The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 crore or the new registrants who estimated their turnover to exceed Rs. 1.5 Crore during the current financial year, have to file the return on monthly basis. Filing of Goods and Services Tax Returns (GSTR-1) for the tax period of August 2017 and … Continue reading “Clarification from GST Network regarding GSTR-1”

Soon travel packages to become cheaper. The government is looking at a proposal to allow tax credits to tour operators, which will reduce the incidence of the goods and services tax on those booking holidays. In the last Goods and Services Tax (GST) Council Meeting, the said issue was discussed but the solution to it … Continue reading “GST to make travel packages cheaper next off tax credit’s review”

Goods and Services Tax Network (GSTN) alleged that Input Service Distributor can now file monthly return form GSTR-6 on the GST Portal by Input Service Distributor. The last date for filing GSTR-6 for the month of July is December 31, 2017. GSTN has also provided a facility to tax officers of states and UTs to … Continue reading “GSTR-6 can now be filed on GST Portal by Input Service Distributor”

The industrialists in Tirupur are still facing a hard time in filing Goods and Service Tax (GST) refunds in GST portal. Recently, the union government has provided the provision for the GST refund on the website. The industrialists could update details about the GST payments they made and seek the refund. The Tirupur Exporters Association … Continue reading “Filing GST Refunds give a hard time to Industrialists”

Goods and Services Tax (GST) Council would explore the possibility of merging the 12% and 18% and forming a new tax rate which will be in between the two tax rates. All these can be implemented after stabilizing of revenue and depend on tax buoyancy. More than 90% of issues related to tax rates have … Continue reading “New slab for tax rate to be formed merging 12% and 18%”

Goods and Services Tax (GST) was implemented in July 2017. Since then the government is trying to make changes in the GST law to simplify procedures and provide ease to the business based on the recommendations. Some of the recommendations made by the GST panel to Finance Secretary are mentioned as under: Reverse Charge Mechanism … Continue reading “Recommendations made by GST Panel to Finance Secretary”

Importers of food i.e. unsold inventories of imported chocolate, confectionery and cosmetics, which attracted 28% Integrated Goods & Services Tax (GST) during inbound shipments will now be a retailing tax of 18%. They can now claim refunds on excess GST but also have to submit proofs. The reduction in GST rates for products imported at a higher … Continue reading “Good news for importers of food, cosmetics will get refund on excess GST”

If you are aware of any firm who is raising prices after reduction in Goods and Services Tax (GST) or Recently, for filing such complaints the government has notified a format. As per the experts, filing an anti-profiteering complaint is a troublesome task for the people in the streets. The format requires details on input … Continue reading “Filing Complaints for Anti-Profiteering is a Troublesome Task”

Indian Oil Corporation (IOC) is seeing the impact of Goods and Services Tax (GST). Nearly Rs. 4,200 crore as they would not be able to claim input tax credit (ITC) for automotive fuels that fall outside GST. ITC allows an entity to reduce the tax on outputs by the same amount already paid as a tax … Continue reading “Under GST regime Indian Oil to take 4,200 Crore Hit”

United Arab Emirates (UAE) will be introducing Value Added Tax (VAT) from January 1, 2018. After UAE, other Gulf countries will also be implementing the new tax. This has led to a demand for Indian experts to help businesses there understand the indirect tax system. In fact, Indian professionals find the tax in UAE much … Continue reading “Opportunities for Indian CA’s as UAE to implement VAT”

India’s first post Goods and Services Tax (GST) budget is probably on 01/02/2018. The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official said. The Budget presentation was advanced by a month to ensure that proposals … Continue reading “First budget post GST is probable on February 1”

The government will soon start the process of matching returns and invoices under the Goods & Services Tax (GST) as the IT backbone for the tax reform measure stabilizes and the need to assess the extent of taxes due takes notoriety. The government is also working on making the new tax system more user-friendly and … Continue reading “Matching of GST Invoices, returns to start soon”

The Union cabinet on Wednesday approved the setting up of the 15th Finance Commission, which will decide on the distribution of tax proceeds among Centre, States. and local bodies in the post-goods and services tax (GST) era. A finance commission is set up in every 5 years. The government allocated Rs10 crore in the 2017-18 … Continue reading “15th Finance Commission to be set up by the Cabinet”

The Central Board of Excise and Customs (CBEC) has written to Fast-Moving Consumer Goods (FMCG) companies to pronto revise the maximum retail price (MRP) on all products with respect to the latest reductions in Goods and Services Tax (GST) rates. The benefit of reduction in the GST rate has to be passed on by the suppliers … Continue reading “CBEC Advised FMCG to pronto revise MRP of Products”

Goods and Services Tax Network (GSTN) will be launching a facility for businesses to make changes to their August and September GSTR-3B return forms beginning November 20, 2017. Besides, technology major has deployed 30 resident engineers all over the country to coordinate between state commissioners and GSTN. The taxpayers were allowed to make changes on … Continue reading “GSTR-3B can be edited for August, September from November 20”