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”

If you are a supplier and somehow forgot to upload invoices issued to a registered recipient in Goods and Services Tax (GST) Return-1, no need to panic we are here to pull you out from this. There is no need for unnecessary concern for the recipient. Although, we can not add invoices once the GST … Continue reading “Forgot to Upload Invoices in GST R-1? Don’t Worry We Got You Covered”

The 22nd GST Council Meeting was held at New Delhi on the 6th of October 2017. In the meeting, various decisions and changes pertaining to GST have been announced which are given below:- Businesses having turnover up to Rs 1.5 crore will file quarterly returns, not monthly returns. Compliance burden of medium and small taxpayers … Continue reading “22nd GST Council Meeting- Key Decisions”

In recent updates, the Government has extended various timelines and has also given exemption to specified services, as mentioned below. Display of revised Maximum Retail Price (MRP) Manufacturers, packers or importers of specified pre-packaged goods were permitted to display their revised MRP on the packages on account of implementation of GST, up to 30 September … Continue reading “Timelines for Various Date Extensions and Exemptions to Various Services under GST”

As per the current Goods and Services Tax (GST) regime, GST taxpayers must file 3 statements for each month (GSTR 1, GSTR 2 and GSTR 3), coupled with the annual statement. From a wider perspective, a taxpayer must file 36 statements in a year. This is more of backbreaking as taxpayers are facing a lot … Continue reading “Government may Grant Relief by Reducing Annual GST Filings”

The Government has been trying to make revolutionary changes in the market by launching new rules and acts. Since then there have been certain changes in the prices of goods sold in the market, from bank accounts, telecom sector, and toll plazas. Following are the changes that you may come across: • Since Goods and … Continue reading “Changes in the Rates to be seen in the Market from October”

There has been certain spread around on payment of service tax after June 30, 2017. The issue has been clarified by Central Board of Excise and Customs (CBEC) on a consulting circular dated September 28, 2017. The CBEC has clarified that case where service was received and payment was also paid before July 1, 2017, … Continue reading “Payment of Service Tax in Transitional Period Clarified”

Up to September 22, 2017 taxpayers were able to link a single contact number for more than 3 accounts on the ITR-Filing portal. The Government on the other hand on September 22 made it obligatory for all users to update their contact details which included personal and secondary e-mail, mobile number, address and bank account … Continue reading “Filing ITR? No need to update the Contact Details”

Many startups, Small and Medium Enterprises (SME’s) keep toiling between tax regimes to comply with their provisions. To clarify their issues the Government of India has finally made operational it’s much awaited Compositional Scheme for 2017-18. Under the scheme, businesses only dealing in goods and restaurant sector taxpayers whose annual turnover is below Rs 75 … Continue reading “What is Composition Scheme and Benefits?”

The goods and services tax (GST) registrations for entities mandated to collect and deduct tax at source will start from 18 September. However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) is to be done will be notified later. The GST Council, at its 21st meeting in Hyderabad, … Continue reading “TDS, TCS deductors can apply for GST registration from 18 September”

GST Implementation Committee (GIC) has extended the last date for filing GSTR1, GSTR2, and GSTR3 for the month of July. The Government on Monday said the date of filing GSTR 1 has been extended to September 10 against the earlier deadline of 05th Sept 2017. Subsequently, filling of GSTR 2 and GSTR 3 has been … Continue reading “Last Date Extended for Filing GST Returns”

The Central Board of Direct Taxes, the decision making body under section 119 of the Act, in respect of all assesses covered under clause (a) of Explanation 2 to sub-section 139 of the Act, has extended the due-date for filing the return of income as well as various reports of audit restricted under the Income-Tax … Continue reading “Due-date Extended for Filing ITR (Audit)”

The Goods and Services Tax (GST) Council on August 5, 2017, had approved a proposal to change GST Compensation Law to raise the cap on the cess that can be levied on motor vehicles. The cabinet favored the ordinance that will allow the cess levied on luxury cars, Sports Utility Vehicle (SUV’s) and big cars … Continue reading “Cess Increase on Luxury Cars”

The Uttar Pradesh government will not charge the Goods and Services Tax (GST) on tickets of films of which more than 50% part has been shot in the state. The decision was taken in a Cabinet meeting presided over by the Chief Minister Yogi Adityanath here. The GST will not be charged from the viewers … Continue reading “No GST on Tickets of Films Shot 50% in Uttar Pradesh”

Businesses can start filing their first tax return under the new Goods and Services Tax GST regime as the GST Network has started the facility for return filing and paying taxes on the portal. “The window for filing GSTR-3B has opened on August 5 and is fully functional now. Taxpayers can log into their account … Continue reading “Businesses can File Returns, Pay Taxes for July on GSTN Portal”