevant category, who are enrolled on GSTN after 15.11.2018 and till 26.11.2018, are also invited to register on the portal. The portal is open for registration upto 5.12.2018.

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GST is applicable on One Time Concession Fees charged on leasing property: AAR

This ruling was made by Authority of Advance Ruling Goa in matter of Goa Tourism Development Corporation Ltd. Below mentioned Questioned were referred by Authority of Advance Ruling Goa. Whether GST is applicable on One Time Concession Fees Charged by us in respect of our property namely Anjuna property given to M/s Myrayash Hotels Pvt. Ltd. On for a long term lease of 60 years for development of infrastructure for financial business on Private Investment mode on DBFOT basis (Design, Build, Finance, Operate and Transfer) providing exclusive right, license and authority to construct, operate and maintain the project.The Extract of Order of Authority of Advance Ruling Goa is given below:ADVANCE RULING UNDER SECTION 98 OF THE CGST / GGST ACT, 2017The service provided by the applicant in the instant matter, is not falling under the criterion mentioned at Sr. No. 41 of the Notification No. 12/2017-Central Tax (Rate), dated 28.06.2017 as amended by the Notification No. 32/2017-Central Tax (…

Compulsory Audit Under Goods And Service Tax

The present article helps to figure out the compulsory audit provisions as applicable to the registered person under the Goods and Service Tax.

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Inspection, Search, Seizure, Arrest & Other Stringent Provisions under GST

This article helps you keep Act & Rule at one place with object to bring all provisions at one place of captioned topipic.

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GST Officer must assist taxpayer in filing GST return if he faces problem in filing

Pramod Behera Construction Vs Commissioner of State Tax (Orissa High Court) We find that although under the GST regime all applications required to be done online. in the event any dealer faces any problem in uploading such data, the Commissioner ought to place alternative authority with the Sales Tax Officer or appropriate officer before whom […]

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HC restrain dept. from encashment of Bank guarantee under GST till exhaustion of statutory remedy

Safa Mill Stores Vs Assistant State Tax Officer, Karukutty (Kerala High Court) 1. The petitioner, a partnership firm, transported certain goods ostensibly from Bombay to Perumbavoor. But when the petitioner tried to unload the goods at Malamury, Perumbavoor, the authorities checked the documents carried along with the goods and found that they did not correctly reflect […]

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Need GST Council like federal institution in healthcare, farm sector: Arun Jaitley

NEW DELHI: Finance Minister Arun Jaitley Thursday made a case for developing a federal institution like GST Council in the healthcare and farm sector. He hoped that such a federal body in healthcare sector should face least resistance from states, since the welfare schemes would be implemented through the states, with Centre only coordinating it.“The federal institution experiment of the GST having succeeded there are two other sectors which eminently require federal institutions of this kind.“The GST was constitutionally provided for. Those areas are not constitutionally provided for, but political maturity can impose on governments to try that experiment. One is healthcare and one is agriculture,” Jaitley said while addressing the CII Health Summit.Listing out the necessity for setting up such a federal body, he said the states and Centre both spend on healthcare and have their respective schemes.The Minister, however, did not elaborate on the details of benefits which may accrue to…

ICICI Bank unveils strategy for future branches, ATMs

To set up branches/ATMs wherever there is economic activity; will reduce branch format from ‘large to small’ if footfalls fallCHENNAI: Leading private lender ICICI Bank has announced two key decisions pertaining to its future branches and ATM expansion.First, it will expand and set up branches and ATMs wherever there is economic activity. Second, if the footfalls at its branches reduce due to digitisation, it will consider reducing the branch format from large to small.However, it ruled out the possibilities of cutting down branches and ATMs because of growing digital transactions. At present, about 90 per cent of ICICI Bank’s transactions happen through the digital mode. “We don’t subscribe to the view of cutting down branches or ATMs on account of digitisation. But the nature of business is changing at the branch levels. They are shifting more towards advisory and complex transactions. Because easier transactions are getting done digitally as people don’t come to branches just to do…

Funding for jewellers still paralysed due to side-effects of note-ban, GST

Despite a recent interaction between government and officials with Gem Jewellery Export Promotion Council (GJEPC), leaders say the absence of finance for the cash-hungry industry is being addressed, while others warn that if the current scenario persists, the impact could affect the country’s exports as well. What became a perfect storm because of the multi-billion dollar Nirav Modi-Punjab National Bank scam and combined side-effects of both demonetisation and the new GST tax, finally spilled over with further tightening of NBFCs by regulators after IL&FS’ problems were reported. “Banks have stopped lending and have also curtailed existing limits which are impacting the diamond industry,” says Anoop Mehta, President of the Bharat Diamond Bourse, adding that in the last year, there have been bankruptcies in the diamond sector with at least four or five casualties in Mumbai and around 20 in Gujarat. “Factories are staying closed longer with diamond houses that re-opened a full two w…

Dates for filing GST returns extended for Andhra, TN districts

The Central government has extended the due dates for filing Goods and Services Tax (GST) returns for Andhra Pradesh’s Srikakulam district and 11 districts of Tamil Nadu in view of cyclonic storms-Titli and Gaja in the two states respectively. “In view of the disturbances caused to daily life by Cyclone Titli in the district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in 11 districts of Tamil Nadu, the competent authority has decided to extend the due dates for filing various GST returns,” wrote the Union Ministry of Finance on its official Twitter handle.The due date for filing the GST returns has been extended in these 11 districts of Tamil Nadu–Cuddalore, Thiruvarur, Puddukottai, Dindigul, Nagapattinam, Theni, Thanjavur, Sivagangai, Tiruchirappalli, Karur, and Ramanathapuram.Taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh can now file their GST return (GSTR-3B) for the month of September and October by November 30. While taxpaye…

Bata likely to see volume-led growth amid GST cuts, higher footfalls

Lower input costs, higher share of premium products to improve profitabilityFootwear major Bata India is expected to see higher volume growth going ahead, driven by the cut in goods and services tax (GST) as well as higher footfalls. For Footwear priced up to Rs 1,000 a pair, the government had cut GST from 18 per cent to 5 per cent.From the end of July this year, when the cuts were announced, the stock has gained about 18 per cent, outperforming peer index BSE FMCG that clocked gains of 1.5 per cent, in the process. Analysts had upgraded the stock as they had expected the company to report better numbers starting from the December.Source- Business Standard. The post Bata likely to see volume-led growth amid GST cuts, higher footfalls appeared first on GST Station.

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GST: West Bengal to launch tax dispute settlement scheme

KOLKATA: West Bengal will introduce a scheme for settlement of disputes for all taxation cases that will benefit up to 25,000 businesses, state Finance Minister Amit Mitra said Wednesday. Mitra said in the Assembly that all tax disputes including entry tax has been included in the scheme.He said the West Bengal Sales Tax Laws (Amendment) Bill 2018 was passed by the Assembly which will pave the way for the settlement scheme.The scheme will allow one-time payment of 35 per cent for the disputed amount while the same will be 40 per cent for payments made in installments.For cases which involves paying penalty, the settlement of the dispute can be made by paying 50 per cent of the penalty amount.“It is a win-win scheme which will benefit the businesses to settle all pre-GST disputes till June 2017 and those that remain unsettled as on October 2018,” Mitra told the House.The scheme will remain open till March 2019.Mitra said the settlement window for pending entry tax introduced last year …

High level flow of information from GSTR-2 to other returns: FAQs

Explain in detail the various actions that I can perform as a Receiver Taxpayer on the uploaded invoices that are auto populated in my Form GSTR-2 for a given tax period.

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Following-up and Taking Action in GST Revision Order Proceedings

A. FAQs on Following-up and Taking Action in Revision Order Proceedings Q.1 What are Revision Order Proceedings and when are they conducted? Ans: Revision Order Proceedings are related to proceedings conducted by a Revisional Authority (RA) to revise an impugned adjudicating Order, originally issued to the taxpayer by an Adjudicating Authority (A/A). These proceedings are […]

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Top 10 FAQs on GSTR-9

There have been a lot of queries from taxpayers on various stages of filing GSTR-9. Here are 10 most Frequently Asked Questions on the filing of annual GST Returns that will surely help the newly registered taxpayers in their first session of tax assessment.

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Extension of due dates for filing GST returns for districts affected by Cyclone Titli & Gaza

In view of disturbances caused to daily life by Cyclone Tali in district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu the competent authority has decided to extend due dates for filing various GST returns

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Join 4 day GST Practitioner Advanced Certified Training course by M.S.M.E.

JOIN 4 day GST Practitioner Advanced Certified Training course of Ministry of M.S.M.E. at Cochin, Trichy, Noida, Pune, Agra, New Delhi, Mumbai, Jaipur, Kolhapur, Chennai, Coimbatore, Indore, Hyderabad, Bangalore, Kolkata, Goa, Gurgaon in December 2018 and January 2019 starting from 1st December 2018. BROCHURE FOR GST PRACTITIONER ADVANCED CERTIFIED TRAINING ORGANISEED BY MSME – TECHNOLOGY […]

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Bizmen to approach GST council, resent non-payment of refunds

Members from Jalandhar-based rubber goods industries are planning to approach the Goods and Services Tax (GST) council as they claimed that they were not getting GST refunds for long. The members had recently approached the Finance Minister and the Industries Minister and had also raised their concern that they were not getting their refunds. They had also shared issues the industry was facing due to the implementation of the GST.RK Gandhi, adviser, Jalandhar Rubber Goods Manufacturer Association, said the difference of rates in the GST on raw material and finished goods was accumulating trouble for the manufacturers.“When the GST on the raw materials such as natural rubber is 5 per cent, packing material, it is 12 per cent, and on chemicals 18 per cent, but on finished goods i.e. rubber footwears, it is only 5 per cent,” he said.The manufacturers rued the fact that this difference was drying up their capital, thus making almost impossible for them to continue manufacturing for some m…

Checklist For Conducting GST Audit

The present article helps to list down some of the important points, like GST registration certificate, verification of invoice prepared under GST law, input tax credit availment as per GST law and job work transaction, to be taken care of while conducting the GST audit.

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Deputation of Employee’s – Whether A Supply or Cost Sharing ?

1. It often happens that an individual is employed by let us say A Ltd. Under the terms of the employment contract (generally referred as joint employment contract), said employee can be deputed by A Ltd. to another group company B Ltd. Hence the concerned employee is deputed with his consent.

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Debate on demonetisation cannot be done for ego satisfaction of Rahul Gandhi: Prasad

JAIPUR: Union minister Ravi Shankar Prasad Wednesday said that the government cannot hold a debate in Parliament on demonetisation just to satisfy ego of Congress president Rahul Gandhi. Prasad hailed the central government for measures like demonetisation and GST and said 1.5 lakh people deposited Rs 5 lakh crore after demonetisation.“Debate on demonetisation cannot be organised for ego satisfaction of Rahul Gandhi. It would be better if the discussion is based on information. They made it an issue in Gujarat and Uttar Pradesh elections and had to face defeat,” he told reporters at a press conference here.Prasad said the number of tax payers doubled in the last four years. Only 3.82 crore people used to file tax in 2013-14 compared to 6.86 crore in 2017-18.Tax collection, which was Rs 6.38 lakh crore in 2013-14, shot up to Rs 10.20 lakh crore in 2017-18. Nearly 1.10 crore traders, including 49 lakh new traders started filing tax after the Goods and Services Tax (GST) was implemented,…

GST registrations of 655 traders cancelled

The Goods and Services Tax (GST) registrations of 655 traders based in Raigarh district have been cancelled for non-submission of details in 3B form format for the last six months. Assistant Commissioner, State Tax, Raigarh Circle-I in a statement issued informed that the registration of 10 traders having more than Rs 1.5 crore as annual gross sales and 342 traders having less than Rs 1.5 crore annual gross sales have been deleted under State Tax, Raigarh Circle-I.Similarly, Assistant Commissioner State Tax Circle-II Raigarh has deleted registration of two traders having gross sales of more than Rs 1.5 crore and 301 traders having less than Rs 1.5 crores.Under the GST Act, the all the registered businessmen/traders on 20th of each month have to submit the 3B details but the said businessmen have failed to do so.GST details can be registered online. It is the reason that Assistant Commissioner, State Tax, Circle I and II had taken the action against them. It is reported that if the GST…

GST ministerial panel seeks finance commission’s views on natural calamity cess

The GoM was set up in line with what the Kerala government had asked after the devastating floods swept through the southern state in August, leading to severe loss of life and propertyA state finance ministers’ panel have sought the 15th Finance Commission’s views on a proposed cess within the goods and services tax (GST) framework to raise funds for states hit by natural calamities.The group of ministers (GoM) on ‘Modalities for Revenue Mobilisation in case of Natural Calamities and Disasters’ headed by Bihar Deputy Chief Minister Sushil Modi, which was supposed to submit the report by October 31, will now present it to the GST Council that is expected to meet mid-December.The GoM was set up in line with what the Kerala government had asked after the devastating floods swept through the southern state in August, leading to severe loss of life and property.The 15th Finance Commission, which was constituted to give its recommendation for devolution of taxes, will suggest how National …

Telecom companies want GST on spectrum, licence fees scrapped or refund of input credits

MUMBAI: Telecom companies, burdened with debt and engaged in a battle for customers, are set to ask the government to exempt them from goods and services tax (GST) on payments made towards spectrum and licence fees. The Cellular Operators Association of India plans to write to the Department of Telecommunications to explain how their burden will ease if payment of regulatory levies by telcos is exempted from GST, people familiar with the matter said. Alternatively, they are seeking a refund of input tax credit of about Rs 30,000 crore because they’re unable to set it off against GST by charging their users due to intense competition and low tariffs.“At an industry level, almost Rs 30,000 crore is stuck for all operators due to GST blockage,” said a person aware of the matter. COAI did not respond to ET’s queries on the issue.The input tax credits have accumulated since GST was introduced in July 2017 and are impacting the balance sheets of telecom companies encumbered with debt of Rs …

The continued burden of GST for commercial real estate development

GST was to be panacea to the multitude of inefficacies that plagued the real estate sector under the earlier indirect tax regime.Goods and Services Tax, effective in India from July 2017, is an all-encompassing indirect tax regime that has brought a tectonic change in the landscape of Indian taxation, and many of us feel a sense of pride to have lived through this monumental event and transition.GST was to be panacea to the multitude of inefficacies that plagued the real estate sector under the earlier indirect tax regime. Amongst others, restriction of credit pertaining to goods/services used in construction of office and commercial spaces has been one such inefficacy. Real Estate sector was hopeful that remnants of such credit restriction would not feature in the newly scripted GST. However, the same was not to be the case.This key concern of the real estate sector remained unaddressed. No input credit is available in respect of GST paid on spends towards construction of office and …

Issues in VAT Audit of April 2017 to June 2017 in Maharashtra

Krishna, for the year 2017-18, taxpayers have to comply with both VAT Audit and GST Audit. But which form is applicable for VAT audit? The due date for filing form 704 is 15th January, 2019.

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GST: NDA has made budgets boring, even irrelevant

For long-term stability, budgets need to be boringly predictable for all taxpayersAs we look forward to the National Democratic Alliance (NDA) government’s last budget in February—an interim one that may yet contain some direct tax proposals—it is a good time to ponder over one of the great paradoxes of the Modi government’s budgets. None of the five regular budgets presented so far set the Yamuna on fire. They were, to put it mildly, underwhelming. Barring a promise in the second budget to bring corporate taxes down to 25%—a promise still to be fully kept—there was nothing particularly innovative in them.In contrast, the big NDA innovations have happened outside and around the budget. Thus, while the budgets themselves were insipid, they have been revolutionized in their innards. Revenue and expenditure management is now a year-round process, not a one-off exercise focused on the budget.Consider: with the abolition of the Planning Commission, our budgets abandoned the old outlay bifu…

Telangana elections: ‘Grand’ fuel under GST plan may backfire

Telangana government charges a Value Added Tax of 33.2 per cent on petrol and 25.85 per cent on diesel, which is much higher than the neighbouring States of Karnataka and Tamil Nadu.HYDERABAD: Can petrol and diesel really be brought under the GST as promised by Congress-led People’s Front? If so, who stands to gain? Experts say that though consumers may benefit, as prices will drop in the long run, the move will lead to a massive fall in revenue for the State government.Telangana government charges a Value Added Tax of 33.2 per cent on petrol and 25.85 per cent on diesel, which is much higher than the neighbouring States of Karnataka and Tamil Nadu.“If petrol is brought under GST, and taxed under the highest slab of 28 per cent, there would be a significant drop of `5 per litre,” says Marri Amarender Reddy of Greater Hyderabad Petrol Diesel Dealers Association. Price of diesel is unlikely to change as it’s already taxed at around 25.85 per cent. This means the cost of essentials, like…

Advance authorisation licence for exporters: HC notice to govt, GST council

An advance authorisation licence is issued to allow duty-free import of inputs, which are physically incorporated in export productsThe Punjab and Haryana High Court has issued notices to the finance ministry, the commerce ministry and the Goods and Services Tax (GST) Council for restricting the benefits of advance authorisation licence for exporters under the GST regime.An advance authorisation licence is issued to allow duty-free import of inputs, which are physically incorporated in export products.The Central Bureau of Indirect Taxes and Customs and the commerce ministry had inserted a clause of “pre-import” for exempting imports done on advance authorisation licences from integrated GST.The change in condition has led to Directorate of Revenue Intelligence (DRI) issuing notices to exporters.A similar petition is pending in Gujarat HC. Abhishek Rastogi, counsel, petitioners and partner at Khaitan & Co, said those outside Gujarat are still getting these notices and so the Punja…

GST collection: Couple of highs, but way short of Rs 12 trillion target

Average monthly revenues will have to rise at least 14 per cent in the next five months than what was achieved in the first five months to hit the targetThe collections from goods and services tax (GST) was projected to be Rs 12 trillion in the current financial year. In other words, each month is expected to yield Rs 1 trillion from GST on an average. However, only two months — April and October — have so far hit the monthly target. In fact, average monthly target stood at Rs 970 billion in the first seven months of FY19. To meet the yearly target, each of the next five months has to yield Rs 1.107 trillion GST collections.So far, none of the months have given this much revenue. In other words, average monthly revenues will have to rise at least 14 per cent in the next five months than what was achieved in the first five months to hit the target.For fiscal deficit, Central GST is more important. CGST collections have to rise to Rs 3.4 trillion in the next five months against Rs 2.6 t…

Bihar assembly passes GST Bill amid ruckus

PATNA: The state Legislative Assembly on Tuesday passed the Bihar Goods and Services Tax (GST)(Amendment) Bill, 2018 with voice vote amid pandemonium by the opposition over an another issue pertaining to “deteriorating” law and order situation. The Assembly could not transact any business in both the sessions except for passage of the Bill on GST.The House proceedings lasted for eight minutes during pre-lunch session while the post-lunch session could barely run for 17 minutes.The central government has already got the amendments passed by the Parliament over GST and states have to ratify them as the state government had brought an ordinance due to the fact that the state legislature was not in session.As the House assembled in the post-lunch session at 2 PM, the opposition members from RJD, Congress and CPI(ML) rushed into the well of the House raising slogans against the Nitish Kumar government and demanding discussion on the adjournment motion moved by them on law and order situati…

GSTR 10:  Final Return

A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is statement of stocks held by such taxpayer on day immediately preceding the date from which cancellation is made effective.

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Annual Return and GST Audit: (9 Questions for GSTR-9 and 9C)

Ever since GST implemented from 01st July 2017 there were several rumours and anticipation for GST Annual return and reconciliation of Annual return with GST Audit. Government has through Notification number 39/2018-CT dated 04.09.2018 and Notification number 49/2018 -CT dated 13.09.2018 have notified GSTR 9 & 9A (Annual Return for Regular & Composite dealer) and GSTR 9C (GST Audit Form), respectively.

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