E-way Bill for Intra-State Supplies in Maharashtra from May 1st

E-way Bill for Intra-State Supplies in Maharashtra from May 1st

The Commissioner of State Tax, Maharashtra has issued a notification amending an earlier notification which stated that on or after the 1st April 2018, no e-way bill shall be required to be generated, for the intra-State movement that commences and terminates within the State of Maharashtra, in respect of any goods of any value. As per clause 2 of the earlier notification, the notification shall be in force until further orders are issued. The new notification has amended clause 2…

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Government advances deadline for GST seller returns for April, May, June

Government advances deadline for GST seller returns for April, May, June

The government has advanced the deadlines for filing of seller forms under the GST (goods and services tax), GSTR-1, for April, May and June, in comparison to those given for previous months. GSTR-1 for the month of April will have to be filed by May 31. Earlier, 40 days were given for filing these, which would have made June 10 the deadline. Returns for May have to be filed by June 10 and for June by July 10. So, only 10 days after…

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The complete guide to prevent and deal with seizure of goods under E-way bill

The complete guide to prevent and deal with seizure of goods under E-way bill

As e-way bill slowly, but surely comes into application across different parts of the country, states are now planning to step up checking as they suspect they are losing a large amount of revenue. E-way bill is a considered a vital mechanism to check tax evasion under Goods and Services Tax (GST) and the government has been keen to get the system working. Originally planned for a February 1 roll-out, the site witnessed major technical glitches, prompting the government to…

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GST: Sushil Modi-led GoM approves new single-page return

GST: Sushil Modi-led GoM approves new single-page return

A ministerial panel chaired by Bihar deputy chief minister Sushil Modi has worked out a new simplified model for goods and services tax (GST) return filing as per which input tax credit could be given on a provisional basis once the supplier uploads the sales invoice. However, the current system of filing the interim return GSTR-3B while paying the tax might continue till a new single-page return is endorsed by the GST Council. The GSTR-3B was to replaced with more comprehensive…

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FinMin clarifies on return filing by businesses opting for composition scheme

FinMin clarifies on return filing by businesses opting for composition scheme

The finance ministry (FinMin) today said traders who have opted for composition scheme need not file certain details in return form since the reverse charge mechanism is not yet functional. The GST Council, headed by FinMin Arun Jaitley and comprising state counterparts, has kept the reverse charge mechanism in abeyance till June. The ministry, in a statement, said doubts are being raised about the manner of filing the quarterly return by composition dealers in Form GSTR-4. “Since auto-population of the…

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GoM to meet stakeholders today to discuss GST return filing process

GoM to meet stakeholders today to discuss GST return filing process

A Group of Ministers (GoM) headed by Bihar Finance Minister Sushil Kumar Modi will be meeting different stakeholders today to devise a simple, single-stage return filing process, to reduce compliance burden and ease procedures for businesses under GST. Non-Executive Chairman of Infosys Nandan Nilekani, officials from Central Board of Indirect Taxes and Customs (CBIC), along with GST Network (GSTN) Ajay Bhushan Pandey will also be present at the meeting. The GoM was set up by the GST Council to make…

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Indian economy has recovered from the impact of demonetisation, GST: World Bank

Indian economy has recovered from the impact of demonetisation, GST: World Bank

As per the World Bank South Asia Economic Focus Spring 2018 report, the Indian economy has recovered from the impact of demonetisation and the introduction of the Goods and Services Tax (GST)  regime and is projected to grow by 7.3 percent in 2018 and 7.5 percent in 2019. India’s growth is expected to drive South Asia’s growth rate to 6.9 percent in 2018 and 7.1 percent in 2019. The South Asia Region in this World Bank report includes Afghanistan, Bangladesh, Bhutan,…

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GST to enter Class X ICSE syllabus from 2020

GST to enter Class X ICSE syllabus from 2020

The goods and services tax (GST) is set to make its way into textbooks. The ICSE board has decided to do away with the component on value added tax and replace it with GST in the Class X mathematics syllabus. The Council For Indian School Certificate Examinations (CISCE) said the segment on VAT carrying four to six marks will be replaced with GST from 2020 as the earlier tax regime has been discontinued. The decision on introducing the new chapter…

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Tax department begins verifying pre-GST records

Tax department begins verifying pre-GST records

Taxpayers registered for goods and services tax (GST) have begun receiving notices from the tax department, asking them to produce documents for detailed verification of transitional credits claimed. The government had earlier identified top 50,000 assessees in terms of the claims for further analysis. In the GST regime, businesses are allowed to claim credit for central taxes (excise and service tax) paid on the stock bought in the pre-GST regime but sold after July 1, when GST came into existence….

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Merchant trade transaction no longer vulnerable to GST: Kerala AAR

Merchant trade transaction no longer vulnerable to GST: Kerala AAR

The Authority for Advance Ruling (AAR) under the GST (goods and service tax) in Kerala held that merchant trade transactions, in which traded commodities never enter the country’s tax jurisdiction, are not liable to the GST as goods are never imported to India. In merchant trade transactions, a supplier is India procures goods from an overseas supplier and supplies directly to its overseas customer. In such transactions, goods do not come to the country. Goods are liable to IGST (integrated…

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