Loading...

Follow GST India | Goods and Services Tax in India on Feedspot

Continue with Google
Continue with Facebook
or

Valid

In the 35st GST Council meeting on Friday extended the tenure of the National Anti-Profiteering Authority (NAA) by two years.

The Council also approved imposing a penalty of up to 10 per cent on entities not passing on benefits of GST rate cuts to consumers.

Briefing to reporters after the meeting of the Council, Revenue Secretary A B Pandey said “it has been decided to allow the use of Aadhaar by businesses to register with GST-Network”.

The council also extended the due date for filing annual returns (GSTR-9) under the Goods and Services Tax (GST) regime by two months to August 30.

“The one-form new GST return filing system will be applicable from Jan 1st , 2020” he added in conference.

The Council, which is headed by the Union Finance Minister and comprises representatives of all states and UTs, also approved an e-invoicing system and e-ticketing in multiplexes cinemas.

The matter of rate cuts for electric vehicles sent to fitment committee for further consideration.

The tenure of NAA has been extended by two years till November 30, 2021.

Soon after the GST was rolled out from July 1, 2017, the government had approved setting up the NAA for two years to deal with complaints by consumers against companies for not passing on GST rate cut benefits.

The National Anti Profiteering Authority came into picture on Nov 30, 2017, after its Chairman B N Sharma assumed charge. Till Now the NAA has passed 67 orders in various cases and complaints still keep coming in.

The post GST Council meeting updates appeared first on GST India | Goods and Services Tax in India.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

The PSBLoanin59 Minutes is an initiative of the Government of India to facilitate credit for the micro, small and medium enterprises. The borrowers can access the web portal and avail a principal approval for MSME loans up to an amount of one crore within 59 minutes from five public sector banks and SIDBI.

It is a comprehensive initiative of PSB consortium led by SIDBI under the guidance of the department of Financial Services in the ministry of Finance. The portal has set a yardstick in loan processing and reduces the previous turnaround time from twenty or twenty five days to 59 minutes. Following the approval for the principle amount, the loan is disbursed within a period of seven to eight days.

How to apply for PSBLoanin59 Minutes?

The following are the steps to keep in mind when you need PSBLoanin59 Minutes.

  • The first step is to visit the online portal and sign up on this link.
  • You have to fill the loan application form with the required details.
  • Enter your ID and mobile number to get an OTP on your name and enter the OTP when asked.
  • You have to enter the required details such as GST return filing, income tax and the rest.
  • Submit the application for the loan amount.
  • You may require certain documents such as verification of GST, IT, Bank documents and the other documents.
Key aspects of the loan

The borrowers must note these key features of the loan.

  • The loan includes a majority stake of SIDBI and the five big public sector banks including the Bank of Baroda, PNB, Indian and Vijaya Bank.
  • The MSME’s have an advantage of connecting with the multiple banks without visiting their branches.
  • The MSME’s provide an advanced digital platform when it comes to financing with Services Driven Architecture and the highest level of information security in this loan facility.
  • It is a standalone platform in the market with a Banker Interface covering the Branch Level integrations that align with the current system of the PSB’s.
  • The platform allows the bankers to prepare loan products in line with the methods of assessment and the Scoring models within their credit policy that have been approved.
  • This loan platform is synonymous with CGTMSE for checking the eligibility of the borrowers and they can get a loan amount of up to two crores without providing any collateral, and this aspect provides a lot of flexibility for the borrowers in the micro, small, and medium enterprises.
  • The platform also includes an integrated ITR, GST, fraud checker, Bureau check, and tool for analyzing the bank statement along with scores of other features that no other player in the market provides to the clients.
  • With the help of this loan initiative by the Indian government, the MSME’s can get the best financial support as it tends to lessen the time taken to apply for the loan, and the disbursal also comes easily.
  • The money transfer takes place within a period of seven to eight days and the money comes into the bank account directly.

The initiative to provide loans to the MSME’s are entirely automated in such a manner that the borrower gets the eligibility letter along with the approval of the principal amount of the loan within 59 minutes. Basically, it is a business loan for which the borrower does not require any contact and the interest rate starts from 8%.

Summing it up The PSBLoanin59 Minutes is a unique platform in the segment of MSME and incorporates advanced technology to ensure that the process of loan approval and disbursement is streamlined. While the loans do not require any kind of human intervention until the amount is disbursed to the borrower, the process of applying for the loan amount is user friendly.

On the other hand, it ease the process of decision making of the loan officer as the final outcome includes the credit summary along with valuation and verification on a dashboard which is user-friendly.

The post What is PSBLoanin59 Minutes: The Ultimate Guide appeared first on GST India | Goods and Services Tax in India.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

The Union finance ministry is finally ready to move ahead with the one nation-One-tax-single monthly return system for the GST,
a step that will simplify the whole process of filing returns and also getting ITC.

Last May govt announced the three-phase plan to address complaints about the difficulties in filing multiple returns.
As per the plan, for six months, in a transition phase, businesses would continue to file two returns, GSTR-1 and GSTR 3B,
a summarised return form. After first six months, they would move to a single filing on a to-be-introduced form.
For consumer-facing businesses, the simplified form would be about total sales while for business-facing businesses.

That move was delayed while the back-end, the GSTN (GST Network), was being made ready for this.
Now, govt. officials directly wants to be familiar with the simplified form is ready, and could be launched by July-2019.

No further clearances are required the simplification process because the GST Council already cleared the three-phase plan in May-2018.

The third phase will involve invoice matching across GSTR-1 and GSTR-3.

The introduction of the new simplified process of one form monthly basis will reduce the annual compliance burden of traders
from 24 GST returns (GSTRs) to just 12, apart from one return for the entire financial year, the officials said requesting anonymity.

1-July-2019 will see a trial run of the second phase, the officials cited above said.

One of the major criticisms of GST was the compliance burden of filing returns. This was one of the reasons for the principal Opposition, the Congress party, to criticise the new tax regime. Traders, too, have been demanding a reduction in the number of returns to be filed.

“The new return mechanism should help the industry as multiplicity of filings is avoided, with a single monthly return in place. However, it also means that greater control would need to be exercised on vendor’s compliances as [after a transition period] input credit will be limited to the extent of GST amount reflected on the portal,” said Pratik Jain, partner and leader-indirect tax, PwC.

“The reconciliation between the company’s purchase records and that reported by the vendors would need to be performed on a regular basis and can’t be the year-end exercise. Government, on the other hand, would expect significant reduction in tax leakage once the new mechanism is fully implemented,” he added.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
GST Collection year wise

The GST collection for March-19 crossed up-to its highest since the new system rolled-out of the nationwide sales tax. The mop-up for March rose 10.05 percent over the Mar-18 to Rs 1.13 lakh crore, according to a statement by the Ministry of Finance.

That compares with the previous high of Rs 1,06,577 crore collected for Feb-19. The GST revenue for March-19, collected in Apr-19, is also 16.05 percent more than the monthly avg of Rs 98,114 crore in the last
financial year.

That compares with the previous high of Rs 1,06,577 crore collected for Feb-19. The GST revenue for March-19, collected in Apr-19, is also 16.05 percent more than the monthly avg of Rs 98,114 crore in the last financial year.

The basic reason for higher tax collection could be businesses managing to reverse ineligible input credits, especially due to mismatch with vendor returns, said Krishan Arora, partner at Grant Thornton India LLP.

The number of GSTR-3B returns filed, however, fell. As of April 30, 72.13 lakh returns were filed for March-19, down from 75.95 lakh for Feb-19 and 73.4 lakh for Jan-19.

Rs 1.13 lakh crore was paid by taxpayers for March-19, the collected amount will reflect in govt’s accounts in 2019-20 financial year as it was collected in April.


For financial year 2018-19, the govt’s total GST collection stood at Rs 11.77 lakh crore against the revised target of Rs 11.47 lakh crore. In the ongoing financial year, the total GST collection is targeted at Rs 13.71 lakh crore.

The government has budgeted Rs 6.1 lakh crore as its share. The step increase in collections despite rate cuts in FY-19 shows that GST revenues are now on the stabilisation curve, said Mani.

If the trend continues, he said, the GST target for 2019-20 would be achieved.

March Break-Up Here’s the break-up of tax collected under various categories for March:
CGST: Rs 21,163 crore
SGST: Rs 28,801 crore
IGST: Rs 54,733 crore
Compensation Cess: Rs 9,168 crore

IGST is settled between the states and the center government’s, based on where goods and services were consumed. From the IGST collected for
March, Rs 20,370 crore was transferred as central GST and Rs 15,975 crore as State GST.

The post The GST Collection For March-19 Hits All Time New Record At Rs 1.13 Lakh Crore appeared first on GST India | Goods and Services Tax in India.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

NEW DELHI: The staffing industry has reached out to the GST ( Goods and Services Tax ) Council to seek ITC (input tax credit) on insurance services procured for its employees. 

Modi, who is a member of the panel on MSME relief, said the GoM was unanimous that the exemption limit for the MSMEs which are supplier of goods should be increased but there was no unanimity among states. Hence, it was left to the GST Council to decide.

While Delhi state govt. suggested that the limit should be hiked to turnover of up to Rs 40 lakh, Bihar govt. suggested it at Rs 50 lakh.


“We had a meeting with GST Council and have sought them to either clarify or amend the Act to remove ambiguity with regard to availability of input tax credit on insurance charges incurred on employees,” Suchita Dutta, executive director of the Indian Staffing Federation (ISF), told one news agency. 

The industry expert says the advantage will give support it to offer better social security package to workers while also reducing their cost of doing business. 

Indian Staffing Federation said since insurance services are used by staffing business in the course of furtherance of its outward supply of manpower services, it should be eligible for ITC(input tax credit)

“Allow input tax credit of GST paid with respect to health, medical, accidental and life insurance coverage for employees or notify insurance procured for employees as eligible for input tax credit with retrospective effect,” ISF said in its submission to the council on September 25

The post GoM wants exemption limit for MSMEs to be increased, GST council may decide appeared first on GST India | Goods and Services Tax in India.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
What is Form GSTR-9?

Form GSTR-9 is an annual return to be filed once in a year by the registered taxpayers under GST including those taxpayers who are registered under composition levy scheme.

This includes details regarding supply made and received during the year under various tax heads, i.e. CGST, SGST and IGST. It integrates the information presented in the monthly/quarterly returns during the year.

Who should file GSTR-9 ?

All the registered taxable persons under GST must file Form GSTR-9.

However the following persons are not required to file GSTR 9

  1. Casual Taxable Person
  2. Input service distributors(ISD)
  3. Non-resident taxable persons
  4. Persons paying TDS under section 51 of GST Act.
What are different types of return under GSTR-9 ?

GSTR-9: it should be filed by the regular taxpayers who are filing GSTR-1, GSTR-2 and GSTR-3

GSTR-9A: it should be filed by the persons registered under composition scheme under GST  and who are filing Form GSTR-4

GSTR-9B:it Should be filed by e-commerce operators who have entered GSTR-8 during the financial year

GSTR 9C – GST 9C should be filed by taxpayers, whose annual turnover is more than Rs. 2 crores during the financial year. All such taxpayers also need to pay their tax and pay taxes by auditing their account and paying a copy of the audited annual reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C.

When is GSTR-9 due date?

The GSTR-9 due date is 31st December of the subsequent financial year. Thus for the current financial year, filing GSTR-9 will happen on or before the 31st of December, 2018.

What is the Penalty for the late filing of GSTR-9 return ?

Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated on a quarter percent of the taxpayer’s turnover in the state or union territory. Thus it is Rs 100 under CGST & 100 under SGST, the total penalty is the default of 200 rupees per day. There is no late fee on IGST.

Details to be provided in GSTR-9

Total 9 Sections has been included in the Form GSTR-9  

  1. Provide GSTIN:  Each taxpayer will be allotted 15-digit goods and service taxpayer identification number (GSTIN) based on a state-wise PAN. At the time of filing returns, the taxpayer’s GSTIN will be automatically populated.
  2. Legal name of the registered person: Taxpayer name will be auto-populated at the time of logging into GST portal. In Table 2 there is a sub-section called 2C, which states that the registered person is responsible for carrying out legal audit. It should be noted that in the case of companies and in the case of individual / HUF, statutory audit is mandatory, if the business is more than Rs. 1 crore.
  3. Date of statutory Audit:   Date of the statutory audit, needs to be mention the date of the statutory audit.
  4. Auditors: The name of the auditors of the entity who have audited the accounts of the entity need to be mention here.
  5. Details of Expenditure: Details of goods and services purchased during the financial year must be provided in this section. Such information needs to be provided along with the HSN / SAC codes applicable and the taxable value of such goods and services, these details are mentioned in the GSTR-2 Form. This information is divided into the following heads:
  • Total value of purchases on which ITC is availed (Inter-State)
  • Total value of purchases on which ITC is availed (Intra-State)
  • Total value of purchases on which ITC is availed (Imports)
  • Other Purchases on which no ITC is availed
  • Sales Returns
  • Other Expenditure (Expenditure other than purchases)

Below are the screenshots of the above details to be filed in the Form GSTR-9.

A.    The total value of purchases on which ITC is availed (Inter-State)

  1. Details of income:

    Details of all supplies and sales made during the year needs to be provided here. Such details are also mentioned in GSTR 1. These info is divided into the following categories:

a) Total value of supplies on which GST paid (inter-State Supplies) : It includes the supplies given in other states on which IGST is paid.

b) Total value of supplies on which GST Paid (intraState Supplies) : It includes supply within the state on which CGST and SGST are paid.

c) Total value of supplies on which GST Paid (Exports): It involves the export of goods and services made during the financial year on which IGST amount is paid.

d) Total value of supplies on which no GST Paid (Exports) :It involves the export of goods and services made during the financial year on which IGST is not paid.

e) Value of Other Supplies on which no GST paid : It includes the details of supply of goods and services made during the year without any GST paid on it. which is SGST and CGST in case of intra state supply and IGST in case of interstate supply?

f) Purchase Returns: The details of the purchase return made during the year are to be given here.

g) Other Income (Income other than from supplies): Any other income earned during the year other than the mentioned in above-mentioned points should be described here

Return Reconciliation Statement

After furnishing all the required information the portal will perform the task of auto-reconciling the transactions and will determine tax liability payable against the tax actually paid. ThThe portal will also highlight the amount of tax difference, interest,  penalty if any.


Other

If there is any other payment, then it will be auto-populated here. It may include outstanding or any liability because of the assessment.

Benefits as per profit and loss details

In this section, gross-profit, profit after tax and breakdown of net profit will be mentioned.

Once all the details are filled correctly, the taxpayer will have to sign the return certificate through a Digital Signature Certificate (DSC) or Aadhar-based signature verification

The post Easy Step by Step Guide on Form GSTR-9 appeared first on GST India | Goods and Services Tax in India.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

The GST Council  meet relaxed the tax exemption limit to Rs 40 lakh from the earlier cap of Rs 20 lakh during its 32nd meeting on today.

GST Council Meet key Updates:-

  • A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley. 
  • The exemption limit for MSMEs has been raised to Rs 40 lakh of annual turnover, says FM Arun Jaitley.
  • The GST council also doubles the annual turnover threshold for GST registration, says FM Arun Jaitley.
  • The council has allowed the state of Kerala to impose a cess of up to 1 percent on intrastate sales for two years, says FM Arun Jaitley.
  • The GST composition limit for services is now set at Rs 50 lakh, says FM Arun Jaitley.
  • The composition scheme limit has been hiked from Rs 1.50 crore, says FM Arun Jaitley.
  • After the devastating floods that took place in 2018, Kerala has been permitted to levy a 1 percent cess for two years, according to a CNBC TV 18 report.
  • The threshold for the GST registration has been raised for businesses with an annual turnover of Rs 50 lakh, Bloomberg Quint quoted Andhra Pradesh’s Finance Minister Y Krishnudu on the sidelines of the meeting. Currently, businesses with a turnover of gambit of Rs 20 lakh or above fall under GST.
  • GST threshold to be raised for turnover of Rs 50 lakh and above 
    The threshold for the GST registration has been raised for businesses with an annual turnover of Rs 50 lakh, BloombergQuint quoted Andhra Pradesh’s Finance Minister Y Krishnudu on the sidelines of the meeting. Currently, businesses with a turnover of gambit of Rs 20 lakh or above fall under GST.
  •  The GST Council is currently discussing GST rate on under construction properties, reports BloombergQuint quoting Andhra Pradesh Finance Minister YR Krishnudu. He adds that the GST registration to 50 lakh. 
  • The GST Council meeting is still underway. It may go beyond 2-230 pm as the GST Council is yet to discuss several items on the agenda. Stay tuned for live updates of the 32nd GST Council meet.
  • Currently, businesses below annual turnover of Rs 20 lakh are exempted from paying GST. The proposal is to increase to increase this threshold for MSMEs. The Council may also bring small service suppliers under the composition scheme — an alternate method of taxation that allows small businesses with annual turnover up to Rs 1 crore to pay tax at a concessional rate as well as reduce the compliance cost.
  • It’s more than two hours since the meeting began and reports from the ground indicate that it may go beyond 2-230 pm as the GST Council is yet to discuss several items on the agenda.

The post 32nd GST Council meet updates: Returns under composition scheme only once in a year:FM Arun Jaitley appeared first on GST India | Goods and Services Tax in India.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

NEW DELHI: The due date for filing of return for availing input tax credit for financial year 2017-18 is Saturday as the government has turned down corporate India’s plea for an extension.

The finance ministry, however, clarified that filing of details by suppliers and the facility to view it did not impact taxpayers’ ability to avail input tax credit (ITC 1.05 %).

“It is clarified that the furnishing of outward details in Form GSTR-1 by the corresponding supplier and the facility to view the same in GSTR-2A by the recipient is in the nature of taxpayer facilitation and does not impact the ability of the taxpayer to avail the ITC on self-assessment basis in consonance with the provisions of the Section 16 of the Act,” the ministry said in a statement on last Thursday.

The statement said the apprehension that ITC can be availed only on basis of reconciliation between Form GSTR-2A and Form GSTR 3B for September 2018 is “unfounded” as the exercise can be done thereafter also.

Tax analyzers said the government should allow for rectification of the return form at least once after the due date considering that hundreds of crores of rupees are at stake

“While the press release says reconciliation between GSTR 2A (vendor’s invoices) and GSTR 3B is not needed, the law does clearly state that input credit will not be allowed unless vendors have paid tax and filed their returns,” said Pratik Jain, national indirect taxes leader at PwC.

Sachin Menon, national head, indirect tax, KPMG in India, told, “The government release seems to be hinting that the receiver of taxable supply shall claim all input credits even in anticipation of potential uploading of invoices by suppliers post the filing of September 18 returns. Being the first year of GST, even to figure out missing invoices through reconciliation is time consuming and hence industry expects government to be lenient.”

The post No deadline extension to file GST returns for ITC appeared first on GST India | Goods and Services Tax in India.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

NEW DELHI: Former President Pranab Mukherjee Friday said  that the impasse over the Goods and Services Tax (GST) cannot be resolved politically and the supreme court will have to be involved at some key points.

Delivering the 16th V K Krishna Menon Memorial Lecture on the topic ‘Sovereignty, International Law and Diplomacy’ here, Mukherjee replied by accepting the GST,  Both the goverments have surrendered their “sovereign rights” over imposing excise duty and sales duty respectively over certain items

“In India, a debate is going on GST. What is GST? To some extent, the 29 state units and Union Territories have surrendered their taxation authorities, certain subjects mentioned in state list of seventh schedule of the Constitution. Government of India has surrendered its sovereignty with regard to the imposition of taxes with regard to the excise duty which was the exclusive domain of the Centre which was at one point of time a major chunk of tax revenue to India,” he said.

“While accepting Goods and Service Tax(GST), the Government of India is surrendering its sovereign authority in imposing excise duty and states their authority of sales tax over certain items. I do feel that the matter cannot be resolved finally politically, but through some extend legal guidance or pronouncement from the highest court would be required at some point of time.” he added.

“The sovereignty of the state should be used in a flexible manner by actively participating in international organisations for receiving common gains. The importance of role of international organisations which are at the utmost level trying to promote cooperation between the states. In this respect almost all sovereign states have conceded to others some of these so called sovereign rights in order to acquire facilities,” Former president added.

The post Impasse over GST can’t be resolved politically: Pranab Mukherjee appeared first on GST India | Goods and Services Tax in India.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

30th GST council meeting today, Cigarettes may take on disaster relief CAS

New Delhi. GST Council’s 30th meeting today is going to be held in Delhi, it is being told that the meeting will be through video conferencing and there can be many important issues discussed in this meeting.

 Imposition of cess under GST to provide relief to Kerala flood victims

It is being said that there may be discussions in several states even after the cess is reduced. Let us tell you that in the last few quarters, there is a shortage of Cess in almost half-dozen states of the country.

A temporary tax under GST to help states in exigencies

Apart from this, cigarettes can be increased once again to help the flood-prone states, which is being said that cess on cigarettes can be increased to around 5 to 6 percent. Apart from this, it is being told that by raising the cess on some other things, that money can be helped by flood-prone states.

Apart from this, it is being said that in this meeting, it can also be decided on whether the government has given cashback in the reward on the digital payment by the poor people.  Let us tell you that after the GST is introduced in the country, the GST Council sits from time to time and decides on how to apply the GST rate. Let me tell you that all the states are represented in the GST Council meeting.

Discussion on GST Collection positions of the states

The graph of the GST collection showed that states showed 16 percent shortfall in the first year of its implementation. This shortfall has been reduced to 13% in next period. Finance minister Arun Jaitley stated that the deficit is expected to neutralize itself within 5 years of GST’s rollout.

The post 30th GST Council Meeting key-points appeared first on GST India | Goods and Services Tax in India.

Read for later

Articles marked as Favorite are saved for later viewing.
close
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Separate tags by commas
To access this feature, please upgrade your account.
Start your free month
Free Preview