India Inc seeks more time for filing GST annual returns, audit reports

India Inc seeks more time for filing GST annual returns, audit reports

With less than a month left for the deadline to file the annual GST returns and audit reports, businesses are still awaiting the online utility on the GST portal as well as more clarity on various provisions and are hoping to get an extension in the due date. Almost all registered taxpayers under the GST are required to file annual returns by December 31 in GSTR-9. Further, businesses with an annual turnover of over ₹2 crore pan India also need to…

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Keeping it simple: Reconciliation of GST data in 5 steps

Keeping it simple: Reconciliation of GST data in 5 steps

Reconciliation under Goods & Services Tax (GST) is about matching the data filed by the supplier with those of the recipients and recording all the transactions that have taken place during that period. The reconciliation process ensures that no sales or purchases are omitted or wrongly reported in the GST returns. The taxpayers must reconcile their data on a regular basis with that of the vendors to claim eligible Input Tax Credit (ITC). The process of reconciliation is simple, but…

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Simplified GST Return Forms to be Rolled Out from April 1, Says Revenue Secretary

Simplified GST Return Forms to be Rolled Out from April 1, Says Revenue Secretary

The new simplified GST return forms will be rolled out from April 1, 2019, Revenue Secretary Ajay Bhushan Pandey said Tuesday. He exuded confidence that the government will achieve the budgeted target for Goods and Services Tax (GST) collection and said the revenue department is getting inputs about entities which are evading taxes. In the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from GST. The 2018-19 budget had estimated…

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Govt clears Rs 91,149 cr GST refunds to exporters so far; Rs 6,053 cr still pending

Govt clears Rs 91,149 cr GST refunds to exporters so far; Rs 6,053 cr still pending

The finance ministry said Rs 91,149 crore has been issued so far to exporters as GST refunds, which are 93.77 percent of total claims with the tax authorities. In a statement, the ministry said Rs 6,053 crore worth GST refund is still pending with the government and that is being “expeditiously processed”. “Total GST refunds to the tune of Rs 91,149 crore have been disposed of by CBIC and state authorities out of the total refund claims of Rs 97,202…

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GST: Amnesty scheme likely for ‘nil’, non-filers

GST: Amnesty scheme likely for ‘nil’, non-filers

The Goods and Services Tax (GST) Council may consider one-time amnesty scheme to facilitate exit for ‘nil’ filers and non-filers. “Approximately there are 25 lakh ‘nil’ filer assessees while on an average 10 per cent of assessees have never filed returns so far,” a senior tax official told Businessline. These assessees do not contribute anything but add to the work of the tax system. “A scheme for exit will bring relief to the tax payers as it will bring down their…

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GST Annual Return And Audit: Complexities Galore

GST Annual Return And Audit: Complexities Galore

In less than 30 days from now, over 1.15 crore taxpayers will have to file the Goods and Services annual return and audit forms. Made available by the government in September this year, the forms require businesses to not only consolidate information that they have been filing in monthly returns but also reconcile it. Both the forms are fraught with complexities and given that many companies have only now engaged auditors, it would be near impossible to meet the Dec….

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GST collection for November drops to Rs 97,637 crore

GST collection for November drops to Rs 97,637 crore

Goods and Services (GST) collection in November dropped to Rs 97,637 crore, lower than Rs 1 lakh crore collected the previous month. The total number of GSTR 3B returns filed for October up to November 30, 2018, is 69.6 lakh, the finance ministry said in a statement. Compensation released to states for August-September stood at Rs 11,922 crore. Of the Rs 97,637 crore collected, central GST (CGST) collection is Rs 16,812 crore, state GST (SGST) is Rs 23,070 crore, integrated…

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Petrol, diesel on agenda of GST council: Jaitley

Petrol, diesel on agenda of GST council: Jaitley

Finance Minister Arun Jaitley on Tuesday said to bring petrol and diesel under GST is on agenda in GST council. He said the Centre’s moves on GST and demonetisation were in public interest. “The Central government is in its favour but needs a consensus of all states to include petrol and diesel in GST. Till then we are trying our best,” he told a press conference at the release of BJP manifesto here. “GST council does not want to thrust…

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GST on banks free services may be passed on to customers

GST on banks free services may be passed on to customers

Faced with the prospect of paying goods and services tax (GST) on ‘free services’ provided to customers who maintain a minimum balance in their accounts, top lenders including State Bank of India, ICICI Bank and HDFC Bank are considering passing on this cost to them. Over the past two months, the tax department has issued preliminary notices to banks seeking to levy goods and services tax on services such as issuing checkbooks and additional credit cards, ATM usage and refund…

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Government extends deadline for GST returns filing for taxpayers affected by cyclones

Government extends deadline for GST returns filing for taxpayers affected by cyclones

The government has extended the date for filing summary GST sales returns for October by a month to December 20 for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu. For taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh, the due date for filing GSTR-3B for the months of September and October has been extended till November 30, 2018. Those taxpayers whose principal place of business is in the 11 specified districts…

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