E way Bill effective date notified

The Central Board of Excise and Customs vide Notification no. 74/2017 – Central Tax dated December 29, 2017 has appointed February 01, 2018 as the date from which the provisions of E-way bill shall come into force.

Read more at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-74-central-tax-english.pdf

CBEC-Clarification on filing of Returns under GST- Part-II

CBEC-Clarification on filing of Returns under GST- Part-1

The GST Council, in its 23rd  meeting held at Guwahati on 10th November 2017, has taken certain decisions in regard to filing of returns by taxpayers. Subsequently, various representations have been received seeking clarifications on various aspects of return filing such as return filing dates, applicability and quantum of late fee, amendment of errors in submitting / filing of FORM GSTR-3B and other related queries. In order to consolidate the information in various notifications and circulars regarding return filing and to ensure uniformity in implementation across field formations, the Board, in exercise of its powers conferred under section 168 (1) of the Central Goods and Services Tax Act, 2017 hereby clarifies the following issues:

E way Bill coming with New year

The nationwide e-way bill system will be available on trial basis from January 16, 2018 for traders and transporters to use voluntarily. The rules governing the compulsory implementation of the system will be notified on February 1, 2018.

If Excess Tax Paid By Mistake Under GST than it can be Credited back to Your Bank Account

A new facility has been started by the government on its GSTN portal, under which the taxpayers who paid excess tax money by mistake, can now transfer the money back to their bank accounts. This facility has started online from 29th November. With just one click, the money will be transferred directly to the bank account of the particular taxpayer.

To get back their excess tax money, businesses will be required to log on to GSTN portal by using their GSTN registered numbers and then they can apply for returning of the excess money. The money will automatically be credited to the concerned bank account.

Changes recommended in Composition Scheme

1. Uniform rate of tax @ 1% under the scheme for manufacturers and traders 
(for traders, turnover will be counted only for supply of taxable goods).
 No change for composition scheme for restaurant.

2. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same

3. Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law.
Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum.

Note :The changes recommended by GST Council at (3) above will be implemented only after the necessary amendment of the CGST Act and SGST Acts.

Extension of due date of filing GSTR-1

Due date of filing Returns GSTR-1, GSTR-2 and GSTR-3 has been extended vide Notification No. 30/2017 – Central Tax date 11 September 2017 but now Notification No-58 has further extended due date for GSTR-1 for persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year and due date for GSTr-2 and GSTR-3 shall be notified later.

New dates are as under:-

Waiver of Late Fee in case late filing of GSTR-3B under GST

Amount of late fee payable by any registered person for failure to furnish the return in FORM GSTR-3B by the due date under section 47 of the said Act was waived off completely

(i)                 For the month of July 2017 vide Notification No. 28/2017-Central Tax, dated. 01-09-2017

(ii)               For the month of August,2017  and September 2017 vide Notification No. 50/2017-Central Tax ,dated. 24-10-2017

(iii)             For the Month of October 2017 and onward, there is relaxation in amount of late fee instead of complete waive off which is as under:-

when two views are possible, one which favours the assessees has to be adopted

It is trite that when two views are possible, one which favours the assessees has to be adopted. Circulars are binding on the Department. The Government itself has taken the position that where whole of excise duty or service tax is exempted, even the Education Cess as well as Secondary and Higher Education Cess would not be payable.

No registration under GST if service Provider's aggregate Turnover less than Rs.20 Lakhs

In an earlier meeting of the GST Council, it was decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lakhs (Rs. 10 lakhs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.

23rd GST council recommendation -press release

Press Information Bureau 

Government of India
Ministry of Finance    
10-November-2017 19:48 IST

Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017

The GST Council, in its 23^rd meeting held at Guwahati on 10^th November 2017, has recommended the following facilitative measures for taxpayers:

GST -New functionalities made available on GSTN Portal

1. GSTR-2 Offline Version 2.1 -
New version of GSTR-2 offline tool is available on portal now. This will enable taxpayers to export data of GSTR-2 from Tool to Excel. This will be helpful in comparing this data with purchase register to take actions like accept, reject and modify.

2. Form GST CMP-02-

How quickly can Mutual Fund units be redeemed?

Mutual funds are preferred by many investors as money comes back quickly into their bank accounts when units are redeemed. 
Let's understand how you can redeem your mutual fund units. 

What is the procedure for redemption of mutual fund units? 

If you wish to redeem units of a mutual fund scheme, you may do so on any business day. To do it physically, you need to fill in a transaction slip, which you can download from the fund house website or detach from the end of your account statement. 
Read full story:-

Pay TDS if you are playing Rent more than Rs.50000

Are you living in a rented accommodation and paying a high amount of rent? You are now required to deduct TDS (tax deducted at source) on it and submit the same to the Income Tax Department. As per the new provision, effective from June 1, 2017, if your monthly rental payments exceed Rs 50,000, then you are required to deduct 5% TDS on it.

Eway bill/ TDF-live in Uttar Pradesh

Finally the facility of E Way Bill and Generation of Transit Declaration Form has gone live on Uttar Pradesh Sales Tax Website.


The procedure of generation of E Way Bill/TDF is more organized and refined than before.

Tax on gains on mutual fund

The asset under management of Indian mutual fund industry touched record high of Rs 20 lakh crore in July, driven by strong inflows into both debt and equity segments. Retail investors have been pumping record amount into mutual funds through SIPs. It is estimated that investors are putting in nearly Rs 5,000 crore every month through SIPs. Systematic Investment Plan or SIP as it is commonly known, is an investment plan offered by mutual funds, wherein one could invest a fixed amount in a mutual fund scheme at fixed intervals.

Here is how much income tax you have to pay on mutual fund gains:

Mutual fund investments must now be linked to Aadhaar: Here's how to do it

Mutual fund investments must now be linked to Aadhaar: Here's how to do it

http://m.economictimes.com/wealth/invest/mutual-fund-investments-must-now-be-linked-to-aadhaar-heres-how-to-do-it/amp_articleshow/60278247.cms

What is exit Load if I invest in mutual Fund??

Mutual funds companies collect an amount from investors when they join or leave a scheme. Fee charged to join or leave a scheme is generally referred to as a 'load'.

Exit load is a fee or an amount charged from an investor for exiting or leaving a scheme.

Is person taken registration voluntarily & having turnover less than ₹20lakhs/₹10 lakhs liable to pay tax under GST

Can a person who has taken GST registration voluntarily avail of the basic exemption threshold of Rs 20 lakhs / Rs 10 lakhs (depending on the state) and not pay GST?

Presentation for enrolment in GST

The existing  registered  assessee under State VAT/Excise/Service Tax must enroll their trade  / business / personal details  in  the  GST  portal  to get  Provisional  Registration  Certificate  under GST.

This  exercise  for VAT dealers has already been initiated and completed and now tax payers under excise and service tax need to complete their provisional registration under GST Portal.

We prepared a presentation on " How to enrol in GST portal?" and willing to share the same, download it.

DOWNLOAD

Guidance Note by CBEC to Department officers for migration under GST

Central Board of Excise & Custom (CBEC) has issued Guidance Note to the department officers regarding migration of existing tax payers under excise and service tax.

In Guidance note , statutory provision regarding migration and scheme representation of migration process has been explained.

It has been explained that if assessee is registered with State Commercial Tax department and he/she has already initiated this process of migration then there is no need to do the process again.
Guidance Note can be downloaded from the Link below.
LINK to download

GST set to be delayed till July, 2017

With the issue over division of the 10 million indirect tax assessee base between the Centre and states for administrative purposes looking intractable even at the end of the eighth session of the Goods and Services Tax (GST) Council here on Tuesday, the proposed epochal tax reform, which has been on the anvil for over a decade now, will most likely be delayed to June-July 2017 or later. While this and the differences over the size of the compensation for states and the administration of integrated GST (IGST) reflected how demonetisation has rapidly dispelled the initial Centre-state bonhomie at the council, the heightened uncertainty has made the Centre’s task of making the estimates for the Union Budget 2017-18 even more daunting.

Union finance minister Arun Jaitley said that with the council approving the 11-chapter draft integrated GST law except one section, the two key unresolved issues related to “cross-empowerment” and definition of “territory” for the purpose of taxation powers. Terming both “complex issues”, he explained that under the Constitution, territorial waters up to 12 nautical miles into the sea are in the Union territory, although coastal states enjoyed “fishing rights” in these areas and they have also been levying sales tax/VAT on high-sea transactions. Saying this was not a political issue, the minister said a constitutionally and legally tenable solution to it would be found soon. The council will meet next on January 16 to discuss the two issues.

READ MORE

GST- Rollout Unlikely Before June-July

NEW DELHI:  Rollout of the Goods and Services Tax (GST) regime may only be possible by June-July as the possibilities of meeting the April 1 deadline are bleak now in view of the GST Council's slow progress, some council members said on Tuesday.

"Rollout will definitely not be in April. If GST can be passed in the Budget session of Parliament, then June or July could be possible," Kerala Finance Minister Thomas Isaac told reporters here at the end of Day 1 of the council meet.

Registration for assessee under excise & Service tax started in GST

Registration in GST of existing assessee of Central Excise and Service Tax is Started from 5th and 9th of January, 2017 respectively. Enrolment under Goods and Service Tax law is schedule for various assessee according to their current status is as under: