indiagst.co

12/11/2020

Our GST book " GST Rate Finder on Goods" along with other Ready Reckoner for:
1. GST Rate on Goods Alphabetically as per
Notifications, Circulars, Finance Acts
2. E-Way Bill
3. Offences & Penalties during Vehicles
Check
4. RCM on Goods
5. RCM on Services
6. Handicraft Goods
7. GST Compensation Cess
8. No Refund of Excess ITC
is realising soon...

05/05/2020

http://quickgstupdates.blogspot.com/2020/05/cbic-again-extended-time-limit-for.html

CBIC again Extended time limit for filing GSTR-9 & GSTR-9C Annual Return for the financial year 2018-19 till to 30th Sept 2020, gst annual return date extension notification, gstr-9 due date extended twitter, gstr 9 due date for fy 2018-19, date extension of gst annual return, further extension of g...

04/09/2017

The Government on Monday said the date of filing GSTR 1 has been extended to September 10 against the earlier deadline of tomorrow.

Subsequently, filling of GSTR 2 and GSTR 3 has been extended to September 25 and 30 respectively.

The filing of GSTR 1 for August has been extended to Octobet 5, GSTR 2 till October 10 and GSTR 3 till October 15.

Read more at:
http://economictimes.indiatimes.com/articleshow/60365236.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The filing of GSTR 1 for August has been extended to Octobet 5, GSTR 2 till October 10 and GSTR 3 till October 15.

19/07/2017

For every portion of the law, its interpretation plays a key role in its success and compliance. The Goods and Service Tax+ (GST) is no different. The key aspect of the new law is to be able to distinguish between what is happening today and what will happen in the future.
Magicbricks has compiled a list of new concepts that you need to know if you want to invest in real estate+ in particular and GST as a new concept in general. So when you land in the property market you know how the taxation machinery works.
Dual GST
As states and the Centre have different roles to play as far as taxation is concerned, there is dual GST which means, for whatever the goods and services that you buy the two governments are going to levy tax.
To begin with, every state will have its own state GST act (SGST) and state GST rules. For instance, Delhi will have Delhi GST Act while Haryana will have its own GST Act. Similarly, the Union government has enacted the central GST law (CGST). In case of an interstate transaction of goods and services, it becomes IGST or integrated goods and service tax. There is not much to talk about IGST except that the central component and the state component have been rolled into one tax called IGST.
What gets subsumed?
Under the new tax regime, there are a number of taxes that will be discontinued. From a Union government's perspective, the central excise, the service tax, the two portions of the customs duty which is countervailing duty and special additional duty will disappear and merge into GST. From the state's kitty, VAT (value added tax), entry tax, octroi, purchase tax, entertainment tax, luxury tax and the various cesses and surcharges will all be subsumed into the new tax regime.
What stays?
From the real estate point of view, stamp duty, which is a state levy, stays. Basic customs duty will continue to apply the way it is applied today. A cess that applies on customs at the rate of 3% also stays. GST would apply to under-construction properties at 18% (effective rate 12%). KPMG partner (indirect tax) Priyajit Ghosh adds, "While electricity usage has been kept out of the purview of GST, water charges will attract concessional GST."
Unregistered vendor
The GST Act says that a person whose annual turnover is below Rs 20 lakh may or may not get registered under GST or pay GST. "If you buy goods from people who are unregistered then as a recipient you will have to pay GST on their behalf," says Ghosh. For instance, if a developer buys river sand from an unorganized player who is not registered and not charging GST, then the developer will have to pay tax on his behalf and then take a credit on the GST paid. This is a break from the past because hitherto if someone was transacting with an unregistered person, the liability to pay tax was on the supplier if he was below the threshold, but now the onus has shifted to the purchaser under the reverse charge mechanism.
Reverse charge
The reverse charge mechanism means that if a person transacts with an unregistered dealer, he will have to pay the tax within 30 days under the reverse charge mechanism. "Under the previous regime, one had to pay service tax for using certain services such as rent a cab, legal services or transportation of goods by road. The same concept has been borrowed under GST, which means for a certain set of services you will have to pay GST and later claim credit on it," explains Ghosh.
Input tax credit
The other aspect about GST is the input tax credit which is the heart of GST because there can't be a tax on tax. In the context of real estate, GST which is charged by contractors on construction of a house is going to be credited against the GST charge on sale. Under GST there is a composition scheme restricted to Rs 75 lakh turnover annually, i.e. between Rs 20-75 lakh. The composition scheme is a simplified scheme where one pays 1-2% on the entire invoice but one does not get ITC. This is a PAN-based turnover but not a state-specific turnover, which means, all states put together will not be able to go for a composition scheme and you are under a normal scheme. This means you will get a credit of all the input taxes that you have paid and you will have to charge the normal GST rate which is applicable, which is effective 12% in the case of real estate.
Anti-profiteering clause
GST says that whatever additional credit a developer gets, the price has to be reduced by that amount. Likely to be enforced on the lines of the Competition Commission of India, the 'Anti Profiteering Authority of India' will take steps to check collusion between businessmen who may not pass on profits to the consumer. So, a developer is bound to pass on the profits to the consumer else he may have to face penal provisions under the law.
Works contract
Until the GST kicked in, a works contract was any contract which meant supply of both goods and services. Post-GST this means any contract which involves construction of an immovable property, services to immovable property, whether goods or services. Any contract which involves moveable goods do not qualify for works contract under GST. Any reference to works contract under GST has to be in relation to immovable property.

http://timesofindia.indiatimes.com/business/india-business/want-to-buy-a-house-9-things-you-need-to-understand-about-gst/articleshow/59646019.cms

GST HOUSE
http://indiagst.co/

For every portion of the law, its interpretation plays a key role in its success and compliance.

19/07/2017

NEW DELHI: Revenue authorities will go slow in undertaking enforcement actions under GST for the first six months as they want industry to settle down into the new indirect tax regime.

Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days.

"CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event here.

She said people will take time to fall in line and CBEC has to encourage them to come into the fold.

"With the kind of input tax credit (ITCBSE 2.42 %) being offered, assessee base will widen. I'm definitely not looking at any hard line attitude to start with, we would want it to settle down," Sarna said.

She said CBEC has been hand-holding traders and businesses to make Goods and Services Tax (GST) a success.

"We would like it to be a complete success and we have enough legacy work in enforcement to be busy and we are not plunging into this now," she said.

Under GST, rolled out on July 1, businesses have to ensure various compliances as the new rules have to be followed strictly.

Sarna said the twitter account set up to answer queries by industry has been getting 13,000 queries per day.

Admitting that GST implementation has not been glitch free, Sarna said the CBEC will come out with second round of FAQs to clarify the issues related to GST.

CBEC had constituted 18 sectoral groups to look into various issues faced by different sections of industry.

Of these, three groups have submitted their report. The law committee is examining the reports, Sarna said.

"We are not looking to dismantling these working groups and they would assist the industry in the problems they face in the GST regime," she said.

Read more at:
http://economictimes.indiatimes.com/news/economy/policy/taxmen-to-go-slow-on-gst-enforcement-for-6-months/articleshow/59663731.cms

GST HOUSE
http://indiagst.co/

Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days.

03/01/2017

The rollout of the goods and services tax (GST) is likely to be delayed by two or three months, according to two people familiar with the situation.

The government is yet to lock down a date, but is likely to settle for either 1 June or 1 July, the people said on condition of anonymity.

Expectations are that the GST legislation will be introduced in the first half of the budget session and the government will seek to get it passed after the recess.

While the new dates would delay the rollout, they are also well within the mandatory deadline of September—after which the central and state governments will lose powers to levy any indirect taxes other than GST.

Differences between the centre and the states, especially over the sharing of powers, has delayed the final approval for supporting legislations for GST, a tax reform which will for the first time bind the country into a common market.

States like Kerala and West Bengal had sought a delay in the implementation of the tax, arguing that state finances cannot withstand the double whammy of demonetization and GST.

GST will subsume a host of indirect taxes levied by the centre and the states, including excise duty, service tax, value-added tax, entry tax, luxury tax and entertainment tax.

Though its implementation would have been easier from the beginning of a fiscal year, it can be implemented anytime. GST is an indirect tax levied at the point of sale and hence can be introduced at the beginning of any month.

Finance minister Arun Jaitley is expected to announce the timetable for this ambitious tax reform in his budget speech on 1 February.

The finance ministry will also have to work out its revenue estimates for 2017-18 based on GST’s implementation date.

All eyes will now be on the crucial 3-4 January meeting of the GST council in New Delhi that will discuss the contentious issue of sharing of administrative powers between the centre government and the state governments.

A consensus is imperative for the integrated GST bill that deals with the levy of GST on inter-state movement of goods to receive the council’s approval.

So far, after months of deliberation, the council has approved the draft central and state GST legislations, and has given its nod to the bill on the compensation of states for revenue losses arising from a transition to GST.

While the central GST bill, integrated GST bill and the bill on the compensation of states for revenue losses will be tabled in Parliament, the state GST bill has to be tabled in state assemblies.

“Since April 1 looks difficult, the government has little option but to bring in GST from any month next year. Since it is a transaction tax, it can be brought in at any time. However, the challenge will be to do a revenue forecast in the budget. It will be prone to huge errors,” said N.R. Bhanumurthy, a professor at the National Institute of Public Finance and Policy.

http://www.livemint.com/Politics/p7MqO1e7TH0A3OkKKx4joJ/GST-delayed-rollout-now-likely-on-1-June.html

Expectations are that the GST legislation will be now be introduced in the first half of the budget session of Parliament

03/01/2017

The all-powerful GST Council headed by the Finance Minister Arun Jaitley will meet on Tuesday (today), the representatives of six crucial sectors, including IT, telecom, banking and insurance, to assess the implementation hurdles under the new GST regime. Also, a presentation will be made by sector representatives of Civil Aviation and Railways at the two-day GST Council meeting that begins in New Delhi on Tuesday, officials said.
Software association NASSCOM, which is also scheduled to meet the GST Council, will voice its concerns over issues such as tax treatment of software, and also make a case for single registration under the new GST regime.

"We support the introduction of GST but the implementation of GST should not complicate the business operations of IT companies," said R Chandrashekar, President of NASSCOM. He said the software association would express concerns with regard to GST implementation during the meeting with the Council on Tuesday. The software association’s concerns pertain to areas like classification of software, import of services from related parties, and taxation rules based on location of receiving services.
Stating that the first draft of the GST law had classified all 'intangibles' as services thereby ensuring a uniform tax rate, the revised law removed the clarification. "This could lead to a situation where software classification can be disputed even under the GST regime. Electronic downloads should be treated as services as the majority practice prevalent globally," according to NASSCOM's recent representation to the Revenue Department.
NASSCOM also contends that revisions in the draft GST law does not facilitate offering a single interface for overseas/domestic clients in cases where large service contracts are supplied to multiple client sites from single or multiple delivery centres. Also, the revised draft potentially makes onsite services delivered overseas at customer site liable to payment of GST, followed by a refund which blocks capital and complicates the transaction, it added.
"This will therefore imply that onsite services are imported into India, GST discharged, and then exported, and the GST paid on the onsite service then filed for refund – additional unnecessary transactions for companies which operate in a Branch office model, and associated compliance and working capital troubles," NASSCOM said.
It is also of the view that the legislation should clearly provide for centralised registration of central taxes of IGST (Integrated GST) and CGST (central GST), which is within the central government’s power itself.

The GST Council among other things will deliberate on the issue of jurisdiction of assessees in the new regime. This will be the eighth meeting of the Council since it met for the first time on September 22, 2016.
At the end of the last meeting of the Council on December 23, Jaitley said that the Council has made a 'reasonable headway' on supporting legislations and a discussion on Integrated GST law will take place in the next meeting.
The dual control over assessees is also part of the Integrated GST legislation that Parliament needs to pass before the new regime is rolled out. The stumbling block in the GST rollout is the issue of dual control issue – which deals with which taxpayers should be controlled by the Centre and who should be governed by the states after a single tax will replace levies like central excise, service tax and VAT.
States like West Bengal and Kerala are unrelenting on their position of being given right to control all assessees with up to Rs 1.5 crore annual turnover.

http://www.firstpost.com/business/gst-council-to-meet-officials-from-6-key-sectors-today-3184776.html

The GST Council among other things will deliberate on the issue of jurisdiction of assessees in the new regime. This will be the eighth meeting of the Council since it met for the first time on September 22, 2016.

03/12/2016

http://www.trepup.com/INDIAGSTCO

BEST GST SERVICES IN INDIA..................................................................................................................

24/11/2016

NEW DELHI: The crucial meeting of the GST Council on November 25 to finalise the legislation for the new tax regime has been put off to December 2-3 after some states sought changes to the draft circulated by the Centre.

The meeting was to discuss the draft laws and also the contentious issue of administration of the regime. The committee of officials from the Centre and states will, however, meet on November 25 to finalise the three draft legislations for Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST) and compensation law.

“States desired some more time to internally deliberate on revised draft of the laws within their respective state(s),” a finance ministry statement said on Wednesday.

States have suggested certain changes to the procedure for returns in the model GST law and in the wordings of the compensation law, an official said.

The CGST, IGST and State Goods and Services Tax (SGST) laws deal with the process of returns, registration and refunds as well as jurisdiction. The compensation law will specify how states will be recompensed for revenue loss during the initial five years, on account of GST rollout. The Centre is, however, confident of introducing the legislations in the ongoing winter session of Parliament that ends on December 16.

Read more at:
http://economictimes.indiatimes.com/news/economy/policy/gst-council-meet-postponed-to-dec-2-3/articleshow/55580131.cms

The Centre proposes to introduce these legislations as money bills to ensure they are not stuck in the Rajya Sabha where the ruling NDA does not have a majority.

09/11/2016

Additionally, For 72 hours old notes will be accepted at petrol , diesel and CNG stations authorised by public sector companies, milk booths, crematoriums, and government co-operative stores.

1 International airports will make arrangements for arriving passengers to exchange up to Rs 5000 worth of old notes for the new legal tender.

2 No restriction on electronic fund payments or transfers including credit and debit cards

3. Collect all the currency kept in various places: (i) Wallets (ii) In the house –drawers/safes. (iii) From your lockers in bank if any are kept there. Collecting from bank would be possible after banks open for public dealing as banks will be closed for public dealing on November 9, 2016.

4. Separate and take out the Rs 500 and Rs 1000 notes from these. Count and write down the total. Ideally make bundles of 50, 100 and a few bundles totalling to the amount that is allowed to be exchanged in the initial days.

5. Prepare for long queues at banks and post offices from Nov 10 onwards. From November 10 to 24 old notes upto Rs 4000 in value can be exchanged. After Nov 25 this limit will be raised. You need to take your ID cards along.

6. Old notes can be deposited in banks or post offices from Nov 10 to Dec 30 till close of banking hours.

7. Withdrawal of new notes will be limited to Rs 10,000 per day and Rs 20,000 per week initially so use your credit/debit card to shop.

8. If you don’t manage to deposit all your old notes by Dec 30 you still have a window. You can exchange old notes at designated offices of the RBI after submitting a declaration form and showing your ID card up to 31.3.2017.

Also Read: Prime Minister Narendra Modi's full speech

9. Keep a list of the serial numbers of the notes submitted /exchanged at banks as the RBI has announced that the accepting bank/post offices will keep track of these. Quite clearly the income tax department will be taking a look at who is submitting how much so exchange only the amount you are willing to explain to the tax department.

Read more at:
http://economictimes.indiatimes.com/wealth/personal-finance-news/rs-500-rs-1000-notes-are-no-longer-legal-tender-what-you-need-to-know-and-do/articleshow/55316977.cms

Prepare for long queues at banks and post offices from Nov 10 onwards. From November 10 to 24 old notes upto Rs 4000 in value can be exchanged.

08/11/2016

The GSTN is building four data centres spread across Delhi and Bengaluru to ensure that the data is safe, secure and to ensure data recovery, whenever required.