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Showing posts from January, 2019

Admissibility of ITC of GST paid on intra-state supply in a state where applicant is not registered

In re Storm Communications Private Limited (GST AAR West Bengal) The Applicant is not registered under Section 25(1) of the CGST Act in Tamil Nadu. The SGST and CGST paid on intra-state inward supply in Tamil Nadu are not, therefore, ‘input tax’ to the Applicant. The GST Act does not contain any concept of ‘input […]

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Springs of iron and steel for railways is classifiable under HSN 7320

In re Avantika Industries (GST AAR West Bengal) Since Springs of Iron and Steel, are specifically classifiable under Chapter Heading 7320, the general description under Chapter Heading 8607 is not applicable. Springs of iron and steel for railways are classifiable under HSN Code no. 7320 and taxable @ 18% under Serial No. 234 of Schedule III […]

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‘Poly Propylene Leno Bags’ classifiable as plastic bags under HSN 3923

In re Dinman Polypacks Pvt. Ltd. (GST AAR West Bengal) TRU clarification under Circular No. 80/54/2018-GST issued under F. No. 354/ 432/2018-TRU dated 31/12/2018 in Para 7, sub-Para 7.4 clarifies that Polypropylene woven and non-woven bags and PP woven and non-woven bags laminated with BOPP would be classified as plastic bags under HS Code 3923 and […]

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GST reduced traders’ difficulties, enhanced ease of doing business: President

President Ram Nath Kovind on Thursday addressed the Joint Sitting of both Houses of Parliament ahead of the Budget Session and said that the implementation of Goods and Services Tax (GST) has reduced the difficulties faced by traders and at the same time enhanced their ease of doing business across the country.“While Sardar Patel with his extraordinary abilities had accomplished the challenging objective of geographic and political integration of the nation, the task of economic integration remained incomplete. Our traders and entrepreneurs always faced difficulties in sale and purchase of their goods and in complying with different tax regimes prevalent in different states,” President Kovind said.“Now with the implementation of a comprehensive tax reform like the GST, the concept of ‘One Nation-One Tax-One Market’ has been realised. GST is proving instrumental in establishing an honest and transparent system of trade and commerce which is also benefitting the country’s youth. This sy…

Budget 2019: ACMA pitches for uniform 18% GST for all auto components

The Automotive Component Manufacturers Association (ACMA) has reiterated its demand for a uniform 18% GST for all auto components, besides a need for encouraging technology development & acquisitions. The apex body of the Indian auto component industry, in its pre-budget proposals to the Government, has further pitched for increasing the rate of weighted deduction on R&D spend and called for a reduction of import duty on aluminium and steel. Stating that since the entire auto industry is undergoing a technological transformation on emissions and safety front, enhancing spend on R&D and creating infrastructure for innovation are a must to enable the auto component industry to stay relevant, Vinnie Mehta, Director General, ACMA said, in a statement. “Facilitating new product development through a technology development and acquisition fund besides enhancing the rate of weighted deduction on R&D spend are a need of the hour,” Mehta said, adding that reducing customs duty …

Businessman arrested for Rs 25 crore ITC fraud

VADODARA: The Goods and Services Tax (GST), Vadodara-I arrested a businessman for floating three fake firms and wrongfully claiming input tax credit worth Rs 25.5 crores. GST officials said that the businessman identified as Tausif Sheikh is based in Bhavnagar and he had floated the firms to commit the scam.
An official release by the GST said that the businessman floated three firms M/s Capital Impex, M/s Krishna Steel and M/s Millennium Steel, Vadodara and issued fake invoices worth Rs 107 crores. “But there was no physical movement of goods and these firms existed only on paper,” GST officials said. Sheikh availed of input tax credit (ITC) worth Rs 25.5 crores and passed on ITC worth Rs 19 crores.The GST release said that the accused obtained GST registration of many such firms by securing identity and other relevant documents of different persons by paying them small amounts of money. ‘He then used these firms for circulation of fake invoices and consequent availment and passing of…

GST revenues going off target

With tax rates being cut regularly, experts fear collections will fall furtherWhat is the problem?Even though the official data for Goods and Services Tax (GST) collections in January will be released on February 1, several news agencies have been reporting that the GST collection for January 2019 will come in at ₹94,000-96,000 crore, which is lower than the year’s average and far lower than what experts estimate the government should be getting. The average collection between April and December was ₹96,782 crore. The collections crossed the ₹1 lakh crore mark only twice in the nine months under consideration. Even this was lower than the ₹1.1 lakh crore tax analysts say the government should be collecting.Given that the GST Council cut rates on a number of items and services in its December 22 meeting, the likelihood of January’s revenue being even lower than December’s low of ₹94,726 crore is very high. If this is the case, it would mark the third consecutive month of falling GST re…

New system of filing returns under GST

Ordinance issued to amend SGST ActThe State government has decided to amend the State Goods and Services Tax (GST) Act to provide new system of filing returns and availing input tax credit under the GST.It has been decided to provide option to taxpayers to obtain multiple registrations for multiple places of business located within the same State. Separate registration would be provided for units in the special economic zones or developers.Following the relaxations mooted by the GST Council during its recent meeting, the State government promulgated an Ordinance The Telangana Goods and Services Tax (Amendment) Ordinance 2019 on Wednesday. The Ordinance paves the way to insert provision for temporary suspension of registration while cancellation of the registration is under progress. It will allow enhancement of the limit of composition levy from ₹ 1 crore to ₹ 1.5 crore. In addition, composition taxpayers would be allowed to to supply services (other than restaurant services) for valu…

Kerala budget today, Finance Minister Thomas Isaac says floods, GST have hit fiscal health

“I will take the risk of assuming that we will be able to overcome the disadvantages of bad GST implementation, move towards fiscal consolidation through a greater collection of GST and also have a larger plan for investment,” Issac said.A day before he presents the all-important state budget for the 2019-20 fiscal year, Kerala finance minister TM Thomas Isaac underlined that the economic impact of the devastating floods last year coupled with poor implementation of the Goods and Services Tax (GST) and internal leakages in the collection of VAT has affected the state’s fiscal health.In an exclusive interview with The Indian Express, Isaac said, “Kerala’s fiscal situation is bad. It’s because we have been adopting expansive stands on development but GST has belied our hopes. We are still 13-15% behind the projected revenue. Our whole mean fiscal policy was premised upon a 20% growth on GST. Kerala being a consumer state, that was naturally our expectation. More than that, during the pr…

TN kingpin of fake tax credit arrested, Rs 98 Cr multi State

CHENNAI: A fake Input Tax Credit racket to the tune of Rs 98 crore in which firms in States including Maharashtra illegally benefited was busted and the Tamil Nadu based kingpin was arrested following searches.The racket involved issuing fake invoices worth over Rs 543 crore in the name of eight bogus firms and the kingpin was produced before a court here which remanded him to judicial custody, the Directorate General of GST Intelligence here said.It involved getting GST registration by creating fake firms and opening bank accounts for such companies. Subsequently, a complex maze of transactions was created between such bogus firms, without actual supply or movement of goods and payment of GST.“The entire racket revolves around circular trading and passing on the Input Tax Credit to various customers without actual supply of goods,” Additional Director General, DGGST, K Balaji Majumdar said in a release.“It was all about round-tripping the money through a labyrinth of monetary transac…

Textile package suffers delivery failure due to demonetisation, GST

Imaginatively designed incentives to grow jobs in the textile sector ran into the unforeseen headwinds of demonetisation and GSTMore than two and half years into the government’s three-year deadline to create 10 million new jobs in the textile sector have passed but manufacturers are yet to ramp up hiring. An imaginatively designed Rs 6,000-crore mega-package for the textile industry was announced in June 2016, aimed to boost exports by $30 billion, and attract investments worth Rs 74,000 crore over the next three years until 2019.At the same time, Finance Minister Arun Jaitley had said the package would lead to a flat addition of 10 million jobs across the sector.Source- Business Standard. The post Textile package suffers delivery failure due to demonetisation, GST appeared first on GST Station.

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GST: Patanjali dealer found guilty of violating Anti profiteering Law

Director General Anti-Profiteering Vs M/s Satya Enterprises (National Anti-Profiteering Authority) 1. The brief facts of the present case are that a reference was made by this Authority to the Director General Anti-Profiteering (DGAP), erstwhile Director General Safeguards, under rule 128 of the Central Goods and Services Tax (CGST) Rules, 2017 intimating that certain major manufacturers […]

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Anti-profiteering

In common parlance, Profiteering means making unreasonably high profits in the course of ordinary trade or business, whereas Anti-profiteering means prevent profiteering from unethical methods. In terms of GST law, Section 171(1) Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to […]

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Latest Changes under GST Law w.e.f. 01/02/2019

Notification No. 02/2019 (Central Tax) to 06/2019 (Central Tax) have been notified giving effect to the changes approved by the GST Council in last meetings. Further, Provisions of the Central Goods and Services Tax (Amendment) Act, 2018 has also been made effective so far. Notifications wise analysis are discussed below:

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Bogus Invoices with wrong availment of Rs. 25.5 Crore ITC detected

CGST, Vadodara, upon intelligence developed through data analysis, have booked a case of issuance of fake invoices valued at Rs. 107 Crores without any physical movement of goods, leading to wrongful availment of ITC worth Rs 25.5 crores and passing on of ITC worth Rs 19 crores.

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Importing of invoices declared in e-Way bill system into Form GSTR-1

FAQ related to Importing of invoices declared in e-Way bill system into Form GSTR-1  1. What is e-Way Bill? Ans. E-way bill is a document required for carrying any consignment of goods of value exceeding Rs. 50,000 as mandated by the Government in terms of Section 68 of the Goods and Services Tax Act read […]

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DGCI arrests Company MD in fake GST bill case

DGGI arrested a managing Director (MD) of a company Following intelligence developed by the officers that fake invoices were received by the company without receipt of goods from various companies and fake invoices were issued without supply of goods. Directorate General of GST Intelligence Visakhapatnam Zonal Unit Door No. 25-14-17, Suryabagh, Beside Melody Theatre, Visakhapatnam-530020 […]

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Availability of ITC in respect of repairs etc. of Motor Vehicles-Post 31.01.2019

This is an updation of my earlier article on the same matter wherein  issue of availability of Input Tax Credit (ITC)  in respect of  services of repairs, insurance etc. for   motor vehicles has been discussed. Through CGST Amendment Act 2018, the law on this point has been amended by inserting clause (ab) to Sec. 17(5) […]

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GST liability difference of Rs. 67 Crore detected by CGST Vadodara

The officers of Daman Cornmssionerate have detected a case of default in GST payment against Mrs Radha Madhav Corporation Limited which had stepped filing return since August 2018 and there was a noticeable difference in declared ilatlity in two returns prescribed in CGST Act,2017 namely GSTR-1 and in GSTR-3B worth Rs. 67 Ccores

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CBIC issues 13 GST notification on 29.01.2019 wef 01.02.2019

CBIC issues 13 Notifications on 29th January 2018 which includes the following- 1. notifications to specify that Reverse Charge Mechanism on Procurement from Unregistered Dealers which was deferred till 30.09.2019 to be completely withdrawn with effect from 1st February 2019 2. It further notified applicability of CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) […]

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Reduction in GST rate on property will propel demand

A reduced GST rate on property would propel prospective home buyers to accelerate their purchase decisions, thereby leading the residential market to pick up pace.The interim budget to be presented on February 1 holds much significance, especially with this year being the electoral year. While the real estate industry has its expectations from the interim budget, as with the previous union budgets, it remains to be seen whether the budget would lend extensive focus on the industry given other priorities of the government.There are a host of industry matters that need timely attention from the government in order to accelerate the growth, which has slackened in the past two years owing to several regulatory changes.While the wish list of the real estate sector has remained almost similar in the past few years, it is pertinent to note that the fulfilment of a long-standing demand – that of allocation of infrastructure status to affordable housing, has only given rise to newer expectatio…

GST Network develops system to fetch e-way bill data into monthly sales returns to curb tax evasion

NEW DELHI: Now, businesses supplying goods worth more than Rs 50,000 will have an option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data.Matching of invoices of e-way bills with the sales shown in GSTR-1 will help taxmen in assessing whether the supplies have been accurately shown in sales return and GST paid on the same, tax experts said.“To avoid double data entry, GSTN has provided a facility to taxpayers, where month’s e-way bill data is shown in format, which is required by a taxpayer to fill up the Form GSTR-1. The taxpayer can import data in his GSTR-1 form or import the same and use it with GSTR-1 offline tool to create his GSTR-1 Return Form,” GST Network said.Touted as an anti-evasion measure, e-way bill system was rolled out on 1 April, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the st…

GST Notifications

All GST Notifications Issue on 29-01-2019Notification No. Downloads Date of Issue Subject 06/2019-Central TaxDownload PDF29-01-2019Seeks to amend notification No. 65/2017-Central Tax dated 15.11.2017 in view of bringing into effect the amendments (to align Special Category States with the explanation in section 22 of CGST Act, 2017) in the GST Acts.
05/2019-Central TaxDownload PDF29-01-2019Seeks to amend notification No. 8/2017-Central Tax dated 27.06.2017 so as to align the rates for Composition Scheme with CGST Rules, 2017.
04/2019-Central TaxDownload PDF29-01-2019Seeks to amend notification No. 2/2017-Central Tax dated 19.06.2017 so as to define jurisdiction of Joint Commissioner (Appeals).
03/2019-Central TaxDownload PDF29-01-2019Seeks to amend the CGST Rules, 2017.
02/2019-Central TaxDownload PDF29-01-2019Seeks to bring into force the CGST (Amendment) Act, 2018.
01/2019-Central Tax (Rate)Download PDF29-01-2019Seeks to rescind notification No. 8/2017-Central Tax (Rate) dated 28.06.2017…

GST benefits business, consumers: Pant

State Finance minister Prakash Pant addressed various stakeholders at a workshop organised by State Tax department on Goods and Services Tax (GST) in Rudrapur on Tuesday.Addressing members of the business fraternity at the workshop, the finance minister said that for the firs time since Independence, the nation was going through a phase of economic freedom. Implemented about a year and a half ago, the GST has achieved positive results. While the businessmen are getting various facilities online, the consumers are also benefitting from GST. This system is a successful step towards nation building, he opined. The general public has benefitted from the system of one nation- one tax while the business fraternity has made the system successful by using it. The suggestions received from time to time from the business fraternity have also paved the way for simplification of GST. Pant further said that before implementation of GST, 17 types of taxes used to be levied on products which also in…

Foxconn awaiting Rs 1,000 crore GST refund

NEW DELHI: Foxconn, the world’s largest contract manufacturer, has flagged its concerns to the government over delays in refunds of about Rs 1,000 crore under the goods and services tax regime, saying one of its key India units has been left cash-starved and this could hurt plans to deepen local production of electronics. “An inverted duty structure has created working capital issues as some states are lingering on refund by months together and this is severely impacting companies like the Foxconn unit located in Andhra Pradesh, which is left without funds to pay vendors,” a person aware of the development told ET. Duty structure is considered inverted when components are taxed at a higher rate than the final product. In this case, while mobile handsets are subject to 12% GST, some components are taxed at 18%. Other contract manufacturers such as Wistron, which makes some iPhone models, Dixon and US-based Flex also face similar issues on refunds, totalling a combined Rs 2,500 crore, s…

Expect rationalisation in income tax rates

Currently, there is a steep jump from 5% to 20% for income between ₹5 lakh to ₹10 lakh. Some rationalization is expected here in the Budget 2019. A decision may also be taken to lower the highest personal income tax rate from existing 30% to 25%. No major change is expected in income tax before the release of Direct Tax Code Report on February 28.The limit of Rs.1.5 lakh under Section 80C was last revised in Budget 2014-15. We can expect the government to consider revising this limit, with the due passage of time, this limit no longer holds good. An increase in section 80C limit will help provide more room for tax saving. Healthcare is another area where major announcements are expected. Considering the government’s focus on introducing new healthcare projects for the poor, it would not be surprising in case the government increases tax benefit on healthcare under Section 80D.In terms of GST, the Finance Minister is faced with a challenge of falling GST revenues, especially in light o…

Government turns to RBI for help before elections

NEW DELHI: Pressure is building on India’s central bank to pay part of its profits to the government before a crucial election due by May, providing Prime Minister Narendra Modi with cash to boost spending and voter support, while keeping the budget deficit in check.Revenue from a goods and services tax, or GST, has for the most part fallen short of the ₹1 trillion ($14 billion) monthly target, while income from asset sales have lagged estimates. That leaves the government counting on its central bank to make up the shortfall via an interim dividend from unrealized profits.Turkey’s central bank was recently called on to do the same, agreeing to pay an advance dividend to the government before local polls in March. In India’s case, the demand on the central bank comes right in the middle of its financial year that runs from July to June, and follows a contentious battle with former Governor Urjit Patel about the institution’s autonomy.The Reserve Bank of India keeps a tiny portion of i…

Patanjali dealer held guilty of profiteering after GST rate cut

The matter here is related with product named ‘Beauty Cream 50 GM’ manufactured by Patanjali Ayurveda.The National Anti-profiteering Authority (NAA), the watch dog for profiteering under Goods and Services Tax (GST) regime, has held a dealer of Patanjali Ayurveda guilty of not passing on the benefits of duty reduction. Accordingly, the dealer has been asked to deposit undue profit made with the consumer welfare fund.The matter here is related with product named ‘Beauty Cream 50 GM’ manufactured by Patanjali Ayurveda. The GST rate on such products was lowered to 18 per cent from 28 per cent with effect from November 15, 2017. However, the allegation was that the Delhi-based dealer Satya Enterprises increased the base price of the product when the tax rate was lowered, so as to keep the MRP the same as it was prior to the rate reduction.The respondent argued that that the MRPs (Maximum Retail Price) were fixed by the manufacturer which he was bound to charge and he could not reduce the …

PM provided ‘maximum income guarantee’ to his 15 friends: Rahul

KOCHI: A day after announcing his party would ensure “minimum income guarantee” for the poor if the Congress was voted to power at the Centre, party chief Rahul Gandhi Tuesday took a dig at Prime Minister Narendra Modi, saying he has provided ‘maximum income guarantee’ to 15 of his friends.“For the last five years, he has provided a maximum income guarantee to 15 of his friends. We have decided that if Narendra Modi can give maximum income guarantee to 15 rich people, we will give minimum income guarantee to every single citizen,” Gandhi said.Like MGNREGA committed right to work, like RTI committed right to information, like Food Security Bill guarantees the right to food, the Congress government is going to guarantee a minimum income to every poor Indian citizen, he told a booth-level party workers meeting here.“We are going to give every single poor Indian direct money in his account as a guarantee,” he said.He claimed that there was no country in the world that has ever committed m…

Rajasthan HC issues notice to Centre, state on Plea against a GST provision

The Rajasthan High Court Tuesday sought stands of the Union and state governments on a plea seeking repeal of one of the provisions of their Goods and Services Tax (GST) on the grounds of being “unconstitutional”.A bench of justices Sangeet Lodha and Dinesh Mehta sought the two governments’ stands within four weeks on a plea by Lakhani Metal and Castings Pvt Ltd of Bikaner challenging the provision that empowers the government to deny the refund of “unutilized input tax credit” to a company without assigning any reason for the action.The firm challenged clause (ii) of the proviso of Sub Section 3 of Section 54 of the Central GST Act, 2017 and Rajasthan GST Act, 2017.Appearing for the petitioner, counsel Ramit Mehta argued before the court that the section 54 provision negates another provision of the law, Section 49(6) of the GST Act, 2017 that grants statutory right for obtaining refund after adjustment of tax, interest, fees and penalty.Source- Business Standard. The post Rajasthan H…

Proposal to encourage taxmen to file GST profiteering complaints on anvil

Once the tax officers find that GST benefits have not been passed on to the consumers, they will refer the case for further investigation to the Directorate General of Anti-Profiteering (DGAP)NEW DELHI: The GST officials are working out mechanism to prompt taxmen to initiate profiteering complaints, which could be taken up for further investigation by the Directorate General of Anti-Profiteering.Currently, only consumers file complaints against businesses for not passing on the benefits of reduction of the rates of Goods and Services Tax (GST) on various products.Under the standard operating procedure (SoP) being worked out by the GST officials, the Central and state government tax officers will be encouraged to take up suo moto the issue of profiteering by businesses, sources said.Once the tax officers find that GST benefits have not been passed on to the consumers, they will refer the case for further investigation to the Directorate General of Anti-Profiteering (DGAP).As per the pr…

GST under RCM on security services for Dec 2018 paid after 31.12.2018

Whether GST will be applicable under reverse charge mechanism (RCM) on security services provided in the month of December 2018 for which payments have been made on or after 01.01.2018 ie.e after 31.12.2018? With the introduction of Notification No. 29/2018-CT(R) dated 31.12.2018, the Central Government has inter-alia notified the following service which shall be liable to GST […]

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Challenge to constitutional validity of GST provision before Rajasthan High Court, Notices issued

A writ petition has been listed before the Division Bench of the Principal Seat of the Hon’ble Rajasthan High Court at Jodhpur on Tuesday, 29.1.2019. The petition preferred by one Lakhani Metal and Castings Pvt. Ltd of Bikaner challenging the Constitutional validity of the unguided, unfettered and discretionary power of the Central and State Government […]

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CGST Registration provision amended to align Special Category States

Seeks to amend notification No. 65/2017-Central Tax dated 15.11.2017 in view of bringing into effect the amendments (to align Special Category States with the explanation in section 22 of CGST Act, 2017) in the GST Acts vide Notification No. 06/2019 – Central Tax dated 29th January, 2019. Government of India Ministry of Finance (Department of […]

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CBIC aligns rates for Composition Scheme with CGST Rules, 2017

Seeks to amend notification No. 8/2017-Central Tax dated 27.06.2017 so as to align the rates for Composition Scheme with CGST Rules, 2017 vide Notification No. 05/2019 – Central Tax dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect Taxes and Customs] Notification No. 05/2019 – Central Tax […]

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CBIC defines jurisdiction of Joint Commissioner (Appeals) under GST

Seeks to amend notification No. 2/2017-Central Tax dated 19.06.2017 so as to define jurisdiction of Joint Commissioner (Appeals) vide Notification No. 04/2019 – Central Tax dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect Taxes and Customs] Notification No. 04/2019 – Central Tax New Delhi, the 29th […]

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Central Goods and Services Tax (Amendment) Rules, 2019

CBIC Seeks to amend the CGST Rules, 2017 by Central Goods and Services Tax (Amendment) Rules, 2019 notified vide Notification No. 03/2019 – Central Tax dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect Taxes and Customs] Notification No. 03/2019 – Central Tax New Delhi, the 29th […]

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CGST (Amendment) Act, 2018 applicable from 1st February, 2019

CBIC notifies applicability of  CGST (Amendment) Act, 2018 with effect from 1st day of February, 2019 vide  Notification No. 02/2019 – Central Tax Dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect Taxes and Customs] Notification No. 02/2019 – Central Tax New Delhi, the 29th January, 2019 […]

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GST Provisions for Goods Transport Agency

The implementation of Goods and Service Tax ushered in much needed reforms in India’s largely unorganized logistics and transport sector, and helped to speed up the movement of trucks. Since the border checkposts were dismantled, after implementation of Goods and Service Tax, the same has led to around 20% reduction in turnaround time. The e-way […]

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Restaurants GST Rates

As under the earlier tax regime, initially, at the time of introduction of Goods and Service Tax (GST), the GST rates on restaurant services were based on the availability of AC or liquor licence, and further, the advantage of the input tax credit was entirely made available to the restaurant owner. However, due to the […]

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IGST Registration provision amended to align Special Category States

Seeks to amend notification No. 10/2017-Integrated Tax dated 13.10.2017 in view of bringing into effect the amendments (to align Special Category States with the explanation in section 22 of CGST Act, 2017) in the GST Acts vide Notification No. 03/2019 – Integrated Tax dated 29th January, 2019. Provided that the aggregate value of such supplies, […]

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GST Registration of Jewellery, goldsmiths & silversmiths- Reg.

Seeks to amend notification No. 7/2017-Integrated Tax dated 14.09.2017 to align with the amended Annexure to Rule 138(14) of the CGST Rules, 2017. Jewellery, goldsmiths’ and silversmiths’ wares and other articles (Chapter 71)  were mentioned in Serial No. 151 of Annexure to Rule 138 but after amendment in Rules same are mentioned in  Serial No. […]

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IGST (Amendment) Act, 2018 applicable from 1st February, 2019

CBIC notifies applicability of IGST (Amendment) Act, 2018 with effect from 1st day of February, 2019 vide  Notification No. 01/2019 – Integrated Tax Dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect Taxes and Customs] Notification No. 01/2019 – Integrated Tax New Delhi, the 29th January, 2019 G.S.R. […]

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GST on Freight Charges

Freight charges, in simple terms, can be said to be a charge paid for carriage / transportation of goods. Goods can be transported through any mode i.e. air, land or sea. Under the present article we would see the GST rates as applicable to freight charges, exemption list and fixing of the GST liability on […]

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GST (Compensation to States) Amendment Act, 2018 we.f. 01.02.2019

CBIC notifies applicability of GST (Compensation to States) Amendment Act, 2018 with effect from 1st day of February, 2019 vide Notification No. 1/2019 — Goods and Services Tax Compensation Dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 1/2019 — Goods and Services Tax Compensation New Delhi, the 29th January, 2019 […]

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UTGST (Amendment) Act, 2018 applicable from 1st February, 2019

CBIC notifies applicability of UTGST (Amendment) Act, 2018  with effect from 1st day of February, 2019 vide Notification No. 1/2019 – Union Territory Tax Dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 1/2019 – Union Territory Tax New Delhi, the 29th January, 2019 G.S.R. ……….  (E). – In […]

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GST Return Types, Applicability and Due Date

Different categories of persons are required to file different types of returns under the Goods and Service Tax and the same is being highlighted in the present article. A. GST RETURNS FOR NORMAL TAXABLE PERSON a. NORMAL GST RETURN – A registered person having an aggregate turnover exceeding INR 1.50 Crore – 1. Form GSTR-1 […]

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RCM under CGST on procurement from unregistered dealer’s withdrawn

Seeks to rescind notification No. 8/2017-Central Tax (Rate) dated 28.06.2017 in view of bringing into effect the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts vide Notification No. 01/2019 – Central Tax (Rate) Dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect Taxes […]

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RCM under UTGST on procurement from unregistered dealer’s withdrawn

Seeks to rescind notification No. 8/2017-Union Territory Tax (Rate) dated 28.06.2017 in view of bringing into effect the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts vide Notification No. 01/2019 – Union Territory Tax (Rate) Dated 29th January, 2019 Government of India Ministry of Finance (Department of Revenue) [Central Board of […]

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GST: Increasing the basic tax exemption limit to Rs 5 lakh can cheer retail investors

With the government struggling to meet its GST collection targets, we expect a few off-balance sheet expenditures and large divestment targets for next year.The government will be presenting the interim budget on February 1, the last one before the upcoming elections. While incumbent finance ministers generally do not announce major reforms that could potentially burden the next government, we expect this budget to be more populist in nature.The government is feeling a fair bit of pressure to appease the rural electorate with national elections looming. The budget is also likely to focus on the BJP’s vision for the next five years, should the government come back to power.With the government struggling to meet its GST collection targets, we expect a few off-balance sheet expenditures and large divestment targets for next year.Further, murmurs about the 3.3 percent fiscal deficit not being sacrosanct suggest that the BJP is considering a fairly large stimulus package.Sops for the agrar…

GST tweak, industry status make up real estate sector’s budget wishlist

MUMBAI: After being through the various structural changes and demand pressures over the past two years, the real estate sector is expecting the upcoming Interim Union Budget for 2019-20 to rationalise the Goods & Services Tax rates for underconstruction properties, further incentives for affordable housing, and convergence of stamp duties within the GST rates. Given the sector’s linkages with other industries, contribution to the economy’s growth and support to job creation, most developers continue to reinforce a long pending demand of awarding industry status to the sector. “Boosting farm incomes and adding job opportunities are the twin tests for Union Budget 2019-20. Real estate and construction industry fit into the Budget 2019-20 scheme as the second largest employer after agriculture, and contribute close to 10% of GDP. Alignment of GST and personal income tax so as to boost home ownership is a strategic option that government may well consider exercising,” said CREDAI nat…

Most states suggest GST still evolving: N K Singh

The 15th Finance Commission has completed nearly half its state visits and travels to Punjab on Tuesday. Its chairman N K Singh spoke to TOI about the challenges being faced by the states, including the impact that the recent announcements related to the farm sector may have on their finances.A number of states have announced farm loan waivers and other measures. How do you view these announcements and does that make your task tougher?The central government has made it very clear that states can decide on a waiver or a write-off provided they have the fiscal space. So far, I have not heard of any state seeking a waiver from the targets laid down in the FRBM Act. I am concerned, although the (loan) figures vary greatly in terms of the overall quantum and the nature of beneficiaries and over what period of time. It should not be that the central government increasingly looks to comply with the requirements of the amended FRBM Act to arrive at an overall debt-GDP ratio of 60% by 2022-23,…

GST: Focus to be on rural, infra sectors; limited scope of tax rate change

The ability to stick to fiscal deficit targets, or the extent of slippage, the realism of revenue and expenditure assumptions and the size of the planned market borrowings for FY20 would be the key areas of interest.The government’s interim budget will be presented against the backdrop of several challenges confronting the economy; additionally, there is a distinct possibility of a slippage in the fiscal deficit for FY19 given the shortfall in indirect tax collections and disinvestment receipts—at least until now.There is a high likelihood that the fiscal deficit of 3.3% budgeted for FY19 would not be met, even after factoring in the reliance on off-balance sheet funding and the likely roll-over for some of the food and fertiliser subsidies. Consequently, we see limited scope for fiscal consolidation in FY20 as well; while the fiscal deficit target had been set at 3.1% of the GDP for FY20 in the Union Budget of FY19, we expect it to be higher at around 3.3% of GDP. Along with a nomina…

Modi govt’s tax reforms: GST, a game-changer for the Indian economy

The August 2018 report of the RBI suggests that Rs 15.31 trillion of Rs 15.41 trillion demonetised currency have returned to the banking systemNEW DELHI: In a special midnight Parliament session, Narendra Modi-led government implemented the biggest-ever tax reforms in the country’s history, paving the way for an era of the uniform tax regime. Close to two years on, the goods and services tax (GST) is set to face its biggest test yet, as the country heads to the Lok Sabha polls.The GST, rolled out to replace an intricate indirect tax system structure, had increased the indirect taxpayers and made them more accountable. However, this reform had also put brakes on the economy as growth slowed to 5.7 per cent in the first quarter.Source- Business Standard. The post Modi govt’s tax reforms: GST, a game-changer for the Indian economy appeared first on GST Station.

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