Goyal Associates

16/10/2020

23/07/2019

Date Extend ITR 31.08.19

26/06/2019

GST SOLLUTION

01/01/2019

HELLO

22/07/2018

28th GST Council Updates..

1. Quarterly Returns approved for taxpayers with turnover less than Rs 5cr ( tax payments to continue on monthly basis)
2. Sanitary Napkins exempted from GST going forward
3. No decision on 1% sugar cess
4. GST on bamboo flooring reduced to 12%
5. GST on hotels would now be on actual tariff & not declares tariff
6. Ethanol for Oil Marketing Companies now at 5% vs 18% earlier
7. 5% GST ceiling on footwear raised from Rs 500 to Rs 1000
8. GST on paints & varnishes, wall putty cut from 28% to 18%
9. GST on all leather items cut from 28% to 18%
10. GST on consumer electronics - TV (up to 27"), Washing Machine, Refrigerator, mixer, juicer, grinder cut from 28% to 18%
11. GST on special purpose vehicles, work truck, trailer cut from 28% to 18%
12. Reverse Charge Mechanism deferred till September 2019.

17/06/2018

LATE FEE ON DELAY IN FILING INCOME TAX RETURN FOR THE YEAR ENDED *31ST MARCH, 2018 (Asst.Yr: 2018-19)* under sec. 234F:

1. If Return filed during 01/04/2018 – 31/07/2018 : Late Fee *NIL*

2. If Return filed during 01/08/2018 – 31/12/2018 : Late fee Rs. *5000*

If total income does not exceed Rs.5 Lakhs then this Late fee will be restricted to Rs. *1000*

3. If Return filed during 01/01/2019 – 31/03/2019 : Late Fee Rs. *10000*

If total income does not exceed Rs.5 Lakhs then this Late Fee will be restricted to Rs. *1000* only.

*Better Get your ITR filed by 31/07/2018*

29/12/2017

Date Extend GSTR 1

13/11/2017

13/11/2017

GST Return date

12/11/2017

*Key Points From 23rd Council Meeting Today*-
1. *178 items have been moved from 28 per cent to 18* like chewing gums, Detergent, marble floorings, toiletries to 18 per cent from existing 28 per cent.
2. *Restaurants in starred-hotels will charge 18 per cent* tax with input tax credit, those in *lower category hotels to charge 5 per cent* GST without ITC, Jaitley said.
3. *Tax rate on 13 items reduced from 18 per cent to 12 per cent*, while tax rates have been reduced to 5 per cent on five items from 18 per cent. Besides, rate on 6 items lowered to zero from 5 per cent
4. *Late Fees for the months of July, August and Sept, 2017 for GSTR-3B waived in all such cases*. It will be re-credited to their Electronic Cash Ledger under “Tax” head instead of “Fee” head so as to enable them to use that amount for discharge of their future tax liabilities. The software changes for this would be made and thereafter this decision will be implemented.
5. *For subsequent months*, i.e. October 2017 onwards, the amount of late fee payable by a taxpayer whose tax liability for that month was ‘NIL’will be Rs. 20/- per day (Rs. 10/- per day eachunder CGST & SGST Acts) instead of Rs. 200/- per day (Rs. 100/- per day eachunder CGST & SGST Acts).
6. A facility for *manual filing of application for advance ruling* is being introduced for the time being.
7. *Exports of services to Nepal and Bhutan* have already been exempted from GST. It has now been decided that such exporters will also be eligible for claiming Input Tax Creditin respect of goods or services used for effecting such exempt supply of servicesto Nepal and Bhutan.
8. *Due dates for furnishing the following forms shall be extended as under*: -GST ITC-04 for the quarter July-September, 2017 25.10.2017 ; GSTR-4 for the quarter July-September, 2017 From 18.10.2017 To 24.12.2017; GSTR-5 for July, 2017 To 20.08.2017 or 7 days from the last date of registration whichever is earlier 11.12.2017; GSTR-5A for July, 2017 20.08.2017 To 15.12.2017; GSTR-6 for July, 2017 13.08.2017 To 31.12.2017; TRAN-1 30.09.2017 To 31.12.2017 (One-time option of revision also to be given till this date)
9. *For Foreign Diplomatic Missions / UN Organizations, a centralized UIN will be issued* to every Foreign Diplomatic Mission / UN Organization by the Central Government and all compliance for such agencies will be done by the Central Government in coordination with the Ministry of External Affairs.
10. *Taxpayers with annual aggregate turnover uptoRs. 1.5 crore* need to file GSTR-1 on quarterly basis as per following frequency:- Jul- Sep 31st by Dec 2017; Oct- Dec 15th by Feb 2018; Jan- Mar 30th by April 2018
11. *Taxpayers with annual aggregate turnover more than Rs. 1.5 crore* need to file GSTR-1 on monthly basis as per following frequency: -Jul- Oct 31st by Dec 2017; Nov by 10th Jan 2018; Dec by 10th Feb 2018; Jan 10th by Mar 2018; Feb 10th by Apr 2018; Mar 10th by May 2018

11/11/2017

GST salutation