Important dates to remember for GST return filings

Important dates to remember for GST return filings

Filing of returns with the Government within stipulated dates is important for a taxpayer in order to avoid incurring any Interest and Penalty. Forms GSTR-1 AND 3B are to be filled by a person registered under GST for each month other than the people who are registered under the composition scheme. The important dates that should be remembered for filing GST returns are: GSTR-3B is to be filed by all taxpayers and the last -date to file is 20th July…

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Sitharaman says tax targets achievable, GST collections could rise: Report

Sitharaman says tax targets achievable, GST collections could rise: Report

India has given itself achievable targets for its tax collections, Finance Minister Nirmala Sitharaman said in an interview to news daily Hindustan Times, adding that goods and services tax (GST) collections could “absolutely” move higher. India expects to rake in Rs 24.6 trillion ($358.97 billion) in gross tax revenue in 2019/20. Sitharaman, in her maiden budget last week, raised taxes on the super rich and gold imports in a bid to revive sagging growth. GST collections fell below Rs 1…

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Anti-profiteering in GST: Caught in litigation, extension in tenure may not be enough

Anti-profiteering in GST: Caught in litigation, extension in tenure may not be enough

Anti-profiteering provisions have been in force for nearly two years and at the recent GST Council meeting the tenure of the National Anti-Profiteering Authority (NAA) has been extended for two more years, till November 2021. Although the key reason given for this extension was the large pendency of complaints (around 350) which still needs to be investigated, it is fair to say that the presumption is that GST benefits are still not being passed on to consumers. But is the extension of tenure all…

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Delhi government cancels GST registration of 1,282 traders for fraud

Delhi government cancels GST registration of 1,282 traders for fraud

The Delhi government has cancelled the GST registration of 1,282 traders who were found to be involved in the issuance of fake invoices. In addition, “show cause notices for cancellation have been issued to 3,221 dealers, of which proceedings are still underway​,” a government statement said on Wednesday. ​ The department has directed its tax officers to recover the entire amount of tax, interest and penalty from such dealers as well as to take other legal action against them. Following…

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Homestays in Kochi to come under GST, service providers upset

Homestays in Kochi to come under GST, service providers upset

The state goods and service tax department on Monday issued notices to around 50 homestays in Fort Kochi area, stating that they should come under the purview of Goods and Service Tax (GST). There are 250 homestay service providers in the West Kochi and all of them will be issued notices in the coming days by the sales tax department. Meanwhile, the homestay operators said this move would adversely affect their businesses and lead to the closure of homestays which were the…

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Advance Ruling Authority under GST: Does it really solve the taxpayer’s issues?

Advance Ruling Authority under GST: Does it really solve the taxpayer’s issues?

Since the advent of GST Laws, trade and industry have faced multifarious issues relating to uploading of returns, availing legacy Cenvat credit under TRAN-1 form, various confusions regarding the generation of e-way bills and many other such small issues. When the Government introduced the Advance Ruling Authority under GST, it sought to provide a much wider coverage as compared to the earlier Excise and Service Tax Regime, in order to provide an early resolution of the potential tax dispute coming…

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Budget 2019: Amnesty scheme to resolve legacy tax issues

Budget 2019: Amnesty scheme to resolve legacy tax issues

The government has unveiled an amnesty scheme to resolve excise and service tax disputes pertaining to the period before the introduction of the goods and services tax to clear the backlog of cases and improve the ease of doing business. Even two years after the indirect tax regime was replaced by GST, the litigation doesn’t seem to die down and there is a huge pendency, tax experts said. “The announcement relates to the legacy dispute resolution scheme, which intends to reduce the pending service tax…

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Breather for exporters as Centre to pay ITC refund for State GST

Breather for exporters as Centre to pay ITC refund for State GST

In a major relief to exporters, the Centre will now pay the input tax credit (ITC) refunds of state taxes, thereby reducing transaction time and costs, and manual interface in claim processing. As per industry, there is a huge difference in the amount claimed, state goods and services tax (SGST) sanction amount received from central tax authority and the amount actually disbursed. “The central government has been authorised to pay the amount of refund towards state taxes to the taxpayers,” according to the 2019-20 budget. At…

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Budget 2019: Centre sets FY20 GST collection target at Rs 6.6 lakh crore

Budget 2019: Centre sets FY20 GST collection target at Rs 6.6 lakh crore

Finance Minister Nirmala Sitharaman on July 5 pegged the Goods & Services Tax (GST) collection in the Union Budget at Rs 6.63 lakh crore for FY20, up from last year’s revised collections of Rs 6.43 lakh crore. The total mop-up from the indirect tax was pegged at over Rs 7.61 lakh crore for 2019-20 in the Interim Budget presented in February. Finance Minister Nirmala Sitharaman in her maiden budget speech on July 5 said that the centre and states came…

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GST on Electric Vehicles Reduced to 5 Percent, Tax Benefits Upto Rs 1.5 Lakh on EV Loan: Union Budget 2019

GST on Electric Vehicles Reduced to 5 Percent, Tax Benefits Upto Rs 1.5 Lakh on EV Loan: Union Budget 2019

Finance Minister Nirmala Sitharaman has announced the reduction of GST on electric vehicles from 12% to 5%. She said that the government has already moved GST council to lower the GST rate on electric vehicles (EV) from 12% to 5%. Also to make EVs affordable for consumers, the government will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on the loans taken to purchase EVs. Presenting the Budget for 2019-20, Finance Minister Nirmala Sitharaman said…

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