Search Results for: GST Council

Extremely mobilised on GSTN project, working closely with GST Council: Infosys

Infosys is “extremely mobilised” on the GST Network enhancement project and work is progressing at “full speed” even as a large segment of its employees are working remotely amid the nationwide lockdown, its CEO Salil Parekh said. Taxpayers were facing issues due to glitches on the GSTN portal. The portal of GST Network (GSTN), which provides the technology backbone for the goods and services tax (GST), is managed by Infosys. “I think we’re extremely mobilised, working very closely with the GST Council. In fact,…

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Textile bizmen relieved after GST Council stays tax hike

City businessmen into textiles and garments have heaved a sign of relief after the GST Council, in its meeting held on Saturday, did not hike the rate of 5% GST applicable on some fabrics and garments costing below Rs1,000. Earlier, there were hints from the central government that the 5% slab of GST would be abolished, and the minimum GST on fabrics and garments would be 12%. Welcoming the decision, Knitwear Club finance secretary Harish Kairpal said, “We are thankful…

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GST Council extends Due Date for filing GSTR-9 and GSTR-9C for FY 2018-19

The GST Council, in its 39th meeting held yesterday, has extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to be extended to 30th June 2020. The GST Council also recommended that, Late fees not to be levied for delayed filing of the Annual Return and the Reconciliation Statement for the financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores. The GST Council also announced the Relaxation to MSMEs from the furnishing of Reconciliation…

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All you need to know from the 39th GST Council meet

The 39th GST Council took an array of decisions, including an increase in the tax rate on mobile phones and specified parts to 18 percent from 12 per cent. GST on handmade, machine-made matchsticks has been rationalised to 12% while GST on MRO (maintenance repair overhaul) services of aircraft has been slashed to 5% from 18%. The GST rate on mobile phones was increased from 12% to 18% allowing a full claim of input tax credit; Relief given to domestic service providers…

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Interest on delayed payments to figure in GST Council meet

Businesses facing the prospect of having to pay around Rs46,000 crore as interest on delayed payment of goods and services tax (GST) may get a reprieve, with the government considering calculating the interest only on their net tax liability, and with retrospective effect . The finance ministry hasn’t yet calculated the savings that would accrue to assessees as a result. “The issue is expected to be raised at the next GST Council meeting on March 14, which will take a…

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GST Council will revise rates yearly, says FM Sitharaman

GST Council, the federal indirect tax body, is set to make changes in tax rates of goods and services a yearly affair, moving away from frequent rate revisions to remove ‘uncertainty’ for businesses and the government, finance minister Nirmala Sitharaman said on Sunday. Sitharaman said that frequent changes in GST rates have led to an inverted duty structure, where the raw materials ended up becoming costlier than the finished product, in some cases which also created problems with tax refunds….

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GST Council to set up grievance redressal mechanism for taxpayers

The GST Council will set up a grievance redressal mechanism for taxpayers. The decision was taken at the 38th meeting of the GST Council held on December 18. It has decided that a structured grievance redressal mechanism should be established for the taxpayers under GST to tackle grievances on GST-related issues of specific and general nature, an official statement said on Wednesday. The council will set up the Grievance Redressal Committee (GRC) at zonal and state levels consisting of both…

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GST Council votes for a change, shifts lotteries to highest slab

The Goods and Services Tax (GST) Council on Wednesday departed from its practice of consensus-based decision-making, opting the first time for a vote to settle differences among states over the taxation of lotteries. The council also deliberated upon a presentation made by a committee of officers set up to study revenue augmentation, but refrained from any generalised rate increase or removal of exemptions. “The council has decided to impose a single rate of 28% on state-run and authorised lottery,” union…

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GST council begins review of rates, items to raise revenue

The government has begun discussions with states for a possible revamp of the goods and services tax (GST), which may include bringing a few exempted items under the levy while reviewing the rates and the cess on all goods and services, as part of an exercise to shore up revenue. In a letter to states, the GST council has given a full menu of options and suggested their feedback ahead of a meeting of ministers expected before the end of the month. The move…

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Gujarat HC serves notices on govt, GST council for breach of refund norms

The Gujarat High Court has issued notices to the union government and the GST Council over the alleged breach of refund norms by field officers under the goods and services tax (GST) regime. Under the Rule 92 of the Central GST (CGST) Act, the claim of the refund has to be made in the RFD 04 form. Thereafter, the officer concerned can accept or reject the claim after his investigations. If the claim is accepted, he would issue refund in…

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