The basis of the 28th GST Council Meeting, the changes proposed are passed as bills in the Lok Sabha on 9th August 2018. The Central Goods and Services Tax (Amendment) Bill, 2018 The Goods and Services Tax (Compensation to States) Amendment Bill, 2018 The Integrated Goods and Services Tax (Amendment) Bill, 2018 The Union Territory […]
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 […]
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 […]
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 […]
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.
As per the Final Returns, in GSTR – 1, HSN wise Summary has to be shown for the outwards supplies for the month along with the Unit of Measure, Quantity supplied, total value, taxable value along with the tax amounts for CGST, SGST/ UT GST, IGST and Cess in Table 12.
As per Final GST Returns, in Table 6 of GSTR – 1, data for exports / deemed exports and supplies to SEZ should be shown in this table. The columns related to CGST & SGST rates and amount, tax paid on the provisional basis, HSN Code and identification of line as the supply of goods or […]
As per the Determination of Value of Supply Rules, the formula is given to derive the tax amount from the total value of supply in cases where the value of supply includes GST taxes. Tax amount= Value inclusive of taxes X tax rate in % of IGST or as the case may be CGST, SGST […]