CBDT defers till March 2019 GAAR, GST reporting under the new tax audit form

CBDT defers till March 2019 GAAR, GST reporting under the new tax audit form

The Central Board of Direct Taxes (CBDT) has put off till March 31, 2019, the proposed GST and GAAR reporting under the amended tax audit form. This dispensation would be available for tax audit reports to be furnished on or after August 20 but before April 1, 2019. In a circular issued on Friday, the CBDT said representations had been received by the Board that the implementation of the reporting requirement under the proposed Clause 30C (pertaining to General Anti-Avoidance…

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SC upholds HC decision on ‘Form C’ availability after GST

SC upholds HC decision on ‘Form C’ availability after GST

The Supreme Court has upheld the decision of the Punjab and Haryana High Court that Form – ‘C’ should be made available to an assessee even after implementationof the goods and services tax (GST). A Bench led by justice Ranjan Gogoi, while dismissing a Haryana government’s appeal, observed that “if you (Haryana government) poke industries like this, they will run away”. The issue before the court was whether after the amendment to the Central Sales Tax Act, 1956, power company…

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Inter-state office services to attract GST

Inter-state office services to attract GST

Is your human resource department hiring for your offices in other states? Or your finance department preparing payrolls for employees in other centres? These services by one office to branches in other states will be treated as “supply” and attract goods and services tax (GST), according to an order by the Karnataka Authority of Advance Rulings. The ruling implies that companies with offices in many cities will need to raise invoices for in-house service functions and pay GST. Although the…

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GST Return Filing Process Is Set To Get A Makeover

GST Return Filing Process Is Set To Get A Makeover

In the first year of the implementation of the Goods and Services Tax, one of the key issues that affected taxpayers and had kept the GST Council undecided was the return filing formats and process. After much deliberation, the Council had approved the return filing framework last month and the formats were released for stakeholder consultation. The government has called the new process ‘sahaj’ and ‘sugam’, meaning easy and simple. Chirag Mehta, the member of the Bombay Chartered Accountants’ Society,…

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IMF Advises India To Consider Simpler GST Rate Structure

IMF Advises India To Consider Simpler GST Rate Structure

The International Monetary Fund (IMF) today described the Goods and Services Tax (GST) as a “milestone reform” in India’s tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs. In its annual country report, the International Monetary Fund also said that a dualrate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality. The…

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Suspension of GST RCM till 30th Sep 2019

Suspension of GST RCM till 30th Sep 2019

Upon the recommendations of the GST council in its 28th Meeting held on 21st July 2018, CBIC (Central Board of Indirect Taxes and Customs) has issued notification no. 22/2018-Central Tax (Rate) and 23/2018-Integrated Tax (Rate) on 06th August 2018. The said notification has been issued on being satisfied that it is necessary in the public interest. This notification is said to amend the Notification No 32/2017 dated 13th October 2017 and last amended vide Notification No. 13/2018 dated 29th June…

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29th GST Council Meeting Highlights and Key Recommendations

29th GST Council Meeting Highlights and Key Recommendations

29th Meeting of GST Council has been conducted at New Delhi (dt. 4 August 2018) at a very short interval, especially to deliberate and discuss upon the issues relating to Simplification and Rationalization of GST Laws from the perspective of MSMEs and Small Taxpayers. Updates are coming from News Reports that the 29th GST Council Meeting has concluded with key recommendations/ decisions about incentivising digital payments thru Bhima App, RuPay Card, etc. and to constitute a new panel/ sub-committee for reviewing…

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GST Council may replace 12% and 18% slabs with 14-15% one: Sushil Modi

GST Council may replace 12% and 18% slabs with 14-15% one: Sushil Modi

GST Council might replace the 12 per cent and 18 per cent slabs with a 14-15 per cent one, said Bihar Deputy Chief Minister Sushil Modi on Thursday. While addressing a seminar on the GST, organized by the Institute of Chartered Accountants of India, Modi said this slab rationalisation was likely to be taken up only after the GST collections have reached Rs 1 trillion. Experts claim this might take nine months to a year to reach this target. This…

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Note on the Draft of Simplified GST Returns approved by GST council

Note on the Draft of Simplified GST Returns approved by GST council

GST council has approved the GST return design in its 27th meeting, however, the key features and the drafted formats were approved in its 28th meeting. The main features of these monthly returns would be: 1. Single monthly return for large taxpayers (20th of next month) 2. Quarterly NIL returns & facility to file quarterly returns by an SMS. 3. Small Taxpayers (Turnover less than 5 Crores) shall file quarterly return though payments shall be made on monthly basis. 4. Continuous uploading of…

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GST Revenue collections for July 2018

GST Revenue collections for July 2018

The Total Gross GST Revenue collected in the month of July 2018 is Rs. 96,483 crore of which CGST is Rs. 15,877 crore, SGST is Rs. 22,293 crore, IGST is Rs. 49,951 crore (including Rs. 24,852 crore collected on imports) and Cess is Rs. 8,362 crore (including Rs. 794 crore collected on imports). This is broadly on expected lines. The total number of GSTR 3B Returns filed for the month of July up to 31st July, 2018 is 66 lakh…

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