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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 […]

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GST Tip – 420

As per Notification No 3 – Central Tax, Person taking registration under composition scheme has to file Form ITC-03 within 180 days from the date of taking registration under composition scheme. Replacing old provisions of 90 days in Sub-rule 3(a) of rule 3 of CGST Act.

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Changes recommended in Composition Scheme

The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati today.   Uniform rate of tax @ 1% under composition scheme for manufacturers and traders (for traders, turnover will be counted only for the supply of taxable goods). No change […]

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22nd GST Council Meeting Updates – Press Release

Recommendations made by the GST Council in its 22nd Meeting held today under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley in the national capital. The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, […]

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GST Tip – 260

As per Notification No. 8/2017-Central Tax dated 27th June 2017, the threshold limit for Composition Scheme has been increased to Rs 75 Lacs in all states and Rs 50 Lacs with states under special category status. Manufacturers of Ice cream and other edible ice, whether or not containing cocoa, Pan masala & All goods, i.e. Tobacco and manufactured […]

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GST Tip – 225

As per Composition Rules, a taxpayer registered under composition scheme is required to file FORM GST CMP-04 if he ceases to follow any of the rules as per the act or rules within 7 days of such event and then issue a regular tax invoice.

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GST Tip – 224

As per the Composition Rules, every person registered under composition scheme should mention “composition taxable person” on every notice or signboard displayed at a prominent place at his principal place of business and at every additional place or places of business.

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GST Tip – 220

As per the Composition Rules, any taxpayer who has been provided provisional registration, have to file an intimation in FORM GST CMP-01 if he opts to pay tax under composition scheme on the common portal or through GST facilitation center notified by the commissioner prior to appointed day or within 30 days from appointed day.

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GST Tip – 206

As per the Draft Input Tax Credit Rules, when regular taxable person changes to composition scheme, for the capital goods remaining in stock the input tax credit to be reversed, is based on the residual life of the asset as 5 years and input tax credit will be computed on pro-rata basis for the remaining life of the […]

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GST Tip – 205

As per Draft Input Tax Credit Rules, the taxpayer who has registered for GST  as regular taxpayer now opts for Composition Scheme, then the input tax credit has to paid in FORM GST ITC-03 as output tax liability for the inputs lying in stock, and inputs contained in semi-finished and finished goods lying in stock, the input tax […]

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