Govt extends last date for filing and payment of GST by 5 days; now file your return till August 25

Govt extends last date for filing and payment of GST by 5 days; now file your return till August 25

Technical glitch held up filing of the first Goods and Services Tax return on the last day prompting the government to extend the last date to August 25. A finance ministry statement said the GST Implementation Committee, consisting of state and central government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017. Saturday or August 20th was the last day for payment of GST…

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Form to claim past credit under GST expected from tomorrow

Form to claim past credit under GST expected from tomorrow

GST tax portal is likely to offer from tomorrow forms to claim the credit on sales made before the rollout of Goods and Service Tax which the taxpayers have to file by August 28, a government official said today. As GST return forms did not have a column for claiming transitional input credit, the government yesterday gave some breather to such taxpayers by giving them an extra week till August 28 to file returns. These taxpayers will, however, have to…

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GST Registration: Who is Liable to get Registered under GST?

GST Registration: Who is Liable to get Registered under GST?

A taxable person under GST is anyone who is registered under GST or required GST Registration. Various criteria’s like turnover, business activity or transaction have been specified in GST Act, which details persons liable to be registered under GST. Further, any person having the registration under Service Tax, VAT or Central Excise on the date of GST coming into force will automatically be considered a taxable person under GST. GST registration is compulsory for:- Any business whose turnover in a money…

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GST relief: Govt extends GST return filing deadline for cos who want to claim credit for past taxes

GST relief: Govt extends GST return filing deadline for cos who want to claim credit for past taxes

The government on Thursday gave some relief to taxpayers availing of transitional input tax credit under the GST (Goods and Services Tax) regime by giving them an extra week till 28 August 28 to file tax returns. Businesses under the Goods and Services Tax (GST) set up have to file their first return, GSTR 3B, for July on the portal of GST Network — the IT infrastructure provider for the new indirect tax regime — by 20 August. The return…

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Here’s how a missing column in GST return form is creating trouble for India Inc

Here’s how a missing column in GST return form is creating trouble for India Inc

A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax, may simply deduct the dues before the GST kicked in on July 1 and pay a smaller net amount. The absence of a column in the new GST form for claiming credit on sales made before July 1 this year is causing…

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Know all about GSTR-3B Filing And How to Enrol For GST.

Know all about GSTR-3B Filing And How to Enrol For GST.

Deadline is fast approaching! Grab this wonderful opportunity to file your GSTR 3B return for free and become GST compliant instantly. Have you migrated to GST or Goods and Services Tax yet? As the deadline of August 20 approaches, businesses have few days left to file Form GSTR-3B. As per dates notified by the government, details relating to outward supplies for the month of July will have to be filed in Form GSTR-1 between September 1 and September 5. However,…

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GST base looks set to be at least 25% wider than earlier tax regime

GST base looks set to be at least 25% wider than earlier tax regime

Sticking to the 1 July deadline for rolling out the GST (goods and service tax) seems to have paid off as far as the number of registered indirect tax assessees, referred to as the tax base, and the potential for a revenue boost to the exchequer are concerned. The number of indirect tax assessees who have applied for registration or registered to pay GST is set to cross the 10 million mark soon, a 25% expansion from the 8 million…

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As filing GST interim tax returns deadline fast approaches, another stumbling block set to hit taxpayers

As filing GST interim tax returns deadline fast approaches, another stumbling block set to hit taxpayers

With less than a week left for filing interim tax returns under the goods and services tax (GST), taxpayers may be staring at another stumbling block. Sources told FE that the GST Network has delayed the delivery of application programming interfaces (APIs) for the summarised interim return (GSTR 3B) to GST suvidha providers (GSPs). This would mean the assessees will have to file returns directly on the GSTN portal instead of being able to use the IT solution provided by…

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Understanding the Intricacies of GST While Buying a Home

Understanding the Intricacies of GST While Buying a Home

House, a place we stay in, a place we call home, the place that shelters us, is one of the basic requirements. People can’t just stop buying houses just because a 12% or 18% GST is being levied on it, this need is one that cannot be done away with and so this article aims to help all those homebuyers take a decision about the most feasible and easy on the pocket option for them. Since after the roll out…

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Transition to GST takes a toll on Q1 results: Analysis

Transition to GST takes a toll on Q1 results: Analysis

June quarter sales and profit growth of listed companies were hit by the transition to GST, a Mint analysis shows. This has prompted analysts to continue cutting earnings estimates for the current fiscal and the next, thus making stock valuations look more expensive. According to data compiled from Capitaline, June quarter net sales growth of 1,671 BSE-listed companies slipped to a three-quarter low of 4.51% as distributors and retailers stopped stocking goods and liquidated inventory ahead of the GST implementation on 1…

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