GST returns: New system unlikely before next elections

GST returns: New system unlikely before next elections

The roll-out of the new simplified return-filing system for the goods and services tax (GST), which was to kick in from January 2019, may get delayed further and, most probably, beyond the tenure of the current government. According to sources, even though the Narendra Modi government wants to implement the system before the general election, that may not happen given the time needed to complete the elaborate testing procedures to make the system foolproof. Officials have been asked not to…

Read More Read More

MSMEs seek simpler GST return system

MSMEs seek simpler GST return system

Micro and small entrepreneurs (MSMEs), who function from the Sidco industrial estate near the city, have sought that the Central government make the mechanism forreceiving returns for GST simple. Currently, they have to fill about three forms and the process is cumbersome, they said. Members of the Coimbatore Sidco Industrial Estate Manufacturers Association (Cosima) on Thursday said this in a release, along with other resolutions of the annual general meeting held recently. S Surulivel, president of Cosima, told TOI that…

Read More Read More

GST Council may propose inclusion of ATF under GST in its next meeting

GST Council may propose inclusion of ATF under GST in its next meeting

Giving in to demand from the airlines, the GST Council may propose to bring Aviation Turbine Fuel (ATF) under the indirect tax regime in its next meeting. The aviation ministry has been pitching for inclusion of ATF in the goods and services tax regime, stating that the move will help cut the cost as airlines would get input tax credit. Sources told that it will be easier to bring various states on board regarding inclusion of ATF in GST. Assam…

Read More Read More

GST return filing dates extended for Kerala, parts of Karnataka

GST return filing dates extended for Kerala, parts of Karnataka

Government today extended the last date for filing of GST returns for taxpayers registered in flood hit Kerala, Mahe (Puducherry) and Kodagu district of Karnataka. The revenue department has also exempted basic customs duty and Integrated Goods and Service Tax (IGST) on import/supply of goods for flood relief in Kerala. The due date of filing of GST summary sales returns in Form GSTR 3B for July has been extended to October 5 from August 20 for the flood affected areas….

Read More Read More

Cheering numbers: GST imparts a big push to Income Tax base

Cheering numbers: GST imparts a big push to Income Tax base

A spectacular 53% increase in the number of income-tax returns filed electronically till July 31 has given the government renewed hope of continued high-paced growth in compliance and taxpayer base, even 21 months after demonetisation. The goods and services tax (GST), launched in July 2017, seems to have contributed to the government’s project to expand the I-T base to a much higher degree than the note ban itself. According to official data, e-returns of 3.43 crore were filed between April…

Read More Read More

GST, Other Tax Removed For Goods Supplied To Kerala, Says Piyush Goyal

GST, Other Tax Removed For Goods Supplied To Kerala, Says Piyush Goyal

The central government has exempted the basic customs duty and goods and services tax (GST) on goods imported or supplied to support the relief operations in flood-hit Kerala. The devastating Kerala floods have claimed the lives of 223 people till August 20. Finance Minister Piyush Goyal tweeted about the relaxation on taxes on goods imported to Kerala on Monday. “India stands with Kerala in this hour of need. Central Government is exempting basic customs duty and IGST for the consignments…

Read More Read More

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…

Read More Read More

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…

Read More Read More

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…

Read More Read More

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,…

Read More Read More