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Showing posts from May, 2019

Corporate Compliance Calendar for the Month of June 2019

This article contains various Compliance requirements under Statutory Laws. Compliance means ‘adhering to rules and regulations.’ Compliances under: 1. Compliance Requirement Under Income Tax Act, 1961 2. Compliance Requirement Under Goods & Services Act, (GST) 2017 3. Compliance Under Other Statutory Laws 4. Compliance Requirement Under SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015 […]

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Challenges of New GST Returns

The Annual GST Return is an important document as the facts/ figures/ data disclosed in this document carries various implications. Any incorrect information may attract serious amount of litigations and disputes with the concerned tax authorities and accordingly the assesse may face various hardships. All big and small firms have already started gearing up for […]

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Benefits from lower GST rate must be passed on to home buyers: NAA

The NAA after considering the legal provisions and facts of the case, held that the contention of the developer that computation of the benefit/ loss could not be done before completion of the project is not tenable.In a ruling that will have far reaching consequences for real estate developers, the National Anti-Profiteering Agency (NAA) has held that excuses like the challenges and uncertainties associated with the GST regime cannot be used deny home buyers from benefits of a lower tax rate. Very simply, if a developer has benefitted from the introduction of GST in terms of lower rate of tax, the benefits need to be passed on to the consumer.The history of the case can be traced to a period when GST had not come into force and a buyer had purchased a flat in the ‘East Crest, Bengaluru’ project launched by Salarpuria Real Estate Pvt. Ltd. The matter came before the National Anti-Profiteering Agency (NAA) was basis the report furnished by the Director General of Anti-Profiteering (DGA…

How GST fraud worth Rs 40 crore came into light at Manpasand Beverages

According to CGST commissionerate sources, MBL allegedly created and showed sales and purchases across more than 30 fake unitsAHMEDABAD/DELHI: Ever since Deloitte resigned as auditor for Manpasand Beverages Ltd (MBL), the Vadodara-based company, a listed one, has been in controversy. However, the recent goods and services tax (GST) fraud that came to light with the arrests of top management executives is the latest episode in the controversy and has made things worse.Ever since Deloitte resigned as auditor for Manpasand Beverages Ltd (MBL), the Vadodara-based company, a listed one, has been in controversy. However, the recent goods and services tax (GST) fraud that came to light with the arrests of top management executives is the latest episode in the controversy and has made things worse.Established by its current Chairman and Managing Director Dhirendra Singh, MBL boasted its presence in rural and tier-2 and 3 markets when its multinational competitors were ruling the metros and to…

Stay on GST interest relief for late payers

AHMEDABAD: There is a fresh wave of hope among businessmen and GST payers in Gujarat after Delhi high court issued a stay on levying interest on gross tax liability under Goods and Services Tax (GST) i.e. tax liability without claiming input tax credit (ITC), in cases of late payment of tax. The Delhi HC order made in response to a petition filed by a Delhi-based firm – Landmark Lifestyle, does not apply to taxpayers or firms based in Gujarat. However, lack of clarity on the issue had been plaguing GST payers in Gujarat who believe the Delhi HC’s stay order is a sign of things moving in the right direction.“This is because, even after the GST Council’s policy-level approval in December 2018 to not charge interest on gross tax liability, taxpayers in Gujarat continued to receive notices for paying up interest for late filing of returns from central as well as state GST offices. This confusion further intensified after another judgement by the Telengana high court,” explained Varis Isan…

GST: Fiscal challenges for the new government

Some out-of-the-box thinking is needed to improve tax revenues in a material wayFor the new Finance Minister preparing the full Union Budget for 2019-20, the challenge of ensuring that BJP’s poll promises are met without adversely impacting the fiscal math is going to a tough one, given the ongoing problems with tax revenues. The Centre had to revise the estimated GST collection for FY19 lower by ₹1 lakh crore as lowering of rates, greater leeway for small businesses and tax evasion, impacted collection. But besides indirect tax, the Centre has also struggled to meet its direct tax target for the last fiscal. As a result, total tax revenues collected in the first 11 months of the last fiscal year amounted to only 73.7 per cent of the target. Despite a sharp cutback in expenditure, lower tax revenues bloated the fiscal deficit to 134 per cent of the estimates up to February 2019. Over-estimating revenue collections and brushing aside the ongoing challenges will take the country further…

Companies pitch for GST rate cut as Modi govt takes charge second time

Durable, automobile and real estate players have been lobbying hard for a tax cut, saying it will boost demandCompanies across sectors such as durables, automobiles and real estate have been lobbying hard for a goods and services tax (GST) cut as the Narendra Modi-led National Democratic Alliance prepares for a second term in office. Modi and his council of ministers were sworn in on Thursday in the presence of over 8,000 people at the Rashtrapati Bhawan.Durable firms said the issue of rationalising the tax rate of products such as air conditioners and larger television sets, which sit in the 28 per cent tax bracket, has been on the government’s table for long. “Since July last year, when most appliance and electronic products were moved from 28 per cent to 18 per cent, companies have been asking for ACs and larger TVs (above 32 inches) to be shifted too in terms of the GST rate,” said Kamal Nandi, business head and executive vice-president, Godrej Appliances, who is also the presiden…

GST: Another fake invoices racket busted, company proprietor held

HYDERABAD: The proprietor of a firm here was Thursday arrested after a case of fake invoices and evasion of GST was registered against the company by the anti-evasion wing of the Medchal central GST commissionerate.The case was part of the cases registered in connection with the racket of procuring and supplying fake GST invoices allegedly by five firms without actual supply of goods.The racket by the five companies was busted and three people were arrested on May 23, officials said.The owner of the firm, arrested Thursday, had taken ‘fraudulent’ input tax credit (ITC) based on fake invoices received from nine different entites located in Kolkata and Hyderabad without actual receipt of goods, principal commissioner M Srinivas said in a press release here.The fraudulent ITC taken was utilised by the firm for evasion of GST payable by them on their supplies of aluminium and copper scrap, which were procured from the open market and unregistered suppliers, the senior official said adding…

Examination for confirmation of enrollment of GST Practitioners to be conducted by NACIN

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized vide Notification No. 24/2018-Central Tax dated 28.05.2018 to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioner (GSTPs) in terms of the sub-rule (3) of Rule 83 of the Central Goods and Services Tax Rules, 2017.The GSTPs enrolled on the GST Network under sub clause (b) of sub-rule (1) of Rule 83 covered by clause (b) of sub-rule (1) of Rule 83, i.e. those meeting the eligibility criteria of having enrolled as Sales Tax Practitioners or Tax Return Preparer under the existing law for a period not less than five years, are required to pass the said examination before 31.12.2019 in terms of Notification no. 03/2019-Central Tax dated 29.01.2019. Two such examinations for such GSTPs have already been conducted on 31.10.2018 and 17.12.2018.In terms of Rule 83A(3) of CGST Rules, 2017, the examination shall be conducted twice in a year by NACIN. The next two exami…

Reverse Charge Mechanism in GST Regime with Chart – Updated till date

The concept of reverse charge mechanism was introduced in erstwhile Service Tax laws. Generally, tax is payable by the person who provides Services but under reverse charge mechanism the liability to pay tax has shifted to recipient of Services.

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Top 10 Billing & Invoicing Software for Small Businesses

1. Zoho Invoice Zoho Invoice is a hassle-free invoicing & billing software that helps businesses send automated payment reminders to their customers and get paid faster online. This web-based solution empowers businesses with the best automated tools, to smoothen and simplify invoicing operations. With Zoho, users can create invoices, perform faster payments and manage projects […]

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GST – Bane or Boon Vis-a-Vis Railway Vendors

Indian Railway is one of the world’s largest public-sector organizations and its network, traffic, organization and extent of vertical integration are gigantic. It is the world’s largest Railway passenger transport organization, carrying 23 million passengers daily. It is also the world’s third largest Railway freight transport organization 115,000 kilometres of track over a route of […]

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GST mop-up for May likely to fall short of Rs 1 lakh crore

GST revenue mop-up for April stood at Rs 1.13 lakh crore, the highest since its rollout.GST collection for May is expected to be less than Rs 1 lakh crore, a senior official told Moneycontrol on condition of anonymity.GST revenue mop-up for April stood at Rs 1.13 lakh crore, the highest since its rollout.Typically, GST collection is lower at the beginning of a new financial year. April GST mop-up was higher due to year-end payments.For 2019-20, the government is looking to collect Rs 7.61 lakh crore from GST.GST collections, since its inception, have largely remained below the monthly average of Rs 1 lakh crore. A major reason behind this can be attributed to several rate changes and procedural complications that the GST Council has tried to address over the past one-and-a-half years.Though teething implementation troubles have mostly been taken care of, the government is still looking to attain stability by removing multiple rate changes, procedural irritants, complex tax-filing syst…

SIAM calls for GST cut on passenger vehicle from 28% to 18%

SIAM has made a presentation to the Government on the same, said Rajan Wadhera, president of SIAM, who is also the president of automotive sector at Mahindra & Mahindra.MUMBAI: With the growth in passenger vehicles sales in the country declining to multi-year low, the Society of Indian Automobile Manufacturers (SIAM), an industry body, proposed the government to cut GST on cars to 18% from 28% to pare down the cost and lift consumer sentiment. SIAM has made a presentation to the Government on the same, said Rajan Wadhera, president of SIAM, who is also the president of automotive sector at Mahindra & Mahindra. The recent increase in upfront insurance cost coupled with the increase in the price of vehicles due to more stringent safety norms has hurt consumer sentiment. “One of the reasons that demand has come down is that the cost has gone up,” said Wadhera. The automotive industry accounts for 49% of the manufacturing GDP and generates thousands of jobs every year. The industr…

GST Violators can be arrested without FIR and no pre-arrest bail: SC

As the accused-respondents have been granted the privilege of pre-arrest bail by the High Court by the impugned orders, at this stage, we are not inclined to interfere with the same. However, we make it clear that the High Courts while entertaining such request in future, will keep in mind that this Court by order dated 27.5.2019 passed in SLP(Crl.) No. 4430/2019 had dismissed the special leave petition filed against the judgment and order of the Telangana High Court in a similar matter, wherein the High Court of Telangana had taken a view contrary to what has been held by the High Court in the present case.

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Cross-utilization of ITC under GST

CBIC has clarified that IGST credit can be used for payment of all taxes. CGST credit can be used only for paying CGST or IGST. SGST credit can be used only for paying SGST or IGST. The credit would be permitted to be utilized in the following manner: a) ITC of CGST allowed for payment […]

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New GST Return Types – Sahaj & Sugam

The Government is about to unveil new GST return types known as Sahaj & Sugam from later this year – which will staggeringly easier GST compliance for small businesses. I have provided a brief outline of the same below in this article – I hope you find it helpful. GST SAHAJ & GST SUGAM Return […]

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Solution to GSTR 9 Queries (GST Annual Return)

1. Annual Return Form? Form GSTR 9 2. Filing by whom? Every Registered Person 3. Turnover Criteria for GSTR 9? To be filed irrespective of Turnover in FY 2017-18 4. Form to be filed PAN or GSTN wise? GSTN wise i.e. separately for each GSTN 5. Applicable for Registered persons registered on or before? For […]

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Not passing of ITC deliberately is profiteering & offence under GST law

Sh. Sahil Mehta Vs M/s Salarpuria Real Estate Pvt. Ltd. (National Anti-Profiteering Authority) Respondent has denied the benefit of the ITC to the buyer of the flats being constructed by him in contravention of the provisions of Section 171 (1) of the CGST Act, 2017, where he had not only collected more price than the […]

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Five things home buyers should know about GST

NEW DELHI: To give relief to home buyers, central and state governments decided in February to cut the rate of Goods and Services Tax (GST) on under-construction houses. From 1 April, these are taxed at an effective rate of 5% and the affordable ones in this category at 1%, compared to the earlier effective rates of 12% and 8% respectively. Effective rate of tax implies the cost of land is excluded from the taxable value of the project. Here are the five things that home buyers should know while buying an under-construction property.1. What GST rate should one pay?Flats in new projects which are launched after 1 April, the new lower tax rates will apply. These are flat rates applicable on the price and the builder cannot claim rebates for the taxes paid on raw materials and services used in construction. However, in the case of properties that were still under construction as on 31 March, builders and home buyers can chose between for the earlier rates–12% for premium ones and 8% for …

New GST return forms to help authorities check tax evasion

NEW DELHI: Return forms proposed for the goods and services tax (GST) are set to put an end to one of the widely used methods for tax evasion—claiming rebate for tax that was not paid in the first place.The new forms, set to roll out shortly starting with large businesses, will prevent companies from claiming any more tax rebate than what they are eligible for, going by invoices issued by the vendors. Under GST, which is a value-added tax system, only the amount of value addition, or margins claimed by businesses at any given point in the supply chain, is taxed. This is done by granting credit to businesses for taxes paid previously on raw material and services. The tax credit system under GST is an improvement over what existed in the pre-GST era, but it was not watertight, said experts. The proposed new forms seek to close this gap.The original date for businesses to compulsorily start filing the new form was 1 July, but it will be revised for a gradual roll out to avoid any disrupt…

Pune: GST officer held for graft

PUNE: The state anti-corruption bureau (ACB) on Wednesday arrested Goods and Services Tax (GST) department’s state tax officer while accepting bribe of Rs 1 lakh to cancel a notice sent to a supply company and unfreeze its bank accounts.The officer, Ramkrisha Mane (45), was caught in the GST office in Yerawada. A case has been registered with the Yerawada police.Source- Times of India. The post Pune: GST officer held for graft appeared first on GST Station.

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Polypropylene mats now attract 5% GST

The rate applicable was 18% earlierThe Tamil Nadu Advance Ruling Authority has clarified that polypropylene mats, which are plaited using polypropylene straw, will attract a goods and services tax of 5% (2.5% Central Goods and Services Tax and 2.5% State Goods and Services Tax) from January 1, 2019. Initially, it was 18% (9% under Central GST and 9 % under State GST).An advance ruling helps a taxpayer in planning his activities that are liable for payment of GST well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as the government authorities.Kanyakumari-based Sameer Mat Industries is engaged in the trading of polypropylene mats. The firm buys them from various manufacturers.The company’s proprietor Abubacker Kaleel Rahman had moved the Authority seeking clarity on the product classification of polypropylene mats and the GST rate applicable to them.Under GST, most goods …

Jaitley instrumental in ensuring ‘seminal reforms’: CEA

Arun Jaitley’s deft navigation of landscape ensured “seminal reforms” like GST and bankruptcy code, Chief Economic Advisor Krishnamurthy Subramanian said Wednesday.A day before the swearing-in ceremony of the new government, Finance Minister Arun Jaitley wrote to Prime Minister Narendra Modi saying he does not want to be a minister in his new government due to health reasons.“I think his ability to navigate and pull out such a difficult reform (GST) is extremely creditable and of course even the bankruptcy reforms these are the seminal reforms he will be remembered for,” Subramanian told reporters late Wednesday.He added that Jaitley was instrumental in the Goods and Services Tax (GST) and his leadership of the GST Council was appreciated by everybody.Ending days of speculations, Jaitley posted on Twitter the letter he wrote to Modi requesting recusal from being a part of the new government on health grounds.Soon after BJP won a massive majority in the Lok Sabha elections, Jaitley inf…

Follow our order on arrest for GST evasion, SC tells HC

NEW DELHI: The Supreme Court on Wednesday said that the state high courts, dealing with cases regarding anticipatory bail in connection with GST evasion, should keep in mind that it had upheld an order passed by Telangana High Court that the competent authority under the Central Goods and Services Tax Act has the legal power to arrest.A vacation bench, headed by Chief Justice Ranjan Gogoi, observed that high courts have not taken a consistent view on granting anticipatory bail to individuals accused of GST evasion, and it is, therefore, necessary to clarify the position as per law with regard to the power of arrest underthe GST law.Appearing for the Centre, Solicitor General Tushar Mehta cited different orders passed by different high courts in granting anticipatory bail to the accused, charged with GST evasion, on their pleas challenging arrest under the law.In two Special Leave Petitions, the Centre has challenged the Bombay High Court’s order, which citing the procedure laid down u…

FRYUMS- GST Exempt or Taxable

1. Everyone, especially in Gujarat, loves Fryums. However on a lighter note it seems that the advance ruling authorities in Gujarat do not love it so much so as to merit its classification as exempted goods. They have held (re: Sonal Product– Advance Ruling No. GUJ/GAAR/R/2019/03) that fryums shall be subjected to tax at the […]

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FAQs about Form GSTR-2A

1. What is form GSTR-2A? Form GSTR-2A is return filing form which is generated by the system for a receiver taxpayer as the draft statement of inward supplies.Form GSTR-2A is auto-populated by the data which was entered in the following forms of all suppliers or counter-party taxpayers of goods/services in a given tax period: GSTR-1, […]

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Supreme Court agrees to examine power of authorities to arrest individuals for GST evasion

The Vacation Bench scheduled the case for hearing before a three-judge Bench.The Supreme Court on Wednesday decided to consider the question of power of authorities to arrest persons for Goods and Services Tax (GST) evasion.A Vacation Bench led by Chief Justice Ranjan Gogoi and Justice Aniruddha Bose asked the government to address the court on the issue, particularly in the backdrop of varying decisions on the question by several high courts.The Vacation Bench scheduled the case for hearing before a three-judge Bench.The court had on May 27 dismissed a challenge against Telangana High Court decision which had said that individuals cannot be protected from arrest for GST violations.On April 18, the High Court had said it was not inclined to grant relief against arrest to petitioners who had approached it challenging the summons issued by Superintendent (Anti-Evasion) of the Hyderabad GST Commissionerate under the Central Goods and Services Tax Act, 2017 and invocation of penal provisi…

GST on Real Estate Sector- 7 main salient clarifications of FAQs

Real Estate Sector- New Tax Regime — Consequent upon introduction of new tax regime for real estate sector, Government has issued two trenches of Frequently Asked Questions (FAQs) for the benefit of trade and officials. The first set of compilation of FAQs for real estate sector was issued on 07.05.2019 by CBIC to clarify doubts […]

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UDIN mandatory for all Attest/Assurance/Audit functions from 01.07.2019

UDIN already implemented As you are already aware that the full time practicing Chartered Accountants have to mandatory generate UDIN for the documents certified/ issued by them. As per the mandate schedule of ICAI, UDIN was made mandatory for all certificates from 1st Feb., 2019 onwards and for all GST & Tax Audit Reports from […]

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NAA passes 60 orders against complaints of profiteering

Anti-Profiteering Measures The National Anti-Profiteering Authority (NAA) was constituted on 28th November, 2017 under Section 171 of the CGST Act, 2017 to ensure that the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices. Important steps taken by the NAA […]

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GST Authorities of Advance/Appellate Rulings-Status Upto April 2019 

Authority for Advance Ruling (AAR) constituted under the provisions of a SGST/ UTGST Act, in terms of the provisions of Section 96 of the CGST Act, 2017 to render ruling on issues specified under Section 98 of the CGST/SGST Act which are binding on respective tax authority and tax payers. Being aggrieved by said Ruling, […]

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Five GST fixes the Modi government needs to implement

The Modi government will need to streamline the GST tax system further and make compliance easier if it wants to transform India into one market.On July 1, 2019, the Goods and Services Tax (GST) completes two years since it came into effect. Inspired by the idea of one nation one tax, GST replaced 17 taxes and cesses with just five tax rate slabs, starting from 0 to 28 per cent. It was geared towards making India one market and two years later, it appears to have succeeded.GST collection in March 2019 rose 15.6 per cent from a year ago to Rs 1.06 lakh crore, the highest since the new indirect tax system took effect. Yet the path to the one market is strewn with speed breakers, the biggest of which is the complicated process of filing returns.Small business owners speak of compliance challenges. Even a small typographical error in a refund form can hold up refunds from the government for months on end. For many micro-enterprises, these refunds are a substantial chunk of working capital…

Centre may not reduce GST slabs drastically

GST Council may focus on administrative, compliance issues to check evasionNDA 2.0 may not see drastic structural changes in the goods and services tax (GST) as the focus may be more on administrative and compliance issues to reduce evasion and enhance tax revenues.Experts DNA Money spoke to, do not expect the structure of the unified indirect tax system to alter much beyond collapsing its design from a four-rate slab to a three-rate-slab.They believe the GST Council will concentrate more on driving better compliance to improve tax collection. For this, it will try to simplify returns filing and auditing process for taxpayers.After introducing the electronic-way (e-way) bill, there are speculations that the government is looking at an e-invoice system that enables every transaction to be automatically registered on the GST Network (GSTN). The government is also looking to roll out the simplified single form returns filing system by July.The GST Council is expected to meet for the firs…

GST Council meeting likely to take place next week

The Council may also consider changes in GST law, extension for the National Anti-profiteering Authority (NAA) and rate rationalisation.The first Goods and Services Tax (GST) Council meeting after the Lok Sabha polls is likely to take place early next week.“Once the new finance minister takes charge, we’ll immediately have our GST Council meeting and it could be as early as next week,” a senior government official told Moneycontrol on condition of anonymity.The meeting will concentrate on tax structure for solar projects and having an uniform tax rate on state-organised and state-authorised lotteries. Other things that are expected to be discussed include taxing of non-potable alcohol.The Council may also consider changes in GST law, extension for the National Anti-profiteering Authority (NAA) and rate rationalisation.“Things that require immediate action will be discussed first. In the next few meetings, the Council will take up inclusion of natural gas along with other petroleum pro…

GST: Tax officials move Supreme Court, seek clarity on ‘power to arrest’

Apex court refuses to intervene, to hear additional related matters today.MUMBAI: Do indirect tax officials have the power to arrest? Officials have moved the Supreme Court for clarity after their strategy for errant promoters in GST cases came under fire at various high courts.The Supreme Court on Monday decided not to intervene in the situation and hear a handful of other cases on Wednesday on the matter.The tax department has been picking up promoters of some companies over the last few months for allegedly indulging in circular trading.The arrests came after the indirect tax department issued notices in February and raided premises of several companies for allegedly inflating turnover through fake invoices to shell companies.ET was the first to write on March 6 how insiders suspected that circular trading may be used to inflate turnover or bring black money into the system. Tax experts said this didn’t necessarily mean tax evasion and that some genuine businesses were facing troub…

GST Network releases prototype of simplified return filing system

NEW DELHI: GST Network on Wednesday released a demo tool for the new and simplified return filing form which will be launched sometime later in the year.The prototype available on webportal http://bit.ly/2JC0ZFZ instructions gives stakeholders a feel of what the new return filing system will look like. GSTN also sought stakeholder feedback on the proposed offline tool.It will allow users to use functionality such as drop down menus, invoice upload, upload of purchase register for matching with system created inward supplies.In the proposed system of new GST return filing, a normal taxpayer would have to file form GST RET-1 (Normal) or Form GST RET-2 (Sahaj) or Form GST RET-3 (Sugam) on either monthly or quarterly basis.Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2) will be filed as part of these returns. All the outward supplies will be detailed in GST ANX-1 while GST ANX-2 will contain details of inward supplies auto-populated mainly from the suppliers’ …

GST Network offers free accounting and billing software to MSMEs

This software would help businesses create invoices and account statements, manage inventory and prepare GST returnsNEW DELHI: GST Network (GSTN) Tuesday said it has started offering free accounting and billing software to MSMEs with annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses.This software would help businesses create invoices and account statements, manage inventory and prepare GST returns. The said software is available under ‘Download’ tab on the official GST portal www.gst.gov.in, GSTN said in a statement.“GSTN has partnered with eight billing and accounting software vendors for providing software to the micro, small and medium enterprises, with annual turnover under Rs 1.5 crore, in a financial year without any cost to such taxpayers,” the statement added.Almost 80 lakh MSMEs with turnover of less than Rs 1.5 crore could benefit, it added.The software providers offer basic features like sale/ purchase/ cash ledger, inventory manageme…

Kerala Flood Cess under GST Regime

Kerala Flood Additional Cess Enforcement of additional cess on goods and services is done to raise funds to rebuild the state after the devastating floods of 2018. Additional Flood cess will come into effect from 01/06/2019. Key Highlights for the same are as follows:-  Rate of cess to be charged on the Taxable Value of […]

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Kerala Flood Cess- Brief Analysis

The Government has issued notification for 1% Kerala cess on intra-state (CGST and SGST) sales w.e.f. June 01,2019 and notified Kerala Flood Cess Rules, 2019. Applicability of Cess – The cess is applicable only in case the transaction is B2C i.e. the customer is unregistered as per GST. Cess will not be applied to goods and […]

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Kerala Flood Cess – FAQs

Kerala Government has issued notification declaring that the Kerala Flood Cess (KFC) will be levied from 1st June 2019 i.e. all the intra-state supplies of goods and services made by registered person to un-registered persons (subject to exemption specified) will be subjected to KFC.

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SOP for visit to premises for verification of GST registration particulars

Circular No.4/2019 – GST Registered Tax Payers – Validation of Registration details furnished – SoP for visit to taxable person’s premises for verification of registration particulars. Office of the Commissioner of State Goods and Services Tax Department, Government of Kerala, Thiruvananthapuram No. CT/1267/2019-C1 Dated 07/05/2019 Circular No. 4/2019 Sub: Registration under State Goods and Services Tax […]

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Kerala Flood Cess Rules, 2019

Kerala Flood Cess shall be levied on intra-state supplies of goods or services or both made by a taxable person to an unregistered person in respect of supplies specified in the TABLE under sub-clause (2) of clause 14 of the Kerala. Finance Bill, 2019:

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GST: Section 129(1)(b) applies to transporter as person interested in goods

Daily Express Vs Assistant State Tax Office (Kerala High Court) We cannot accept the argument of the appellant for the reason that Section 129(1) makes it adequately clear that any person who is interested in the goods shall be liable under Section 129(1)(b). Particularly, a reading of Section 129(6) would indicate that where a person […]

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Kerala Flood Cess

The Kerala government has decided to levy a cess called Kerala Flood Cess for the purposes of providing reconstruction, rehabilitation and compensation needs which had arisen due to the massive flood which occurred in the State of Kerala in the month of August, 2018, for a period of two years, with effect from 1st June 2019. […]

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“Jugaad” to resolve issues of 2017-18 Outward Supplies mistakes in GSTR-9?

In GSTR-9, every registered person has to provide details of outward supplies, inward supplies and inward supplies on which tax is payable on reverse charge basis (RCM) and determine the tax liabilities as appearing in financial statement of 2017-18 of the tax payers.

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Free GST Accounting & Billing Software for MSMEs

As per directions of GST Council, GSTN has partnered with some Billing and Accounting software vendors for providing free software to the Micro, Small and Medium Enterprises, with annual turnover under Rs 1.5 Cr, in a financial year. This facility is made available to the active Normal taxpayers, SEZ Developers/SEZ Units and taxpayers who have opted for composition scheme under the GST regime.

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Kerala Flood Cess – Highlights

Kerala state government has issued notifications dated 25th May 2019 to levy the Kerala Flood Cess (‘Cess’) w.e.f. 1st June 2019 on the value of supply of goods or services or both.

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GST Council sets up 2 sub-groups to examine legal, technical aspects of e-invoice for B2B sales

NEW DELHI: The GST Council has set up two sub-groups to look into the policy and technical aspects, such as turnover threshold and mode of generation, for e-invoice generation by businesses.While one sub-group will examine the business process, policy and legal aspects for generation of e-invoice, the other will recommend technical aspects for its roll-out.The sub-group on policy issues would also suggest some “immediate steps” to check fake invoices in case of business-to-business (B2B) supplies with a high threshold turnover and also recommend a carve-out for sectors like banking and telecom.Electronic invoice, or e-invoice, has been envisaged by the revenue department to mainly curb goods and services tax (GST) evasion.The sub-group on policy issues for e-invoice would recommend legal aspects including invoice format, threshold turnover for invoice generation from the portal and immediate steps for ‘B2B’ supplies with a high threshold turnover.It would also suggest optional treatme…

Government likely to introduce electronic invoice system under GST

This sub-group will examine and recommend the business process, policy and legal aspects for generation of e-invoice.NEW DELHI: Top companies in the country may soon have to rely on a common goods and services tax portal to issue invoices to their customers.The government is looking to introduce an electronic invoice mechanism under GST, but could restrict it to large companies in the initial phase, said a government official privy to the deliberations on the matter.This will automatically register every transaction on the GST network. “It is being examined. We are looking at if bigger companies could be brought in to begin with,” said the official.After the successful implementation of the e-way bill system, the government is upbeat on opting for the e-invoicing as it looks to curb tax evasion. E-invoicing will allow the government to capture transactions on a real-time basis. For companies, it will make compliance, as well as getting their tax credits, easier.A committee appointed b…

SC denies bail in Circular Trading / Fraudulent GST ITC Claim case

Supreme Court has upheld Telangana High Court judgment in the case of P.V. Ramana Reddy Vs Union of India & Ors. that held that a person can be arrested by the competent authority in cases of Goods and Service Tax (GST) evasion.

from TaxGuru http://bit.ly/2KaaThE
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GST: Kerala to levy 1% flood cess from 1 June

NEW DELHI: Kerala will levy a 1% cess on most goods and services in the state from 1 June to raise funds to rebuild the state from the devastation wreaked by last year’s floods.The state had secured the permission from federal indirect tax body, the Goods and Services Tax (GST) Council, to levy the cess, which was subsequently announced in the state budget for FY19-20. The state intends to raise about ₹600 crore from the cess. The date of roll out of the cess was announced on Monday through a notification.Kerala decided to go for the cess, an unprecedented move in the GST era where numerous central and state taxes were subsumed into a unified national sales tax, as it had limited resources to rebuild the state.Due to floods, Kerala incurred losses to assets and crops of about ₹20,000-25,000 crore excluding loss of income, which may be even greater, Mint reported on 23 August 2018, citing state finance minister Thomas Isaac. The floods also brought the unorganized sector to a standstil…

GST rate cut boosts housing sales by 30%

INDORE: The rate cut on houses under Goods and Services Tax (GST) implemented from April has boosted sales of houses with around 30 per cent increase in registries recorded in April as against a year ago in the same period, data from the registrar office showed.Registries in May are likely to jump over 30 per cent as against a year ago as the trend suggests, officials said.Senior district registrar Balkrishna More said, “In April, registries of Rs 93 crore were reported as against Rs 72 crore in the same period a year ago. The trend looks good after the rate cut that led to a spike in purchases.”As per the data from the registrar office, registries worth Rs 85 crore were reported as on May 25.Property experts said, most of the demand has propped up in affordable segment and plots.More said, “In May, property registrations is likely to cross Rs 100 crore.”The new rate of levy is set at five per cent on housing properties under construction from the existing 12 per cent and one per cent…

GST: Govt weighing scheme for fast refund of levies to exporters

The US has alleged that the MEIS is not in sync with global trade norms.As part of its 100-day agenda to boost exports, the government is weighing a major promotion scheme to ensure fast refund of central and state taxes and levies to soften the blow of an ongoing global trade war. Currently, similar incentives are granted to only garments and made-up exporters.India is preparing the new scheme as the existing Merchandise Exports for India (MEIS) Scheme is being opposed by the US in the World Trade Organisation (WTO), a senior official told FE. The US has alleged that the MEIS is not in sync with global trade norms. The commerce ministry could also propose a WTO-compliant production-based support scheme to boost exports, instead of offering the MEIS.The MEIS is the most important export promotion scheme under which the government, providing exporters duty credit scrip at 2%, 3% or 5% of their export turnover, depending on products and shipment destinations.According to the proposal, t…