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One Year of GST Rollout – A learning / Nightmare or Success?

One Year of GST Rollout – A learning / Nightmare or Success?   When the clock ticked 00.00 hours on the night of 30th June 2017, India has rolled out one of the major reforms, tax reform to be specific for rationalization of taxes known as “Goods and Service Tax” by subsuming about 40 plus […]

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GST Council unveils new, simplified return filing process

The GST Council on Friday unveiled a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place. “It will take about six month for GSTN to prepare for it so for that period the current arrangement of […]

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GST Council meet: E-way bill set for early rollout from February 1

The E-way bill under the goods and services tax (GST) will be rolled out from January 16. The decision was taken by the GST Council chaired by Finance Minister Arun Jaitley on Saturday through video conferencing. While traders can start using the E-way bill on a voluntary basis from January 16, it will be made […]

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Government appoints Shri B.N. Sharma (IAS:1985) as Chairman of the National Anti-profiteering Authority under GST

In an immediate follow up action of last week’s Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma, as the first Chairman of this apex Authority in the rank of Secretary to Government […]

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

The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has recommended the followingfacilitative measuresfortaxpayers: Return Filing a)The return filing process is to be further simplified in the following manner:             All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.             For filing […]

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GST Tip – 341

As per Section 74 of the CGST Act if the tax officer feels that tax is not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts to evade tax, then the concerned tax official shall serve a […]

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GST Tip – 257

As per Notification No.2/2017-Central Tax (Rate), 149 items are exempted from the CGST on the recommendation of the GST Council which are of public interest.  The same can be accessed from here – http://india-gst.in/wp-content/uploads/2017/06/Rate-2-2017.pdf

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GST Tip – 236

As per the Transitional Rules, every taxpayer opting to take input tax credit under Section 140 of CGST Act is required to file FORM GST TRAN-1 within 90 days from the appointed date. The same can be extended for another 90 days by the commissioner on recommendations of the GST Council.

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GST Tip – 226

As per the CGST Act, the government on the recommendation of the GST Council can increase the threshold limit for composition levy from Rs 50 Lacs to maximum Rs 1 Cr through a notification.

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GST Tip – 177

Under Composition Scheme, the threshold limit is Rs 50 Lacs,  the same can be increased up to a maximum of Rs 1 Crore basis on the recommendation of the GST Council.

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