With time government is trying to provide relief to consumers by slashing Goods and Services Tax (GST) rates. It is therefore inevitable to understand or have a brief about anti-profiteering rules under GST. The substructure of anti-profiteering in the GST rules is to reassure that any reduction in GST rate and associated with input tax … Continue reading “Rules of Anti-profiteering under GST by Next Month”

The Union Cabinet has approved National Anti-Profiteering Authority (NAA) under Goods and Services Tax (GST). The main objective behind the same is to make sure that the benefits of reduction in the GST rate are passed on to consumer and not just engulfed by the businesses. The endowment of Authority will be headed by a … Continue reading “National Anti-profiteering Authority approved by Union Cabinet”

The 23rd meeting of Goods and Services Tax (GST) Council has made certain amendments in the date on November 10, 2017. They are as under: 1.  All restaurants will charge GST at 5% without any Input Tax Credit (ITC). 2. GST on outdoor catering will be charged at 18% with ITC. 3. Restaurants in Hotel … Continue reading “Changes made after 23rd GST Council Meeting in Guwahati”

The 23rd Goods and Services Tax (GST) Council Meeting held in Guwahati on November 9-10, 2017. The meeting sops for digital payment and relief for traders under composition scheme is also expected. Bringing Real estate under GST might also feature on the agenda. As per an official, tax rates on 80% of 227 items falling … Continue reading “23rd GST Council Meeting on November 9 & 10, 2017”

The government may review the pattern of monthly GST (Goods and Services Tax) Filing every month under GST regime. The main idea behind the same will be to provide some ease to the taxpayers. Currently, the businesses have to file returns as GSTR-1, GSTR-2, and GSTR-3 for every month. The forms with outward supplies detail … Continue reading “Monthly GST Filing process may be reviewed by the Government”

In the following article we will be illuminating steps through which you can prepare offline file for filing GSTR-2. First and foremost you need to need to log in to GST Portal and Select Returns Dashboard. Select return period and the select Prepare Offline on the GSTR-2 Returns file. Go across to download section and … Continue reading “How to prepare offline file for filing GSTR-2?”

Some new accomplishments have been introduced on Goods and Services Tax (GST) Portal which will be a helping hand for the taxpayer: 1. GSTR-2 offline version 2.1: This will allow taxpayers to export data of GSTR-2 from JSON tool to excel. It will assist them in comparing the data with purchase register to take actions … Continue reading “6 New accomplishments now available on GST Portal”

In the recent course of time, taxpayers are taking a lot of time to comply with Goods and Services Tax Return-2 (GSTR-2) report with purchase invoice by using the offline utility software provided by the GST Portal. In the following article we will be talking you through a benefit created in the Microsoft Excel Format … Continue reading “How to Convert GSTR-2 JSON File to Excel Format?”

As per a tweet by official twitter handle of the GoI for the queries on Goods and Services Tax (GST), the due date for filing GST TRAN-1 is extended to November 30, 2017. The order will be issued shortly. The GST TRAN 1 form is transition form for the already registered taxpayers in old schemes … Continue reading “Due date extended for filing GST TRAN-1 till November 30”

With reference to twitter handle of the GoI for queries on Goods and Services Tax (GST), the due date has been extended for filing GST Input Tax Credit (ITC)-04 for details of goods/capital goods sent to job worker and received back. The notification for the same will be issued in due course. (ITC)-04 is required … Continue reading “Input Tax Credit (ITC)-04 Due Date has been Extended”

From this week, exporters who paid Goods and Services Tax (GST) can claim for refunds for the month of August and September. As per Chief Executive, GST Network (GSTN) will launch separate online application this week for claiming Integrated GST (IGST) would be made available from this week. This app is developed wherein exporters can … Continue reading “Exporters who paid GST can claim for Refund This Week”

Seems like a good news is on its way subsequent to Diwali. The Goods and Services Tax (GST) rate on restaurants including luxury hotels is in the cards to be reduced by next month. GST Council set up a ministerial panel of 5 members who are expected to examine the above-mentioned proposal for reducing tax … Continue reading “GST Rate on restaurants to be cut off by next month”

Payments Exempted under Reverse Charge Mechanism Exempts payment of tax under reverse charge basis in terms of section 9(4) of the CGST Act, 2017, section 5(4) of the IGST Act, 2017 & section 7(4) of the UTGST Act, 2017 till 31.03.2017. Composition Scheme The composition scheme threashold has been increased to 1 crore for taxpayers … Continue reading “Notifications Passed in Relation to 22nd GST Council Meeting”

For the Goods and Services Tax (GST) related shortfall in the revenue for the month of July-August period Rs. 8,000 crore has already been spared for the States. The reason behind the same was that all States except 1 or 2 have looked for the constitution ensured help. As per an official, matching the invoices … Continue reading “Rs 8,000 crore discharged to States for GST related Income Setback”

In the 22nd GST Council meeting, few important recommendations were offered for different industries which also included petroleum and oil sector. The proposal was to map a Goods and Services Tax (GST) structure, wherein petrol and oil will be inclusive of GST which are as under: Works contract services away from the shore and associated services relating … Continue reading “Petroleum and Oil sector soon to be Inclusive of GST”