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  • Govt plans insurance scheme for GST-registered small traders
    Posted Date : 12-Jan-2019 , 08:47:10 am | Posted By CASANSAAR

    Ahead of the general elections, the government is considering an insurance scheme for lakhs of GST-registered small and medium scale traders with a view to address certain concerns of this segment. According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Man...

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  • Recommendations made by the GST Council in its 32nd Meeting
    Posted Date : 10-Jan-2019 , 08:37:34 pm | Posted By CASANSAAR

    The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi gave approval for  the following:          i.  Changes made by CGST (Amendment) Act,2018, IGST (Amendme...

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  • Major Decisions taken by the GST Council in its 32nd Meeting
    Posted Date : 10-Jan-2019 , 08:35:43 pm | Posted By CASANSAAR

    The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others - 1.   Increase in Turnover Lim...

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  • GST exemption limit for SMEs Doubled
    Posted Date : 10-Jan-2019 , 03:45:52 pm | Posted By CASANSAAR

    The GST Council on Thursday doubled the Goods and Services Tax (GST) exemption limit for small and medium enterprises (SMEs) from April 2019, according to sources. Besides, companies with up to Rs 4 million turnover in a year will be exempted from GST payment. Relief for the real estate sector is al...

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  • GST composition scheme limit hiked to Rs 1.5 crore from April 1
    Posted Date : 10-Jan-2019 , 03:27:41 pm | Posted By CASANSAAR

    The 32nd Goods and Services Tax (GST) Council meeting concluded today with a list of decisions made that would impact medium and small-scale industries. Here's what was decided:  1) From April 1, composition scheme limit will be increased from Rs 1 crore to Rs 1.5 crore. Those who come u...

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  • GST Council to partner with NHAI to curb e-way bill fraud
    Posted Date : 09-Jan-2019 , 08:12:09 am | Posted By CASANSAAR

    The Goods and Services Tax (GST) Council will join hands with the National Highways Authority of India (NHAI) to curb e-way bill fraud, sources said on Tuesday. As per the source, the GST Council, in its 32nd meeting that is scheduled to be held on January 10, will discuss the use of vehicle's ...

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  • GST, excise, service tax evasion of Rs 48,555 Cr detected during Apr-Dec
    Posted Date : 09-Jan-2019 , 08:09:51 am | Posted By CASANSAAR

    GST, central excise and service tax evasion detected during the April-December period of the current financial year stood at Rs 48,555 crore, the highest in two years. During the period, 8,917 cases of evasion of central excise, service tax and GST were detected involving an amount of Rs 48,555.0...

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  • Govt waives late fee for non-filers of GST returns between July 17-Sept 18
    Posted Date : 02-Jan-2019 , 10:20:56 am | Posted By CASANSAAR

    The government has waived late fees for non-filers of summary and final sales returns for the July 2017-September 2018 period by businesses registered under the goods and services tax (GST). However, these businesses would have to file their returns for the 15-month period by March 31, 2019, the ...

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  • GST Revenue collection for December 2018
    Posted Date : 01-Jan-2019 , 05:13:28 pm | Posted By CASANSAAR

    The total gross GST revenue collected in the month of December, 2018 is Rs. 94,726 crore of which CGST is Rs. 16,442 crore, SGST is Rs. 22,459 crore, IGST is Rs. 47,936 crore (including Rs. 23,635 crore collected on imports) and Cess is Rs. 7,888 crore (including Rs. 838 crore collected on imports)....

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  • 23 goods and services become cheaper from today
    Posted Date : 01-Jan-2019 , 12:25:52 pm | Posted By CASANSAAR

    23 goods and services, including movie tickets, TV and monitor screens and power banks become cheaper from today as the reduced  Goods and Services Tax (GST) on them came in to effect from today. The GST Council on December 22 had decided to cut tax rates on 23 goods and services and exempte...

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  • GST evasion worth Rs.38,896 crore detected during April-Oct
    Posted Date : 29-Dec-2018 , 11:34:05 am | Posted By CASANSAAR

    The government has detected GST evasion worth Rs.38,896 crore in 6,585 cases in the April-October period of 2018-19, Parliament was informed on Friday. Minister of State for Finance Shiv Pratap Shukla said while central excise evasion of ₹3,028.58 crore in 398 cases was unearthed during the...

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  • Govt may continue GST compensation scheme till 2025
    Posted Date : 24-Dec-2018 , 01:05:24 pm | Posted By CASANSAAR

    The Union government plans to create a backstop facility for states to receive compensation for three additional years to implement the nationwide goods and services tax (GST) after the expiry of the first five years as mandated by the Constitution. This is aimed at ensuring that states grappling wi...

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  • Recommendations made during 31st Meeting of the GST Council - Rate changes
    Posted Date : 22-Dec-2018 , 06:08:43 pm | Posted By CASANSAAR

    GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through...

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  • Decisions taken by the GST Council in the 31st meeting held regarding GST rate on services
    Posted Date : 22-Dec-2018 , 06:07:26 pm | Posted By CASANSAAR

    GST Council in the 31stmeeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates, ITC eligibility criteria, exemptions andclarificationson connected issues.The decisions of the GST Council have been presented in this note in simple languagefor ea...

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  • Recommendations made during 31st Meeting of the GST Council
    Posted Date : 22-Dec-2018 , 06:06:14 pm | Posted By CASANSAAR

    The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations: There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. A scheme of ...

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  • Certain important issues referred by GST Council to various Committees / GoM
    Posted Date : 22-Dec-2018 , 06:05:30 pm | Posted By CASANSAAR

      The GST Council in its 31st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them:   Extending the Composition scheme to small service providers. The rate of tax and threshold limit to be proposed - Law Committee...

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  • Development of new return filing system by GSTN
    Posted Date : 18-Dec-2018 , 04:04:31 pm | Posted By CASANSAAR

    GSTN will focus on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. While the new return is yet to be notified, GSTN has started development of the components in which major changes are not expected. Improvement in User Interface on...

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  • GST evasion worth Rs 12,000 crore detected between April-Nov
    Posted Date : 12-Dec-2018 , 06:03:37 pm | Posted By CASANSAAR

    The government has detected GST evasion worth Rs 12,000 crore in 8 months till November, a senior tax official said Wednesday.  Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said despite the electronic way or E-way bill mechanism there has been rampant evasion and the...

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  • Govt extends due dates for filing GST Annual returns, Audit reports to March 31 2019
    Posted Date : 09-Dec-2018 , 01:13:56 pm | Posted By CASANSAAR

    The government has extended the deadline for filing goods and services tax annual returns and the related audited reports by three months to March 31 next year. Previously the due date for the same was December 31, 2018.  "The competent authority has decided to extend the due date for f...

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  • GST - Effective tax rate on complex, building, flat etc
    Posted Date : 09-Dec-2018 , 12:45:07 pm | Posted By CASANSAAR

      It is brought to the notice of buyers of constructed property that there is no GST on sale of complex/ building and ready to move-in flats where sale takes place after issue of completion certificate by the competent authority. GST is applicable on sale of under construction property or re...

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  • Simplified GST return forms to be rolled out from April 1 - Rev Secretary
    Posted Date : 06-Dec-2018 , 08:30:23 am | Posted By CASANSAAR

    The new simplified GST return forms will be rolled out from April 1, 2019, revenue secretary Ajay Bhushan Pandey said on Tuesday. He exuded confidence that the government will achieve the budgeted target for Goods and Services Tax (GST) collection and said the revenue department is getting inputs...

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  • E-commerce firms not liable to collect TCS from suppliers with less than Rs.20 lakh turnover
    Posted Date : 04-Dec-2018 , 09:51:10 am | Posted By CASANSAAR

    The e-commerce companies are not liable to collect TCS on supplies made by entities with turnover not exceeding ₹20 lakh and are not registered under GST, the CBIC has said. As per Goods and Services Tax (GST) provisions, beginning October 1, 2018, e-commerce companies deduct 1% tax collect...

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  • Govt clears Rs 91,149 cr GST refunds to exporters so far; Rs 6,053 Cr still pending
    Posted Date : 04-Dec-2018 , 09:41:45 am | Posted By CASANSAAR

    The finance ministry Monday said Rs 91,149 crore has been issued so far to exporters as GST refunds, which are 93.77 per cent of total claims with the tax authorities. In a statement, the ministry said Rs 6,053 crore worth GST refund is still pending with the government and that is being "ex...

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  • GST Amnesty scheme likely for Nil, Non-Filers
    Posted Date : 03-Dec-2018 , 06:49:40 am | Posted By CASANSAAR

    The Goods and Services Tax (GST) Council may consider one-time amnesty scheme to facilitate exit for ‘nil’ filers and non-filers. “Approximately there are 25 lakh ‘nil’ filer assessees while on an average 10 per cent of assessees have never filed returns so far,&rdqu...

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  • GST collection for November stands at Rs. 97,637 Cr
    Posted Date : 03-Dec-2018 , 06:38:23 am | Posted By CASANSAAR

    The GST collection in the month of November this year stood at  97 thousand and 637 crore rupees. The collection in October had crossed one lakh crore rupees.  The revenue collected in November relates to transactions made in October.  According to an official release, out of th...

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  • Centre, states apportion Rs 33,000 crore IGST in November
    Posted Date : 01-Dec-2018 , 01:33:25 am | Posted By CASANSAAR

    As much as Rs 33,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in November.  The states' share would be over Rs 16,000 crore, the official said.  The apportionment would add to the goods and services tax (G...

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  • Govt extends deadline for filing TDS returns under GST for Oct-Dec to Jan 2019
    Posted Date : 01-Dec-2018 , 07:00:07 am | Posted By CASANSAAR

    The government has extended the due date of filing tax deducted at source (TDS) returns under GST laws for the October-December period till January 31, 2019. The TDS provisions under the goods and services tax (GST) were brought into effect from October 1, 2018. According to the Central GST (CGST...

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  • Examination for Confirmation of Enrollment of GST Practitioners
    Posted Date : 30-Nov-2018 , 08:16:03 am | Posted By CASANSAAR

    Reference is invited to Press Release dated 1.11.2018 and 19.11.2018 regarding exam for GST Practitioners (GSTPs) scheduled on 17.12.2018. For this exam, only those GSTPs of the relevant category were invited to register on examination portal whose enrolment on GST Network was approved as on 15.11.2...

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  • Govt extends deadline for GST returns filing for taxpayers affected by cyclones
    Posted Date : 30-Nov-2018 , 08:14:14 am | Posted By CASANSAAR

    The government has extended the date for filing summary GST sales returns for October for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu. A finance ministry statement said in New Delhi on Wednesday that for taxpayers whose principal place of business is in the district of Srikaku...

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  • New return forms and lower refund outgo to push up GST collections
    Posted Date : 23-Nov-2018 , 10:43:09 pm | Posted By CASANSAAR

    Revised and simpler tax return forms as well as lower refunds will likely boost revenue collection from Goods and Services Tax (GST), which the government expects to touch to Rs 1.5 lakh crore every month from the next financial year (2019-20). “GST collections should be around Rs 1.5 lakh ...

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