A step-by step Guide for filing GST TRAN 2 Form

A step-by step Guide for filing GST TRAN 2 Form

GST TRAN 2 can be filed only if TRAN-1 and GSTR 3B of the relevant tax period is filed. Step1 – Navigate to the TRAN 2 page of the desired tax period after logging in, Select the < Financial Year> and < Month> Step2 – Table 4 of GST TRAN 2 would be enabled if records were declared in Table-7(a) (7B) of TRAN 1 and Table 5 would be enabled if records were declared in Table-7(d) of TRAN 1. Step3 – Enter details of…

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No pure GST on petrol, diesel; 28% tax plus VAT a possibility: Official

No pure GST on petrol, diesel; 28% tax plus VAT a possibility: Official

If petrol and diesel – the two fuels of mass consumption – were to be brought under the Goods and Services Tax (GST) regime, they would be taxed at the peak slab of 28 per cent, along with the Value Added Tax (VAT) which would be imposed by the states. A top government official, while speaking to news agency PTI, said the ‘28% GST + VAT’ module is being contemplated by the government to bring fuel under GST. Although this would negate…

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GST returns filing: Compliance optimal now at 70%, says GST Network’s chief executive

GST returns filing: Compliance optimal now at 70%, says GST Network’s chief executive

With close to 70% of the 1.1 crore businesses registered for the goods and services tax (GST) filing the returns by the deadline, the compliance level is now satisfactory, GST Network’s chief executive officer Prakash Kumar told FE, adding that the vexed issue of delays in refunds to exporters has also been fully resolved for those pay integrated GST and seek to get it back. In the initial months since GST’s July 2017 launch, just a little over half of…

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How GST has widened tax-base; here are the details

How GST has widened tax-base; here are the details

The goods and services tax (GST), a single indirect tax regime which was introduced in 2017, is still going through the transformative stage. The government has brought many changes in the GST structure to make it more convenient for taxpayers, said a Finance Ministry statement, adding that the availability of data helps make tax collections more effective. Here are the details:  Introduction of the GST has resulted in formalisation of the economy. The information flow would eventually augment not only…

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GST refunds to exporters top Rs 12,000 crore, only 40% payment left

GST refunds to exporters top Rs 12,000 crore, only 40% payment left

The second round of the dedicated period for clearing refund overdue of exporters under the Goods and Services Tax (GST) regime may have seen Rs 12,000 crore settled by the government. Ganesh Kumar Gupta, president of Federation of Indian Exporters Organisation (FIEO), told DNA Money that the exporters’ body has estimated that around Rs 12,000 crore of the Rs 20,000 crore pending refund had been cleared in the second round of refund fortnight – May 31 to June 14 –…

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GST leads to formalisation of economy, widening of tax base, says govt

GST leads to formalisation of economy, widening of tax base, says govt

Under the GST regime, there will be now seamless flow of  availability of common set of data to both the Centre and the states, making direct and indirect tax collections more effective, the government said. Introduction of the Goods and Service Tax (GST) has resulted in formalisation of the economy, it said. The statement added that the information flow would eventually augment not only the indirect tax collections but also direct tax collections. In the past, the Centre had little…

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GST: Delhi raises e-way bill threshold

GST: Delhi raises e-way bill threshold

After West Bengal and Tamil Nadu, Delhi has become the third state to double the threshold for e-way bill for intra-state movement of goods to Rs 1 lakh of the cargo value. Experts said the move poses a threat to the seamless implementation of a unified, pan-India GST. States are legally allowed to amend these rules and also give item-wise exemptions from e-way bill requirements, subject to ceilings. However, tax practitioners said the move could create confusion among taxpayers and…

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FinMin Introduce Annual GST Return Forms in Next Council Meet

FinMin Introduce Annual GST Return Forms in Next Council Meet

The finance ministry is drafting an annual return form for the filing of the Goods and Services Tax that will be brought upon in the upcoming GST Council meet. This will help the revenue department collect additional data from taxpayers. Sources in the finance ministry informed the form has to be filed additionally along with the existing monthly GSTR-3B. This comes after finance ministry complained of not enough information being shared by taxpayers in the monthly GSTR forms. The new…

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Anti-profiteering body in talks with FMCG companies over GST fee cut benefits

Anti-profiteering body in talks with FMCG companies over GST fee cut benefits

The National Anti-Profiteering Authority is calling large fast-moving consumer goods companies to understand if last November’s GST rate cut benefits were passed on to consumers. Only two FMCG companies, Hindustan Unilever and Nestle, have approached the quasi-judicial body voluntarily. The GST benefits include both rate cuts and input tax credit available. The GST Council had reduced rates for over 200 items of common use on November 10 and the changes came into effect from November 15. The authority has held…

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How to change or update e-mail, phone number in GST system

How to change or update e-mail, phone number in GST system

The government has introduced a new system to allow taxpayers to update email and mobile number in the GST System. This was introduced as many have complained that “the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process”, the Finance Ministry said in a press release today. The email and mobile number can be updated by the concerned Jurisdictional tax authority of the taxpayer as…

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