GST returns comprises of two types of return – periodic and annual returns. Periodic returns are monthly or quarterly returns for reporting transactions during the month or quarter, while annual return is for reporting the summary of the periodic returns filed during a financial year. As the annual return is last return of the year thus, it assumes special significance.
Generally, all taxpayers are required to file the return with certain exceptions such as taxpayers who have obtained registration as: Click to read more
As much as Rs 12,000 crore lying in Integrated GST or IGST pool has been apportioned between the Centre and states.
The central government will get about Rs 6,000 crore and the remaining would be distributed among the states in proportion to their revenue collection in August, an official told PTI.
The apportionment would help improve the indirect tax position of both the Centre and states. Click to read more
Uncertainty about the applicability of the goods and servicesNSE 0.32 % tax on joint development agreements, an increasingly popular form of property construction in West Bengal, is expected to result in a large number of cases being filed in the Calcutta High Court.
In joint development agreements, landowners transfer land to builders or authorise them to construct buildings on them in return for one or more apartments or payments or a combination of both. According to tax experts, it’s not clear at what stage GST has to be paid and at what valuation. Click to read more
Businesses in Kerala, still trying to recover from the recent floods, might have to pay back input tax credit availed of for “goods lost, stolen, destroyed or written off”. They might also have to pay a penalty of 18 per cent on the credit already claimed.
A recent instruction from the state’s goods and services tax (GST) authorities to zonal officers indicates this. The business would also not be allowed to claim any un-availed input tax credit for “goods lost” or “destroyed”. According to Section 17(5) (h) of the Central GST Act. Click to read more
The 2018-19 fiscal has begun on a promising note. Most economists have projected the economic growth in the first quarter to come between 7.25% and 7.6% as industrial output and private investment pick up, despite a challenging milieu. This is indeed a leap from 5.6% growth reported during the same period last year, due to the demonetisation hangover and the impending implementation of Goods and Services Tax (GST) then, which had resulted in huge destocking by businesses. The GST implementation has surely enhanced the potential growth of India. Click to read more
Indenting agents of foreign clients have filed a slew of writ petitions in the Gujarat High Court challenging the applicability of 18 per cent IGST on export services. Thousands of middlemen play an important role in the export and import of goods, especially raw materials in key industries.
Due to certain provisions in the current GST law indenting agents have to pay tax on services rendered in India but if they open an office in Dubai, Hong Kong or Sri Lanka, they are exempted. The agents exporting services and earning foreign exchange feel they are being penalised for qualifying as “intermediary” under Section 2(13) of the CGST Act. Click to read more
Frauds related to non-payment of dues of about Rs 1,000 crore is hurting the local textile market, say market leaders. These relate to bouncing of cheques, misuse of GST numbers, deliberate non-payment and even extension of payment cycles to about six months. However, Maskati Market Kapad Mahajan, which arbitrates in trade disputes, said that most of the cases do not come on record and so culprits are mostly not identified resulting in repetition of frauds. Click to read more
The Reserve Bank of India has finally finished processing the returned Rs 1,000 and Rs 500 notes which were banned by the Modi government in November 2016. In its annual report for 2017-18, the RBI declared that 99.3 per cent (worth Rs 15.3 lakh crore) of the demonetised notes came back to the banks.
Out of the Rs 15.41 lakh crore in circulation before November 8, 2016, Rs 15.3 lakh crore came back to the banks. Notes worth Rs 11,000 crore are still out of the system. Click to read more