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10/03/2018

Decisions in 26th GST Council Meeting

No decision on GST return simplification

E-way bill will be implemented from April 1.
State-wise implementation of e-way bill will be done on a weekly basis (after April 7). Will try to implement it in all the states by end of April.
E-Way or electronic-Way Bill for intra-state movement of goods will be introduced in a phased manner.

The current system of filing GSTR 3B will be applicable for the next 3 months.

Reverse Charge provisions & TDS/TCS mechanism have also been postponed till June 30

Tax exemptions for exporters has been extended for six months while e-Wallet scheme has been deferred till October.

10/11/2017

*Outcome of 23rd GST council meeting*

1. New rates to be applicable from 15.11.2017 prospectively after notification.

2. 178 items shifted from 28% slab to lower slabs leaving apart sin goods and cess applicable goods.

3. Restaurants to have no ITC. Rate of tax shall be 5%. Restaurants in star hotels-18% with ITC. Other hotels -5% without ITC.

4. Outdoor catering -18% with ITC.

5. Gstr-3b to continue till 31.03.2018.

6. Nil returns to become very easy.

7. Only filing of GSTR-1 in current year for all taxpayers. Below 1.5 crore- 31st dec for July to sept, Qtr3- 15.02.2018, Qtr4- 30.04.18

8. Other taxpayers file GSTR 1 for July-oct by 31st dec 2017 then from November by 10th Jan, 18 (40days) - only GSTR 1

9. Gstr-1 to be matched with GSTR-3B.

10. Penalty on late filing, nil return- Rs. 20 per day. Others- Rs. 50 per day.

11. Composition: July-sept- ITC-05 by 31.12.2017 and GSTR-04 by 24.12.2017

12. *TRAN-01 to be filed by 31.12.2017.*

13. Composition rate of 1%for manufacturers.

14. Composition scheme for services up to Rs. 5 Lakhs in addition to supply of goods.

15. Composition limit to be increased to Rs. 1.5 crores only upon amendment of law.

16. 1% composition only on taxable and not exempt goods. Dealer dealing in exempted goods allowed to opt for composition.

09/10/2017

Govt may reduce items in 28% slab

Many Common-Use Products In Highest GST Category, States Complain
The GST Council may reduce the number of products in the highest slab, following a series of complaints by state finance ministers, who have argued that several common-use products face a 28% levy , causing hardship to people.
At least two state finance ministers told TOI that a number of items like bath fittings, cement, steel products such as rods used for construction are in the top bracket and do not belong there. “The idea was to classify the goods and services into merit and non-merit goods with the non-metrit goods in the top bracket. But we have gone beyond that,“ said a state finance minister, who has usually sided with the Centre on most issues.

The minister said the “block“ was too big and needed to be reduced. On Saturday, CBEC officials had also said that there were far too many items in the top slab.

The second state FM said the issue is expected to be discussed at the next meeting of the Council scheduled in Guwahati, given the concerns expressed by several states.“In the medium-term the aim is to move to fewer slabs,“ the minister said. Finance minister Arun Jaitley had last week reiterated the plan to move to fewer slabs in the future.

Some of the state government officials also believe that the 28% levy was also resulting in sellers evading taxes as it is quite common for shopkeepers to advise buyers to pay in cash, where no invoice is issued.

The talk of reducing the number of products in the top bracket follows finalisation of a concept paper at last Friday's GST Council meeting. It was decided that a formula for review, including the need for reduction in slabs, the tax credits available and revenue impact will have to be discussed by the Council in detail before a decision is taken, said a source. Separately, the government has also announced the establishment of a panel of state FMs, which will review the tax structure for different categories of restaurants for a possible re duction or rationalisation.Restaurants currently face a levy of 12% to 28%, depending on whether they are mere eateries or restaurants in five-star hotels.

In addition, the panel has three other terms of reference, including possible exemption for sales revenue from exempted goods in cal culating the overall turnover of an entity, a decision that is fraught with the risk of massive leakage from the government treasury .

The committee will see if the composition scheme can be extended to outward supply of goods. The scheme allows traders (1%), manufacturers (2%) and eateries (5%) with turnover of up to Rs 20 lakh to Rs 1 crore to pay GST at a flat rate with a lower compliance burden. In deciding GST rates, the government had opted for a principle of equivalence, where the combined incidence of VAT and excise, or service tax, was factored in. The Centre's focus was on ensuring that there was no rise in the burden on common-use items, especially those which are part of consumer price index, while protecting its revenue. Several items such as stationary were put in the top bracket, decisions that have already been tweaked.

Oct 09 2017 : The Times of India (Delhi)

28/06/2017

For *Composite dealer* ( with in 75 lakh turnover regd has composition dealer in gst ) due date for monthly GSTR (returns) is every quarter 4times in a year

*How much tax for composite dealer*

For traders on total sales of the quarter they must pay *1%* example
july sales 6lack
August sales 5lakh
Sept sales 6lack
Quarter sales 17lach
they must pay 17000=00

*Who are come under composite*

all traders & manufacturers except gutka, panmasala, to***co & ice cream manufacturers will not come under composit

*What are the conditions in composite*

1)Dealers cant sale interstate

2)Dealers cant take input what they purchase

3)Dealers cant collect gst by customers

4)your Customers cant take in put on your sales dealers

5)Dealer can purchase from interstate but they cant take input credit

6) Dealers purchases from urd dealer they must pay the vat on RCM
(reverse charge mechanism)

No RCM for Purchases from Unregistered persons upto Rs. 5,000 per day?Rule 46 says that consolidated invoice can be issu...
28/06/2017

No RCM for Purchases from Unregistered persons upto Rs. 5,000 per day?

Rule 46 says that consolidated invoice can be issued per month in case of purchases exceeding Rs. 5,000 per day from one or more unregistered suppliers. Impliedly, there will not be any tax payable on Reverse charge basis for such supplies upto Rs. 5,000 per day.

Lets not jump to conclusions but this is likely as also corroborated by tweet by government.

Rule 46 of Central Goods and Services Tax Rules, 2017 relating to Tax invoice etc.

Provided further that where an invoice is required to be issued under clause (f) of sub-section (3) of section 31, a registered person may issue a consolidated invoice at the end of a month for supplies covered under sub-section (4) of section 9, the aggregate value of such supplies exceeds rupees five thousand in a day from any or all the suppliers.

17/06/2017

The way forward:

1. If you are a Taxpayer having received Acknowledgement Reference Number (ARN):

You should be able to download the Provisional Registration Certificate from "Download Certificates" at GST website from 27th June 2017.
2. If you are a Taxpayer, who has saved the enrolment form with all details but has not submitted the same with DSC, E-Sign or EVC:

You will receive the ARN at your registered email ID, if the data given are successfully validated after 27th June 2017.
In case of validation failure (data like PAN not matching), you should be able to login at the same portal from 27th June 2017 onwards and correct the errors. You can refer the registered email for details of the errors.
3. If you are a Taxpayer, who has partially completed the enrolment form:

You can login at the portal on the above mentioned date and complete the rest of the form.
4. If you are not an existing Taxpayer and wish to register newly under GST

You would be able to apply for new registration at the GST portal from 25th June 2017.
We look forward to your support in transitioning into this historic taxation system.

Source : www.gst.gov.in

16/06/2017

GST pe doctors ka influence hai kya? Cholestrol badane wala kaju 5% aur dimaagi shakti badane wale badaam aur akhrot 12% pe?

15/06/2017

Press Information Bureau
Government of India
Ministry of Finance
15-June-2017 17:05 IST

Reduced Liability of Tax on complex, building, flat etc. under GST

The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1stJuly 2017 or to face higher tax incidence for payment made after 1st July 2017. This is against the GST law. The issue is clarified as below:-



1. Construction of flats, complex, buildings will have a lower incidence of GST as compared to a plethora of central and state indirect taxes suffered by them under the existing regime.

2. Central Excise duty is payable on most construction material @12.5%. It is higher in case of cement. In addition, VAT is also payable on construction material @12.5% to 14.5% in most of the States. In addition, construction material also presently suffer Entry Tax levied by the States. Input Tax Credit of the above taxes is not currently allowed for payment of Service Tax. Credit of these taxes is also not available for payment of VAT on construction of flats etc. under composition scheme. Thus, there is cascading of input taxes on constructed flats, etc.

3. As a result, incidence of Central Excise duty, VAT, Entry Tax, etc. on construction material is also currently borne by the builders, which they pass on to the customers as part of the price charged from them. This is not visible to the customer as it forms a part of the cost of the flat.

4. The current headline rate of service tax on construction of flats, residences, offices etc. is 4.5%. Over and above this, VAT @1% under composition scheme is also charged. The buyer only looks at the headline rate of 5.5%. In other cities/states, where VAT is levied under the composition scheme @2% or above, the headline rate visible to the customer is above 6.5%. What the customer does not see is the embedded taxes on account of cascading and sticking of input taxes in the cost of the flat, etc.

5. This will change under GST. Under GST, full input credit would be available for offsetting the headline rate of 12%. As a result, the input taxes embedded in the flat will not (& should not) form a part of the cost of the flat. The input credits should take care of the headline rate of 12% and it is for this reason that refund of overflow of input tax credits to the builder has been disallowed.

6. The builders are expected to pass on the benefits of lower tax burden under the GST regime to the buyers of property by way of reduced prices/ installments. It is, therefore, advised to all builders / construction companies that in the flats under construction, they should not ask customers to pay higher tax rate on instalments to be received after imposition of GST.

7. Despite this clarity on law position, if any builder resorts to such practice, the same can be deemed to be profiteering under section 171 of GST law.

*****

14/06/2017

Good news for Madira paan karne wale

Peene walon ko mubarak ho ki Kaju aur Ice ke GST rate 12% se ghata kar 5% kar diye gaye hai kyunki aapke liye inse essential aur kya items ho sakte hai.

Alcohol ko to GST se pehle hi bahar rakha gaya hai. State governments maan jaye to yeh tax free ho jayenga.

Aap log represent karo to cold drinks ko bhi 28% se 5% me la sakte hai. Waise aap me se bahut to "neat"ness me bhi vishwas rakhte hai.

06/06/2017

NEW SHINE - Jewellery stocks rally on low GST rate

Lower than expected GST rates for gold and jewellery lifted stocks of most players in this industry segment with the stock price of Titan, one of the leading entities, shooting up by nearly 17% at the close of Monday's trading. close of Monda Other top gainers were PC Jeweller, up 9.4%, TBZ up 5.4% and Gitanjali Gems closing at 3.4% higher.
In the draft GST rules, the Centre had indicted a tax rate between 2% and 6%, while the final rate, at 3%, was a positive surprise for the industry. On Saturday, after the government announced its decision, Nitin Khandelwal, chairman, All India Gems & Jewellery Trade Federation, had appreci ated it saying the low rate would help the gold and jewellery trade go for a higher level of compliance and help the industry mature as an organised sector in the future.

The 3% GST rate would be higher than the 2% overall tax that gold traders pay. But a report by ratings major ICRA said that the same would be passed on to end customers and “the higher tax is not likely to cause any major disruption to the gold jewellery demand.“ TNNThe report also noted that “the organised retailers were expected to benefit at the cost of unorganised players as the overall supply chain is likely to be streamlined with the scheduled rollout of GST.“

Jun 06 2017 : The Times of India (Delhi)

06/06/2017

No exemption from GST for hosp equipment, EOUs

With No CVD, Goods Will Be Subject To Full Rate Of IGST
The GST Council has decided to withdraw the exemption from countervailing duty (CVD), equal to excise duty, which is currently available to certain hospital equipment and 100% Export Oriented Units (EOUs), on import of all goods. This will make them liable to pay Integrated Goods and Services Tax (IGST) once the new regime kicks in from the scheduled date on July 1.
Import of equipment by government hospitals and those run by societies will be subject to full rate of IGST, as existing concessional rate of 6% CVD will not be available. This will impact hospital equipment and their parts and accessories, although basic customs duty exemption will be available, said tax lawyer R S Sharma.

While the GST Council has restricted the exemption from IGST to only specified category of importers, such as units in special economic zones (SEZs) and developers of these zones, the benefit has not been extended to EOUs.

“EOUs will henceforth will be liable to pay IGST on imports and can avail credit of IGST paid, which can be used for local supply of goods manufactured by them. They will also be entitled for a refund of IGST in case of excess accumulation of credit due to export,“ said Sharma.

The EOUs are, however, still hopeful of getting the benefits that are currently available to them.

“Discussion on IGST for export promotion schemes is going on. EOUs are also an export promotion scheme.So we expect that it may also be exempted from IGST. If not then duty has to be paid and refund has to be sought after exports, which will lead to increase in the cost of working capital, thereby leading to an increase in the cost of product. This will make Indian products less competitive in the international markets,“ said Rahul Gupta, chairman, Export Promotion Council for EOUs & SEZs.

Similarly , import of all consumer goods in packaged form with specified MRP, which are meant for trading, are at present exempt from 4% special additional duty , which is levied in lieu of VAT. It will now be subject to tax at full rate of IGST on imports.

Jun 06 2017 : The Times of India (Delhi)

03/06/2017

GST Council may increase CGST benefit on opening Stocks on 1. 7. 2017 from 40% to 50 or 60% in today's meeting. This will encourage dealers to desist from reducing stocks. Else there may be shortages.

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