FAQ – 8
FAQ – 8 : A Taxpayer has operations in three different states and his total turnover as per GST in all the three states is Rs 2.25 Crs. Turnover in State A is Rs 2.04 Crs, State B is Rs 14.00 Lacs and turnover in State is Rs 7.00 Lacs. Does the taxpayer has to file GSTR – […]
GST Audit Notified
The much-awaited GST Audit is notified wide Notification No 49/2018-Central Tax ,dt. 13-09-2018
Updates from GST – Notifications & circulars issued on 4th Sep 2018.
On 4th September 2018, 4 notifications related to central tax have been issued by CBIC and 5 circulars have been also issued to provide clarification on some aspects of e-waybill and refund processing in certain cases. Notifications issued Notification-39-2018-central_tax-English Notification-40-2018-central_tax-English Notification-41-2018-central_tax-English Notification-42-2018-central_tax-English Circulars issued Circular_No.57 Circular_No.58 Circular_No.59 Circular_No.60 Circular_No.61
27th GST council meeting discusses change in GST rate for digital transactions and imposition of Sugar Cess
Incentive to promote Digital Transactions: Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and SGST rates] on B2C supplies, for which […]
GST Revenue collection in the month of April 2018 exceeds Rs. 1 Lakh Crore
The total Gross GST revenue collected in the month of April 2018 is Rs.1,03,458 crore of which CGST is Rs18,652 crore, SGST is Rs.25,704 crore, IGST is Rs. 50,548 crore (including 21,246 crore collected on imports) and Cess is Rs.8554 crore (including Rs.702 crore collected on imports). The total number of GSTR 3B Returns filed for the […]
GST TIP – 436
As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, in case if the taxpayers utilizes the same and the adjudication is not in favor of the taxpayer, the taxpayer has to pay the amount of the utilized CENVAT Credit in the Electronic Credit Ledger with interest and penalty as per the provisions of the CGST […]
GST Tip – 362
As per Notification No. 45/2017 – Central Tax in Sub-rule 2 of Rule 54 in case of documents issued by a bank or financial institution, the words “tax invoice” is replaced by a new term known as “consolidated tax invoice” as the statement is issued for a period.
Synopsis of GST Notifications issued on 13th Oct 2017
Synopsis of GST Notifications During the 22nd GST Council Meeting, many decisions have been taken to make the GST System simpler and more user-friendly. Some of the key decisions taken are like differing reverse charge till the end of April 2018, change in the reporting requirements for GST Taxpayers up to a turnover of Rs 1.5 […]
GST Revenue Figures – As on 25th September, 2017
The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283 crore. Out of the total GST collection of Rs. 92,283 crore, the […]
GST Tip – 296
Section 6.1 of GSTR – 3B, details of payment for GST has to be shown. Amount of Tax Payable, Amount of Tax paid under GST utilizing the ITC and balance amount in cash has to be shown along with interest and late if any payable for CGST, SGST, UTGST, IGST and Cess.