GST collections likely to top Rs 1 lakh crore in November, December

GST collections likely to top Rs 1 lakh crore in November, December

The finance ministry expects the GST collections to cross Rs 1 lakh crore in November and December on account of festive season demand and the anti-evasion measures initiated by the revenue department. and the anti-evasion measures initiated by the revenue department. The Goods and Services Tax (GST) revenue rose to Rs 94,442 crore in September and officials feel it could surpass the landmark one lakh crore on increased demand during festival season. “With the current trend for GST mop-up, it is…

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Centre, states apportion Rs 29,000 cr IGST in September

Centre, states apportion Rs 29,000 cr IGST in September

As much as Rs 29,000 crore lying in the Integrated GST or IGST pool has been apportioned between the Centre and states in the month of September. The central government will get about Rs 14,500 crore and the remaining would be distributed among the states in proportion to the revenue collection in September. The apportionment would help improve indirect tax position of both the Centre and states, this is the fourth time that IGST funds have been dividend between the…

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Companies may have to show ledgers for claiming GST credit of over Rs 25 lakh

Companies may have to show ledgers for claiming GST credit of over Rs 25 lakh

Companies that availed of more than Rs 25 lakh credit under the goods and services tax (GST) regime in lieu of levies paid under the previous system will soon have to give details of their purchase ledgers for six months before the new tax regime was rolled out. The government will soon bring out a new ‘credit growth return’ form. This comes after a detailed analysis of the top 50,000 taxpayers showed a sharp rise in the closing balance of…

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State authorities told to check if companies passing on GST cut benefits

State authorities told to check if companies passing on GST cut benefits

In a drive to ensure companies passed on the reduction in Goods and Services Tax (GST) to consumers, the Centre has directed state metrology controllers to assist GST officers to cross-verify revised sales price (MRP) of pre -packaged commodities and consumer authorities will undertake a drive to check labelling. In the latest round, the GST Council cut tax rates on a host of white goods to 18% from 28% and exempted sanitary napkins from any tax effective July 27. The…

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TDS, TCS for GST kick-in from October 1

TDS, TCS for GST kick-in from October 1

The GST law requires TDS to be deducted by certain specified Government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs. 2,50,000. After the GST regime gained momentum, the government decided to introduce TDS and TCS provisions. The GST law requires TDS to be deducted by certain specified government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs 2,50,000. The recipient of supply i.e. the TDS Deductor is obligated to deduct 2%…

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On Table for GST Council’s Meet: Higher cess on luxury items to raise more money for natural calamities

On Table for GST Council’s Meet: Higher cess on luxury items to raise more money for natural calamities

The 30th meeting of the GST Council will be chaired by finance minister Arun Jaitley through video-conferencing today. The GST Council will examine a proposal on whether and how a cess on luxury and demerit goods can be increased to raise additional funds for states affected by natural calamities. A panel of officials from the finance ministry has been looking at various mechanisms to raise additional funds, in line with what the Kerala government has been asking after the devastating…

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Deadline for filing GST returns extended

Deadline for filing GST returns extended

The due date for filing GSTR-1 for the months from July 2017 to September 2018 has been further extended up October 31 on the advice of the GST Council, the Commercial Taxes Department said. Migration woes This follows several registered dealers under the Goods and Service Tax Act, 2017, experiencing difficulties with the migration. For filing GSTR-1 from October 2018 to March 2019, the due date is set as 11th of the succeeding month of filing the return. Previously, dealers…

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20% cashback on GST likely on RuPay, BHIM using QR codes

20% cashback on GST likely on RuPay, BHIM using QR codes

The government is working on a proposal whereby citizens could avail of the proposed 20% cashback on goods and services tax (GST) on payments made through RuPay cards and BHIM app if they make the transactions using QR codes. The idea is to automatically capture all transaction details including GST rate and the cashback accordingly, a senior government official told ET. For those who are not comfortable scanning QR codes for digital transactions, the alternative will be to compile all…

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MSMEs may not receive additional GST benefits before 2019 general elections

MSMEs may not receive additional GST benefits before 2019 general elections

Micro, small and medium enterprises (MSMEs) may not receive more benefits under the Goods & Services Tax (GST) regime before the 2019 general elections as there has been a consistent fall in collections, The Financial Express reported. The GST structure might not see any major change and even the new return filing system may not be implemented until the Lok Sabha polls are concluded and the new government assumes office. The report said, The government feels rolling out such benefits closer to the 2019 general…

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Challenges Loom Over Applicability Of New GST Provision For E-Marketplaces

Challenges Loom Over Applicability Of New GST Provision For E-Marketplaces

Reporting norms and information technology system preparedness for managing high-volume transactions are some of the challenges that e-commerce marketplaces will face as the government introduces (GST) tax provisions for the sector. The provisions, which will come into effect from Oct. 1, require e-commerce companies to collect 1 percent tax collectible at source while making payments to suppliers under the Goods and Services Tax regime. The provisions are expected to improve compliance and will help compare turnover reported by suppliers through…

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