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.

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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.

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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:

Centre, states put off decision on GST rate to next month

A decision on GST rate was today put off to next month even as the Centre and states converged towards a consensus on levying a cess on luxury and sin goods in addition to the highest rate of tax in the new regime.

The cess would be used to compensate states for any loss of revenue they may suffer from implementation of Goods and Service Tax (GST) in first five years beginning 1 April, 2017.

An informal consensus was reached at the end of the two-day meeting of the GST Council on a four-slab tax structure of 6, 12, 18 and 26 percent. The lower tariff will be for essential items and the highest bracket for luxury and sin goods like tobacco, cigarettes and alcohol, but a decision was put off to the next meeting.

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AO must process refund as per CBDT instruction

S. 143(1D): AO cannot rely on Instruction No.1/2015 dated 13.01.2015 to withhold refunds as the same has been struck down by the Delhi High Court in Tata Teleservices & the same is binding on all AOs across the Country. Action of the AO in not giving reasons for not processing the refund application is “most disturbing” and stating that he will wait till the last date is “preposterous”. Action of the AO suggests that it is not enough that the deity (Act) is pleased but the priest (AO) must also be pleased

3. GST-One question & its Answer daily

2. GST-One question & its Answer daily

GST-One question & its Answer daily

Four Rate of GST and Exemption for 50% goods & Service

Government is working on 4-slab rate, exemption for 50 per cent goods and services, 

AHEAD of the first meeting of the Goods and Services Tax (GST) Council on September 22-23, the Government is of the view that the basic tenet of the GST regime would be that it is “pro-poor” with 50 per cent of essential goods and services exempted from any tax.

The tax exclusion to nearly half the goods and services, an official said, would be “optically and politically correct” for the NDA government as already 300 items in the Centre and nearly 80 items in the states have this exemption.

At a review meeting Wednesday that discussed the run-up to the rollout, the consensus seemed to be that the new tax regime should not put fresh inflationary pressure and backed Revenue Secretary Hasmukh Adhia’s proposal of a tax band of 8 to 26 per cent with four rate slabs.

Sources said it was suggested that proposed slab rates of 8, 10, 18 and 26 per cent be tweaked to 10, 12, 16 and 25 per cent so that it did not affect revenue earnings and kept states on board as the final call has to be taken by the GST Council comprising state Finance Ministers and headed by Finance Minister Arun Jaitley.

Read Full :- http://indianexpress.com/article/business/economy/gst-rate-modi-govt-arun-jaitley-goods-and-services-tax-3031787/

Existing taxpayers of VAT, service tax and excise will be migrated to GSTN soon

Beginning next month, the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh taxpayers onto its system. This will facilitate the smooth implementation of the GST regime. “The first part of our software will be ready by end October. Existing taxpayers of value added tax, service tax and central excise will be migrated to GSTN,” said Navin Kumar, Chairman, GSTN.

                                                                                                                                                                            Identities to be issued

In an interview to BusinessLine, he said the GSTN will begin issuing GST identity numbers (TIN) and generating passwords for these taxpayers. “They can log on to our system, familiarise themselves [with it] as well as provide us relevant information,” he said. The GSTN, which will provide the IT infrastructure for the new indirect tax levy, has already received a list of all the taxpayers, their Permanent Account Numbers (PAN), names of the business entities, and their constitution or form from the tax authorities.

Requirements

On receiving their ID and passwords, taxpayers will be expected to log on to the GSTN and provide three additional inputs — place and address of business, name(s) of directors or proprietors, and details of bank accounts — which will become part of the GST records.

“Though the taxpayers will have time up to six months after the roll out of GST to provide this information, but we thought we will give them an opportunity to come on the system now itself and familiarise themselves,” said Kumar, adding that annually about four lakh new taxpayers are estimated to enrol on the IT network.

He also expressed confidence that the GSTN will be ready to meet the roll-out target of the indirect tax levy from April 1, 2017. “We will have a beta run from the end of February to end March and will go live from April 1,” he stressed.

Read Full :-http://www.thehindubusinessline.com/economy/taxpayers-to-get-a-feel-of-gst-next-month/article9111652.ece

Cabinet approves creation of GST Council and its Secretariat

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved setting up of GST Council and setting up its Secretariat as per the following details:

Due date of Filing Return under DVAT extended

In partial modification to this department's Circular No. 11 of 2016-17 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of first quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48  along with required annexure/enclosures

Goa is the 15th State Assembly to ratify the GST Bill

The Goa Legislative Assembly on Wednesday unanimously passed a resolution ratifying the amendments to the Constitution to pave way for the presidential assent to the Goods and Services (GST) Bill, 2016.

Chief Minister Laxmikant Parsekar said that Goa is the 15th State Assembly to ratify the Bill. With this, 50 per cent of States have passed the Bill paving way for the presidential assent, he said.

The resolution ratifying the Bill was passed at a specially convened one-day session after a two-hour long discussion, where legislators raised concerns over the possible revenue-loss the State could face, in view of that fact that it is primarily a service-oriented State and not a manufacturing destination.

Chief Minister Laxmikant Parsekar, however, sought to allay apprehensions saying that Goa, being a consumption destination, will benefit from the GST.

READ

Registration under Proposed Model GST Law

Who is required to get registered under GST?

1.    Any person who carries on any business whose turnover exceeds threshold limit.

Threshold limit has been proposed Rs nine lakhs of aggregate turnover in a Financial year. (Rs. Four Lakhs if the taxable person conducts his business in any of the NE States including Sikkim).

2.    Tax payer who is already registered under the present law (i.e. Excise, service tax ,VAT/CST etc)

3.    Transferee of a business of registered tax payer

4.    Persons making any inter-State supply

5.    Casual taxable persons

6.    Persons who are required to pay tax under reverse charge

 When is to require to get registration?

Mizoram Assembly becomes 13th state to ratify GST

Mizoram Assembly today ratified the Goods and Services Tax (GST) Constitutional Amendment bill by adopting an official resolution, becoming 13th state to have approved the legislation. The state legislature unanimously adopted the official resolution moved by Finance and Taxation Minister Lalsawta after deliberations on the first day of the Assembly.

Participants of the discussion, irrespective of party affiliations, expressed hope that the GST Act would not only streamline the tax regime in the country, but also benefit states like Mizoram.

READ

Telangana Legislature has ratified the Constitutional amendment Bill for the Goods and Services Tax

A special session of the Telangana Legislature (Legislative Assembly and Legislative Council) has ratified the Constitutional amendment Bill for the Goods and Services Tax on Tuesday.

While the Legislative Council passed the Bill unanimously, The Legislative Assembly debated on the Bill. MLAs for Opposition parties, especially AIMIM and Congress sought clarifications on the Bill, but supported its passage.

BJP MLAs expressed confidence that the GST would benefit the Telangana State

 READ

The Haryana Assembly ratified the Goods and Services Tax Constitution Amendment Bill

The Haryana Assembly ratified the Goods and Services Tax Constitution Amendment Bill late on Monday, making it the ninth state in the country to do so. Its support for the uniform tax came just hours after the Maharashtra Assembly unanimously ratified it. The state is ruled by the Bharatiya Janata Party, which has 47 seats in the 90-member Assembly. The Centre needs at least 15 states to approve the Bill for it to move to the next step in the process, which is implementation of the single national tax regime across the nation.
Read 

Maharashtra Became tenth State to ratify GST Bill

Maharashtra Legislative Assembly ratified the Goods and Services Tax (GST) Constitutional Amendment Bill passed by the Parliament, at a special one-day session of the state legislature in Mumbai on Monday. The proposal was passed unanimously by the Lower House, making Maharashtra the tenth state to ratify the GST bill, billed as the biggest tax reform since Independence.
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Nagaland became the ninth state to ratify the GST Bill

Nagaland became the ninth state to ratify the Bill after Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh and Delhi.
Nagaland Legislative Assembly (NLA) has ratified the Goods and Services Tax (GST) Amendment Bill during the one day 13th special session of the 12th NLA here on Friday after a brief discussion. Nagaland became the ninth state to ratify the Bill after Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh and Delhi.
Read full story

The Jharkhand became the third state to ratify the GST bill after Assam and Bihar.

Ranchi, Aug 17 (IANS) The Jharkhand Assembly on Wednesday passed the Goods and Services Tax (GST) Bill and became the third state to ratify the bill after Assam and Bihar.

Ranchi, Aug 17 (IANS) The Jharkhand Assembly on Wednesday passed the Goods and Services Tax (GST) Bill and became the third state to ratify the bill after Assam and Bihar.

Except for dissenting Communist Party of India-Marxist and Leninist (CPI-ML) legislator Raj Kumar Yadav, the bill was passed unanimously in the state Assembly.

"India has a tradition and culture to take taxes. The GST will end the tax discrimination and it will end the British tax system," said Jharkhand Parliamentary Affairs Minister Saryu Rai while tabling the GST bill in the Assembly.

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Assam becomes first state to ratify GST Constitution Amendment Bill

Taking an important step forward on the Goods and Services Tax, Assam has become the first state to ratify the Constitution Amendment Bill on GST. Today, the Assam Assembly unanimously passed the Constitution Amendment Bill on GST. Assam has a BJP government, led by CM Sarbananda Sonowal. “Assam will be remembered as the first state in the country to ratify the GST constitutional amendment bill,” Sonowal said. All states need to pass the GST Bill in their respective assemblies. Also, Central Goods and Service Tax (CGST) and Integrated Goods and Service Tax (IGST) bills need to be passed by both houses of Parliament for the Bill to finally become a law. GST is India’s most important indirect tax reform since Independence.
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GST Impact

GST will change the way India does business: Who will win, who will lose

Indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to multiplicity of taxes and costs involved. With hopes that the Goods and Services Tax (GST) will see the light of the day, the way India does business will change, forever. 

Total tax collection in India (direct & indirect), currently stands at Rs 14.6 lakh crore, of which almost 34 per cent comprises indirect taxes, with Rs 2.8 lakh crore coming from excise and Rs 2.1 l .. 

Read more at:

Wait, GST is not a reality yet: It still has to cover 7 gruelling steps

NEW DELHI: The Rajya Sabha clearance to the GST Bill, touted as the biggest tax reform since India's Independence, lifted market mood on Thursday, but only briefly. The bill is set to improve the government's revenue and help it achieve better transmission of prices. 

It is expected that certain goods, such as capital goods, would become cheaper by 12-14 per cent, increasing demand for them, raising investment and, thus, economic growth. 

However, the landmark legislation .. 

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राज्यसभा से पास होने के बाद भी बहुत पेचीदगियां होंगी जीएसटी की राह में

राज्यसभा में जीएसटी संविधान संशोधन विधेयक पास हो जाने के बाद भी इसे लागू करना बहुत कठिन है
• राज्यसभा की सहमति के बाद संशोधन विधेयक पर कम-से-कम आधे राज्यों की सहमति की जरूरत होगी
• सरकार 1 अप्रैल 2017 से जीएसटी लागू करना चाह रही है, लेकिन एक्सपर्ट्स के मुताबिक यह लक्ष्य पूरा नहीं हो पाएगा
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FAQ on Electronic Accounting System in Excise and Service Tax

  (1)    What is assessee code and is it different from Registration number, “ECC” code and “STC”? 

            They are all one and the same. The assessee code is a 15-character identification number allotted by the system to the Central Excise or Service Tax assessee based on PAN number or a temporary number (in cases where PAN could not be submitted). The 15-character assessee code will be available in the registration certificate issued to the assessee.    

(2)       What is Location Code? How does one get it?  What is Commissionerate code, Division code and Range Code?

Why you should file your tax return by July 31 i.e due date of filing ITR

The due date for filing income tax return for individuals-July 31 - is fast approaching but several people think that if one has paid all one's taxes there is no adverse consequence even if one misses the tax return filing deadline. However, this is not correct. Even if all your taxes have been paid you would still lose out on certain benefits if you do not file your income tax return by the due date. 

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CBEC has formed a committee to identify the key concerns and sort them out through dialogue between center and States

There are a lot of square brackets or what are called unresolved issues with respect to the proposed GST, which may create hassle for the taxpayers.

In order to iron out administrative differences between the Centre and states over the proposed goods and services tax (GST)  regime, the Central Board of Excise and Customs (CBEC) has formed a committee to identify the key concerns and sort them out through dialogue. The issues include administrative threshold as well as revisionary powers.
 

“There are a lot of square brackets or what are called unresolved issues with respect to the proposed GST, which may create hassle for the taxpayers. Therefore, the committee has been formed to look into each of these issues and take them up with the states,” said a government official.

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Ananth Kumar Says Early Passage Of Goods And Services Tax Bill Will Be Priority

NEW DELHI:  The whole country is in favour of Goods and Services Tax (GST) Bill, Union Parliamentary Affairs Minister Ananth Kumar today claimed and said passage of this "very important" bill will be his priority for which government will talk to all political parties.

"GST is a very important bill. The whole country is in favour of passing this bill as early as possible. We will talk, discuss and request all political parties that this bill should be passed in this session (Monsoon), so that it can be implemented as early as possible," he told reporters after assuming his new charge.

Mr Kumar was given the portfolio in the reshuffle of ministries by Prime Minister Narendra Modi yesterday. He replaces Union Minister M Venkaiah Naidu.
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A Note on Krishi Kalyan Cess-KKC-Updated

Recently vide Notification 35/2012 ST dated 23 June 2016, Government has exempt from levy of KKC if the conditions mentioned in the notification satisfied.

Accordingly it has exempted taxable services from levy of Krishi Kalyan Cess (“KKC”) in cases which satisfies the following two conditions:

– Where invoices have been raised prior to 01.06.2016; and

– Where provision of service has been completed prior to 01.6.2016.

Thus no KKV shall be levied in case where provision of service completed and invoice has been raised prior to 01.06.2016 or.

If both conditions not satisfied , POT shall be determined as per Rule 5 of POT rules. Please download the note from the Link Below or write to me if not able to download "cackbajpai@gmail.com"

DOWNLOAD

Quarterly Revision of Interest Rates for Small Savings Schemes

Quarterly Revision of Interest Rates for Small Savings Schemes

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under: