Page 132 - Gst

Taxpayers listen up! Revise erroneous credit claims under GST by Dec 27

The ministry said that some of these high transitional credits may have a bona fide explanation or may be a case of bona fide mistake.

A 3-month relief on cards for traders over pre-GST stocks

From April 1 onward, manufacturers will not have to display details of GST on packaged commodities

Two petitions filed against IGST on ocean freight element

While the Delhi High Court has admitted the petition of Narendra Plastic, a similar petition was filed by Victory Ventures in the Bombay High Court

What is the treatment of sales return under GST law?

If due to any issue, the goods are returned by the customer to the supplier, these can be sent back under cover of a delivery challan

GST jolted biz confidence in Q2: NCAER survey

India Inc's confidence dived due to Goods and Services Tax (GST) trouble in the second quarter (July-September) of the current financial year, according to the National Council of Applied Economic Research (NCAER). Its Business Confidence Index (BCI) fell 12.9 per cent from the earlier quarter. The survey of business sentiment was done in September. Year-on-year, the index fell 11.1 per cent. NCAER has been conducting a Business Expectations Survey (BES) every quarter since 1991. This tracks what around 600 Indian companies think, to compute the composite BCI. Responses are elicited from companies and sectors across six cities, to assess business sentiment in the country's four regions. Delhi-Natinal Capital Region represents the north; Mumbai and Pune the west; Kolkata, the east; Bengaluru and Chennai the south. NCAER says allsectors are adequately represented -- in terms of ownership type (public sector, private limited, public limited, partnership/individual ownership, ...

Single authority to issue GST refund for exporters: Adhia

>The government has streamlined the issuance of goods and services tax (GST) refund to exporters, by a single authority.These would, however, still be issued by the Centre for its part of GST and states for their portion. This arrangement would also be streamlined in the times to come, said Hasmukh Adhia, finance secretary. The GST Council had earlier decided that central officers will have 10 per cent of assessees and the states the other 90 per cent for taxpayers with annual turnover up to Rs 1.5 crore. Over this threshold, assessees would be divided equally between Centre and states. On that basis, the Centre and 20 states have worked out their jurisdictions, also covering refund issue to exporters. Adhia added that delay in refunds arose because some exporters were not filing accurate data in their returns. He says they're filing for more claims than the taxes they paid, leading to mismatch. A little over 10,000 had assessees had given their returns for input tax credit ...

The GST joystick

As the GST subsumed taxes that added up to 40% of India's total tax take, achieving 'revenue neutrality' is critical

Flat rate vs multiple rates

In India, the situation of people is such that if we charge simple food and clothes at 18 per cent, there will be serious repercussions

GST: Can a challan generated online be modified by a registered taxpayer?

If a taxpayer has incorrectly generated a challan, he has an option to generate a new one for payment of taxes

Simply junk the entire GST law

The present law threatens to unleash an avalanche of litigation over a period of time

Tax circular raises fear of double IGST

PwC said the circular recognised the possibility of double taxation when goods stored in bonded warehouses were transferred to another person

Rs 50,000 crore of exporters' GST refund stuck

According to the industry, this will reflect in the November export numbers

What is time limit under GST for bringing back goods sent to a job worker?

Under the GST regime, goods sent to a job worker should be treated as a supply, as supply includes all forms of supply such as sale, transfer, etc

Restaurants not passing on GST benefits to consumers: Survey

Over 7,000 people voted in this poll

ITC, Dabur, HUL, Marico extend benefits of GST rate cut to consumers

Earlier in the day, Dabur India said it has cut prices of existing stocks across categories such as shampoos, skin care and home care by 9%

GST: 10-member panel set up to simplify returns

GST Council had announced forming the committee on Nov 10 to suggest ways for simplification of the returns filing process

4.36 mn businesses file initial GSTR-3B returns for October

3.9 million returns were filed within due date for September and 2.8 million for August and 3.3 million for July

Exporting woes

Govt needs to sort out the GST refund process quickly

Act fast on GST rate cut or face action: Hasmukh Adhia

Finance secretary says onus of passing on the benefits is on companies

What is mechanism for amending registration certificate under GST law?

If there is change in any of the particulars furnished in the application for registration, a person is required to file an application within 15 days