GST Ready India

GST Ready India’s Latest News and Updates

Not so simple: Annual GST return seeks additional details from taxpayers

Sep 06, 2018

GST effect? Hundreds of thousands laid off despite growth

Tilak Raj Bathla’s tiny weaving factory is one of the few still humming on a once busy road in the northern city of Panipat, known as the country’s “textile city”.

Nearby, more than two dozen other workshops are locked from the outside, while dogs and cows roam through other abandoned factories. Scrap dealers enquire about idle powerlooms.

India launched the Goods and Services Tax (GST) just over a year ago, its biggest ever tax reform, aiming to replace more than a dozen federal and state levies and unify the sprawling economy. Click to read more

GST flip flops: Over 200 tweaks in country’s biggest tax reform create confusion; small businesses still struggle

The government introduced a new national Goods and Services Tax (GST) in July last year, aiming to unify its $2.6 trillion economy and 1.3 billion people into a single market for the first time.

After 14 months, small businesses are struggling to keep up with over 200 tweaks in the tax system.

Below is a description of the tax and some of the major changes: Click to read more

Not so simple: Annual GST return seeks additional details from taxpayers

The Government, on September 4, 2018, notified the format for filing annual return for both regular dealers (GSTR-9) and composition dealers (GSTR-9A). The new annual return is supposed to be simpler and easier for taxpayers, but a closer scrutiny of the format shows there may be some areas of contention.

GST Law mandates all taxpayers, except casual taxable person or non-resident taxable person, input service distributor, person liable to deduct TDS, to file annual return for the period July 2017 to March 2018 by 31 December 2018. Click to read more

Last date for filing GST annual return is December 31

The Finance Ministry on Tuesday notified the format for filing annual Goods and Services Tax (GST) returns. With this, the uncertainty over filing the return is over and now assessees will have to file the first annual return by December 31.

There are two sets of forms, one for normal assessees and other for composition scheme assessees (Those with annual turnover up to ₹1 crore). In the said notification, the Government has tried to make things simpler unlike the draft which was quite bulky and more complicated. It has also designed new formulae for calculating the turnover, similar to the erstwhile regime. Tax officials feel that that new forms are concise and more practical. At the same time they will help in ease of doing business. Click to read more

1,800 businesses apply for migration to GST regime

Around 1,800 businesses that were registered under the earlier value added tax (VAT) and service tax regime have applied for migration to the goods and services tax (GST).

The GST Council, in its meeting in July, had allowed businesses with provisional GST ID to migrate to the GST regime. The Central Board of Indirect Taxes and Customs (CBIC) had then asked these taxpayers to approach the jurisdictional nodal officer of the central or state government on or before the 31 August 2018, along with provisional ID, registration number under the earlier law and reason for not migrating. Click to read more

Govt spent Rs 132.38 cr on GST advertisements

The government spent Rs 132.38 crore on advertisements for GST, an agency under the Ministry of Information and Broadcasting has said in reply to an RTI query.

As per the Bureau of Outreach and Communication under the ministry, the “expenditure on GST advertisements through this bureau” on print media stood at Rs 1,26,93,97,121. It, however, said there was “nil” expenditure for the same on electronic media. For outdoor media, the expenditure for GST advertisement stood at Rs 5,44,35,502, the bureau said in its RTI response dated August 9, 2018. Click to read more

FM simplifies GST refund claim process for businesses

Easing compliance burden for businesses, the Finance Ministry has said GST refunds can be claimed by simply submitting a printout of ‘GSTR-2A’ form to tax authorities instead of giving all purchase invoices of a month.

GSTR-2A is a purchase return auto-generated by the system based on the transaction between a business and its supplier.

“The proper officer shall rely upon form GSTR-2A as an evidence of the account of the supply by the corresponding supplier in relation to which the input tax credit has been availed by the claimant. Click to read more

Sale of religious books, DVDs to attract GST: AAR

Spirituality doesn’t always mean tax nirvana. Income from the sale of products such as booklets, magazines and DVDs and providing accommodation and food by religious organisations on payment are not “charitable activities,” the Authority for Advance Rulings for Goods and Services Tax in Maharashtra has held. Such activities will be treated as a business on which GST is liable to be paid. Click to read more

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