GST Ready India

GST Ready India’s Latest News and Updates

GSTR-3B: Salient Features And Other Details Of GST Return Filing

Aug 23, 2017

21st GST Council meet in Hyderabad on September 9: Official

The next GST Council meeting will be held here on September 9, a senior official in Telangana government said today.

This will be the third meeting of the council since the launch of the Goods and Services Tax (GST) on July 1 and the 21st since it was set up in September last year.

“The meeting will be held in Hyderabad. Union Finance Minister Arun Jaitley will be heading the meeting. The agenda will be fixed soon,” the official told PTI. Click to read more

GST impact: Maharashtra govt to scrap ongoing tenders

The Maharashtra government has decided to scrap all ongoing tenders for awarding contracts for various development works to factor in the Goods and Services Tax (GST) impact. The state finance department has issued orders directing departments to cancel all such tenders where the GST factor was not accounted for and where work orders had not yet been issued.

“Departments have been asked to refloat such tenders after incorporating the decrease or increase in the contract cost owing to GST,” said a senior official. Click to read more

GST: Pain for homebuyers

The goods and services tax (GST) has not been a boon for home-buyers in the country. At least, that’s the sense coming in after the first 2 months of living with the new tax. Watch accompanying video of CNBC-TV18’s Stacy Pereira for more details

GST guide: Taxes to be subsumed under GST

The Goods and Services Tax (GST) was introduced in India to remove the multiplicity of taxes levied, thereby reducing the complexity and tax cascading. The GST subsumed all previous taxes that were levied on the sale of goods or provision of services by either Central or State Government. Subsumation of large number of taxes and other levies will now allow free flow of larger pool of tax credits at both Central and State level. Click to read more

Flash in the Pan: What has been the impact of GST on gold trade?

Sadashivan Nair’s response was typical of gold buyers in the weeks before the Goods and Services Tax (GST) was implemented from last July 1. The retired schoolteacher in Chengannur, a small town in central Kerala, had fixed his daughter’s wedding for the first week of September. In the weeks before the wedding, he intended to sell some 50 sovereigns (about 400 gm) of old gold jewellery his family had, and adding some more funds to the sale proceeds, buy 70 sovereigns of fashionable new jewellery for her. Click to read more

GSTR-3B: Salient Features And Other Details Of GST Return Filing

3B, the first return under GST or Goods and Services Tax system that came into effect on July 1, is to be filed by August 25. Businesses need to file the GST Return 3B using Form GSTR-3B by the revised deadline of August 25, 2017 given by the government. Form GSTR-3B is to be filed “mandatorily by all normal registered taxpayers”. This was said by the CBEC or Central Board of Excise and Customs on microblogging site Twitter. The CBEC, under the purview of the revenue department, also urged taxpayers to not wait for the last date to file their first returns under GST. “File GSTR-3B Return Today!.. Click to read more

20 lakh businesses have paid GST so far, more to follow: GSTN chairman

Maiden tax collections under the (goods and services tax ) GST regime have seen over 20 lakh businesses pay tax online so far and about 30 lakh more are expected to do so before the deadline ends on Friday, a top official said. GST-Network — the company managing the tax filing apparatus — has geared up the IT network to handle the rush, its chairman Navin Kumar said.

A last-minute rush had led to GSTN portal crashing last week, forcing the government to postpone the tax filing deadline by five days to 25 August. “About 48 lakh taxpayers have saved the sales data on the portal. Click to read more

Arvind Lifestyle CFO ‘disappointed’ with GST return filing infrastructure

Apparel major Arvind Lifestyle expressed disappointment with the GST (Good and Services Tax) filing infrastructure.

“We are disappointed on the filing infrastructure. There is a need to watch out for filing documentation, need to have a robust system in place,” said S Kannan, Executive Vice President & Chief Financial Officer, Arvind Lifestyle Brands.

Recently, the Finance Ministry had stated that concerns have been raised about the form to claim transitional input tax credit not being available on the GSTN website. This form is made available on the GSTN website from August 21. Click to read more

Did You Know An Unregistered Restaurant Cannot Charge You GST On Your Bill?

Imagine receiving a bill at the end of a meal at a restaurant. The bill shows you a break-up of the amount with the state (SGST) and central GST. You pay the bill and walk off.

But wait, look again. An alert Pune based chartered accountant Jagdish Lade found at a local restaurant that he was charged GST despite the restaurant not having received its GST number.   Jagdish refused to pay Rs 25 charged as GST and informed the restaurant of the rules that prohibits an unregistered entity from collecting tax from its consumers. Click to read more

Luxury car cess: Ordinance on Cabinet agenda today

The Cabinet is likely to consider on Wednesday an ordinance to increase the cess on mid-size and large cars and sports utility vehicles to 25% from 15% under the goods and services tax (GST) regime.

The GST Council, which sets the rates under the new tax system, had on August 5 approved a proposal to change the GST compensation law to raise the ceiling of the cess that can be levied on motor vehicles. Click to read more

NMC’s burden rises with GST

The Nagpur Municipal Corporation’s (NMC) financial crisis is worsening in the Goods and Services Tax (GST) implementation. The civic body is likely to face an additional expense of over Rs50 crore on services being taken from private operators and works.

Private water operator Orange City Water Private Limited (OCW) has reportedly sought increase of its rate by 18%, citing applicable GST to it. NMC officials told TOI that the expense will increase by around Rs18 crore per annum if GST is applied on OCW services. Click to read more

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