GST Ready India

GST Ready India’s Latest News and Updates

Companies rush to match input tax credit with vendor returns

Oct 17, 2018

Composition scheme biz need not file purchase details while filing GST quarterly returns

Businesses opting for composition scheme under GST need not file details of purchases made from their vendors at the time of filing quarterly return GSTR-4, the Finance Ministry said Wednesday.

In a clarification, the ministry said there have been doubts regarding the manner of filing the quarterly return by composition dealers in Form GSTR-4 in the absence of auto-population of the details of inward supplies received from registered suppliers. Click to read more

How GST benefited the consumers

The Indirect taxes on essential commodities has been reduced substantially due to the implementation of Goods and Services Tax (GST). Indeed, a boon for end-consumer, especially, middle-class people in India.

The indirect tax on essential consumer goods such as soap, toothpaste, hair oil, razors,shampoo and deodorant has been reduced from 26 per cent (excise+VAT) to 18 per cent. Notably, tax on footwear reduced by 50 per cent, i.e., from 10 to 5 per cent. Click to read more

Dealers in Bengaluru reverse Rs 17 cr claims made on fake GST invoices

Sections of dealers in Bengaluru have reversed their input tax credit (ITC) claims worth Rs 17.45 crore after realising that they made their claims based on fake GST invoices, Karnataka Commercial Taxes Commissioner M.S.Srikar said.

The sustained drive by the Commercial Taxes department against fake ITC claims and a spate of recent arrests have created fear in errant businessmen. Those who have made ITC claims either by mistake or with an intention to cheat the government are reversing them fearing that we will get at them with use of technology and physical inspections, Srikar told ET. Click to read more

Last resting point of GST yet to arrive

he chairman of 15th Finance Commission opined that the last resting point of Good and Services Tax (GST) in the country has not yet arrived as the regime is in process of implementation. He said that the Uttarakhand Government has raised the issue of shortfall in its revenue, post-GST. Singh reminded that the GST is not within the prerogative of the commission and the State Government should raise the issue at the GST council of which the Finance Minister of Uttarakhand is also a member.

He, however, added that the commission would review the data submitted by the State on revenue shortfall, post-GST, and take appropriate compensatory measures. Click to read more

Companies rush to match input tax credit with vendor returns

Indian companies are scrambling to retain hundreds of crores of input tax credit for last financial year under the Goods and Services Tax (GST) regime that it could lose if it fails to substantiate the claim with vendor returns.

The deadline to file this claim is October 20, while vendors can file their sales return till October 31. This has created a situation where vendor returns are not available for reconciliation.

Industry associations have represented to the government seeking an extension of the deadline. Click to read more

GST council meet: Government to constitute 7-member GoM to discuss Kerala cess proposal

Several key decision were taken at the 30th Goods and Services Tax (GST) Council meet chaired by Union Finance Minister Arun Jaitley in the national capital on Friday (September 28). Jaitley, after the meeting, said that a 7-member Group of Ministers would be formed to look into Kerala Finance Minister Thomas Issac’s proposal that an additional cess be imposed for a limited period of time so that the additional funds raised can be used to rehabilitate flood-hit Kerala. Click to read more

Govt may extend term of GST anti-profiteering watchdog

The government may extend the term of the National Anti-profiteering Authority (NAA) beyond its original two-year mandate, with policymakers arguing that the watchdog needs to function for a longer period in light of the frequent rate changes in the goods and services tax (GST) and the unfinished task of bringing petroleum products under the new indirect tax regime.

Policy makers believe that the benefit of tax rate cuts on 178 items from 28% to 18% announced last November in one of the biggest rounds of tax rate reductions in the GST regime have not been fully passed on to consumers. This has forced the NAA to step up efforts. Click to read more

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