GST tax portal is likely to offer from tomorrow forms to claim credit on sales made before the rollout of GST which the taxpayers have to file by August 28, a government official said today.
As GST return forms did not have a column for claiming transitional input credit, the government yesterday gave some breather to such taxpayers by giving them an extra week till August 28 to file returns.
These taxpayers will, however, have to pay taxes by August 20 on the portal of the GST Network (GSTN)- the IT infrastructure provider for the new indirect tax regime. Click to read more
The deadline for first GST Return, GSTR- 3B, has been extended (states are still coming up with Notifications) to August 28 from its original deadline of August 20. However, one must keep in mind that this is only for taxpayers who opt to use the opening balance of pre-GST credit in the current month. Those who do not wish to claim opening credit in the current month or those who have no credit; the deadline continues to be August 20. Click to read more
The government on Thursday gave some relief to taxpayers availing of transitional input tax credit under the GST (Goods and Services Tax) regime by giving them an extra week till 28 August 28 to file tax returns.
Businesses under the Goods and Services Tax (GST) set up have to file their first return, GSTR 3B, for July on the portal of GST Network — the IT infrastructure provider for the new indirect tax regime — by 20 August. The return filing had commenced on 5 August. Click to read more
In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns for July by a week to August 28. However, these taxpayers will have to settle their tax liability by the earlier deadline of August 20. Click to read more
IT-related logistics solution provider Redington (India), which has been developing a third party logistics services business under the brand ProConnect, is expecting a better opportunity in scaling up transportation business, following the implementation of the Goods and Services Tax (GST). With the advent of GST, the company expects that the concept of Full Truck Load (FTL) will to shift to small cargos, which would improve the margins, said senior management officials. Click to read more
Developers are trying to ensure that they adhere to the new systems and taxes. If you are planning to purchase an office that is ready to move in, you should surely not wait because of GST and the Real Estate Regulatory Act (RERA). Ready to move in properties remain out of the GST and RERA ambit and hence should have no impact on the timing of your decision to purchase a new office. However, in case you are planning to purchase an office that is currently under construction, Click to read more
Aug 18 () The commerce ministry has organised over 60 outreach programmes since July 1 for members of trade and industry on issues related to the Goods and Services Tax (GST), an official said today.
It has also established GST cells in all public sector undertakings including MMTC, STC, PEC and India Trade Promotion Organisation (ITPO), which come within the ministry’s purview. Click to read more
After agriculture, retail is the second biggest employer in the country and shopping malls form a formidable part of the Retail Sector in India. A lot of speculation had been going on since the introduction of GST as to the prices of various goods and services-whether they’ll go up or down? 1 nation 1 tax GST has been introduced in the economy for over 47 days now and gradually the effects of GST on various sectors along with its effect on the tax regime in India is finally coming to light. Under the new tax regime the main focus is on the creation of a unified market system along with improving the FDI outlook so as to create more FDI and reduction in transit inventory. Click to read more
Minister of State for Finance Santosh Kumar Gangwar on Friday said that the implementation of the demonetisation and Good and Service Tax (GST) are the ruling-government’s biggest achievements and said that traders are satisfied with the steps taken by the government.
“The traders are satisfied with the steps taken by the government. The GST has abolished the tax diversities and made the country one market,” he said in an interview with Zee CEO Jagdish Chandra. Click to read more