GST Accounting & Taxation

17/04/2024

09/08/2018

https://www.ndtv.com/business/income-tax-department-clarifies-on-cash-withdrawal-from-banks-post-offices-1677950

The government's move to ban cash transactions above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy.

06/08/2018

Latest Amendments !
Increase in turnover limit for Composition Scheme: Upper limit of turnover for opting for composition scheme to be raised from Rs. 1 cr. to Rs. 1.5 cr. Present limit of turnover can now be raised on the recommendations of the Council.

Supply of services( other than restaurant services) to be allowed to Composition Scheme Dealers: Composition dealers to be allowed to supply services (other than restaurant services), for up to a value not exceeding 10% of turnover in the preceding financial year, or Rs. 5 lakhs, whichever is higher.

05/08/2018

New mode of Bank fraud !
Kindly Beware of it.

05/08/2018

Key Highlights of 29th GST Council Meeting!
Read More:

29th GST Council Meeting May Settle Down Old Tax Matters Updated on August 3, 2018 Rekha Rawat Leave a comment The upcoming 29th GST council meeting is going to take place on 4 August and the ongoing discussion is to put the proposals related to old tax matters in the meeting. Read More

04/08/2018

GST Council Updates

1. Quarterly Returns approved for taxpayers with turnover less than Rs 5cr ( *tax payments to continue on monthly basis*)
2. Sanitary Napkins exempted from GST going forward
3. No decision on 1% sugar cess
4. GST on bamboo flooring reduced to 12%
5. GST on hotels would now be on actual tariff & not declares tariff
6. Ethanol for Oil Marketing Companies now at 5% vs 18% earlier
7. 5% GST ceiling on footwear raised from Rs 500 to Rs 1000
8. GST on paints & varnishes, wall putty cut from 28% to 18%
9. GST on all leather items cut from 28% to 18%
10. GST on consumer electronics - *TV (up to 27"), Washing Machine, Refrigerator, mixer, juicer, grinder* cut from 28% to 18%
11. GST on special purpose vehicles, work truck, trailer cut from 28% to 18%

04/08/2018

GST 29TH MEETING UPDATES !

03/08/2018

LATEST UPDATES !
Highlights of Proposed Changes to GST Return Filling.
1. Due date of GSTR-6 filing extended for months from July 2017 to August 2018 is 3oth

2.Reverse Charge Mechanism (in case of supplies made by unregistered persons to registered persons), TDS and TCS provisions under GST to be applicable from 1st October 2019.