GST rate cut to boost demand may be counterproductive, say finance ministry officials

GST rate cut to boost demand may be counterproductive, say finance ministry officials

The government may not accept the industry’s demand to substantially reduce Goods and Services Taxes (GST) for six months to boost demand as the exemption would block input-tax credit that would have an adverse impact on businesses and may not result into any significant gain to the consumer, two finance ministry officials said. The GST exemption will make output tax as zero and thus the input-tax credit would be blocked, which will be added to the cost making the product…

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GST officials seek directors’remuneration information

GST officials seek directors’remuneration information

Goods and services tax authorities in some states have sent notices to companies seeking information about the remuneration of directors and the tax paid on them. This comes as only a few companies have started operations following the staggered opening up of the nationwide lockdown to counter the Covid-19 outbreak. The inquiries come on the heels of conflicting orders passed by the Authority of Advance Ruling in two states on the applicability of GST on the remuneration of directors. The AAR Rajasthan said director remuneration is under the…

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GST compensation to states pending for Dec-March FY20

GST compensation to states pending for Dec-March FY20

Finance Minister Nirmala Sitharaman on Sunday said GST compensation is due to all the states for the four-month period of December-March. “We are periodically talking about it. GST dues are very clearly explained in the GST Council. It is not for selective states… All states’ GST dues which we recognise for December, January, February, March have not been paid,” Sitharaman told reporters here. Under GST law, states are guaranteed to be paid for any loss of revenue in the first…

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GST on director salaries: Firms receive notices despite diverse AAR rulings

GST on director salaries: Firms receive notices despite diverse AAR rulings

Even as authorities of advance rulings (AARs) differ on the liability to pay the GST on salaries paid by firms to directors, some states have already started issuing notices to companies asking them to provide details of the GST paid through reverse charge on such remunerations. One of the notices seen by FE has been issued by the GST administration in Chhattisgarh to a company asking it to disclose the GST paid on the remuneration received by directors of the…

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SBI explains how turnover-based MSME definition will help GST mechanism, transparency and more

SBI explains how turnover-based MSME definition will help GST mechanism, transparency and more

Finance Minister Nirmala Sitharaman yesterday announced the change in the definition of the Micro Small and Medium Enterprise (MSME). For an MSME to be defined as a Small unit, FM Sitharaman raised its investment limit from Rs 5 crore to Rs 10 crore with a turnover of less than 50 crore. The State Bank of India (SBI) has hailed this decision to define the MSMEs from their annual turnover. SBI is of the opinion that under the new tax regime,…

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Clear picture of GST mop up in April to come by June-end: Finance Secretary

Clear picture of GST mop up in April to come by June-end: Finance Secretary

Finance Secretary Ajay Bhushan Pandey on Wednesday said the clear picture regarding GST collections for April would emerge only by June 30 — the deadline by which businesses with up to Rs 5 crore turnover can file returns without any late fee and interest. The government had in March extended the deadline to file GST returns for taxpayers with turnover of over Rs 5 crore by 15 days till May 5 from the due date of April 20 without payment of any…

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From 5.72 crore in Feb, e-way bills issued falls to 86 lakh in April

From 5.72 crore in Feb, e-way bills issued falls to 86 lakh in April

Even after the government repeated multiple times that all goods trucks are exempt from movement restrictions, their movement in April fell drastically to 15 per cent of what it was in February. The number in March fell by nearly 30 per cent compared to that in February. Data of e-way bills issued — which is mandatory for transporting goods worth over Rs 50,000 — shows that even after the Centre allowed movement of all trucks and goods carriers on March…

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CBIC issues clarification on GST Compliance Requirements

CBIC issues clarification on GST Compliance Requirements

The Central Board of Indirect Taxes and Customs (CBIC), on Wednesday, issued the clarification in respect of certain challenges faced by the registered persons in the implementation of provisions of Goods and Service Tax (GST) Laws. The circular was issued addressing the Principal Chief Commissioners of Central Tax and the Principal Director Generals / Director Generals while issuing clarification on various challenges. As per the circular, Interim Resolution Professional (IRP) or Resolution Professional (RP) is now required to obtain registration within thirty days of the…

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Govt enables Facility to File GSTR-3B via EVC and SMS

Govt enables Facility to File GSTR-3B via EVC and SMS

Amid the pandemic situation in India, the Central Board of Indirect Taxes and Customs (CBIC) has enabled the facility to file GSTR-3B through Electronic Verification Code (EVC) and Short Message Service (SMS). The move aims at easing the compliance procedure under the Goods and Services Tax (GST) regime. The notification issued by the Board today said that a registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, during the period from the 21st day of April,…

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CBIC extends due date for Filing GST Annual Return

CBIC extends due date for Filing GST Annual Return

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) for the Financial Year 2018 – 19 to be extended till the 30th of September, 2020. The GST Council, in its 39th meeting, had extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to 30th June 2020. GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward…

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