sidharth shinde
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BUDGET 2018: HEALTHCARE WINNER, LOSERS COULD INCLUDE SAMSUNG, APPLE alankitgst.com
sidharth shinde
11 months ago in Business and Career
With national polls looming next year — and possibly as early as late 2018 — Finance Minister Arun Jaitley has rolled out a budget designed to help distressed farmers and rural areas while boosting growth, jobs and private investment. In this budget, India’s farmers and villagers, as well as companies with exposure to agriculture, emerge as the biggest winners. Bond investors might just be the…
KEY HIGHLIGHTS OF UNION BUDGET alankitgst.com
sidharth shinde
11 months ago in Business and Career
Mr. Arun Jaitley today presented the final full budget of Modi government before the country goes to polls next year, amid subdued economic growth and challenging fiscal situation. Given that rural India constitutes two-thirds of the country’s population, the agricultural sector is generously rewarded in this Budget along with education, healthcare and other populist policies being the focus areas. During the Budget 2018 speech, Mr….
BUDGET 2018: ARUN JAITLEY SAYS CRYPTOCURRENCY IS NOT LEGAL TENDER, GOVERNMENT WILL DISCOURAGE ITS USE alankitgst.com
sidharth shinde
12 months ago in Business and Career
In a move to regulate the cryptocurrency market in India, Finance Minister Arun Jaitley today cleared that it is not legal tender and it will discourage its use. However, he mentioned that the government will look at the utilisation of blockchain technology. During the run-up to the budget, there have been talks that the government could come out with a roadmap to regulate the cryptocurrency…
BUDGET 2018: SOME BASIC FACTS ON LTCG TAX alankitgst.com
sidharth shinde
12 months ago in Business and Career
WHAT IS LTCG? According to the government, LTCG mean gains arising from the transfer of longterm capital asset. The new tax rule will apply to equity shares in a company listed on a recognised stock exchange, units of an equity oriented fund and unit of a business trust. The new tax rules will also apply to those assets if the assets are held for a minimum period…
GST RETURNS UNDER COMPOSITION SCHEME HAVE A SURPRISE: HASMUKH ADHIA alankitgst.com
sidharth shinde
12 months ago in Business and Career
GST returns filed by companies opting for the GST composition scheme has left the government surprised as 5 lakh companies reported such a turnover which works out to annual sales of Rs 5 lakh only. Businesses with turnover up to Rs 20 lakh are exempt from the Goods and Services Tax (GST) regime, which kicked in from July 1, 2017. Out of 10 lakh businesses…
CENTRE WORKING TO MAKE GLITCH-FREE E-WAY BILL TAKE OFF IN 2-3 MONTHS alankitgst.com
sidharth shinde
12 months ago in Business and Career
The e-way bill under the Goods and Services Tax (GST), a mechanism to avert tax evasion on inter-State movement of goods, is likely to be re-notified in two to three months once the technical glitches are addressed. Further, to ensure that IT problems do not hold up the system in future, the government is looking at an alternative option that can be used by businesses…
GST RETURN SIMPLIFICATION PANEL TO MEET INDUSTRY THIS WEEK alankitgst.com
sidharth shinde
12 months ago in Business and Career
The government appointed panel on GST returns under GSTN chairman Ajay Bhushan Pandey will meet industry and traders this week to seek their views on simplification of return filing process. The committee is likely to submit its report to the Group of Ministers, headed by Bihar Deputy Chief Minister Sushil Modi, which will finalise its recommendations by the month end and place it before the…
CLARIFICATION REGARDING FEW SERVICES UNDER GST- CBEC alankitgst.com
sidharth shinde
12 months ago in Business and Career
Whether the services of elephant or camel ride, rickshaw ride and boat ride should be classified under heading 9964 (as passenger transport service) in which case, the rate of tax on such services will be 18% or under the heading 9996 (recreational, cultural and sporting services) treating them as joy rides, leviable to GST@ 28%?
GST REFUND DELAYS CAUSED WORKING CAPITAL CONSTRAINTS WHICH HIT EXPORTS IN OCTOBER alankitgst.com
sidharth shinde
12 months ago in Business and Career
The implementation and refund delays under Goods and Services Tax (GST) caused working capital constraints for firms, which in turn might have hurt their exports in October 2017, said a study by RBI staff. But various initiatives by the government since then appear to have significantly alleviated exporters’ concerns which got reflected in the exports growth pick up in November and December 2017, it said. A…
ADVISORY TO THE EXPORTERS FILING FOR REFUND OF IGST PAID ON EXPORT OF GOODS- GST PORTAL alankitgst.com
sidharth shinde
12 months ago in Business and Career
a)Advisory to the Exporters for Refund of IGST Paid on Export of Goods: File FORM GSTR 1 for the corresponding tax period. Fill complete and correct data of export of goods in Table 6A of FORM GSTR 1 of the relevant tax period. Pay your tax and File FORM GSTR 3B return for the corresponding tax period. While filing GSTR 3B Return for the said…
NO CENVAT CREDIT ADMISSIBLE ON OUTWARD TRANSPORTATION SERVICES FROM FACTORY TO BUYER’S PREMISES alankitgst.com
sidharth shinde
12 months ago in Business and Career
During the period from January, 2010 to June 2010, M/s. Ultratech Cement Limited (“the Respondent”) availed Cenvat credit of Service tax paid on outward transportation of goods through a transport agency from their premises to the customer’s premises. According to the Revenue, the transport agency service used by the Respondent for transportation of their final product from their premises to customer’s premises cannot be considered…
BOMBAY HC DIRECTS REFUND OF SGST DEPOSITED UNDER OTHER HEAD alankitgst.com
sidharth shinde
12 months ago in Business and Career
HC disposes assessee’s writ pursuant to Revenue’s undertaking to refund amount of SGST erroneously paid under Cess code; Notes that, for month of August 2017, assessee incurred an SGST liability of Rs. 80.60 lacs which was inadvertently paid under Cess code due to oversight/human error and therefore, GST portal rejected GSTR 3B return filed for the said month; Subsequently, assessee in response to communication from GST Helpdesk…
GST COUNCIL TO MEET IN MARCH TO USHER IN SINGLE MONTHLY RETURN alankitgst.com
sidharth shinde
12 months ago in Business and Career
Bringing relief to taxpayers, the Goods and Services Tax Council is likely to meet early next month to finalise a new and simplified monthly return filing format. To this end, GST Network Chairman AB Pandey met with stakeholders including industry chambers and traders on Thursday to get their views on a simplified return filing process. “All participants are keen for a single and simplified return…
RETAILERS ACCUSED OF LEVYING GST OVER MRP alankitgst.com
sidharth shinde
12 months ago in Business and Career
Consumers have been left in distress as a result of retailers charging Goods and Services Tax (GST) over and above the maximum retail price (MRP) of a commodity. As per a survey conducted by LocalCircles, consumers stated that many e-commerce sites, store retailers and traders have been charging GST on discounted MRP. For example, if a product worth Rs 2,000 is sold at Rs 1,000,…
TAX PAYER APPROACHES BOMBAY HC FOR FILING CRIMINAL CASE AGAINST GSTN FOR TAMPERING OF STATUS OF TRAN-1 alankitgst.com
sidharth shinde
12 months ago in Business and Career
A petition has been filed before the Bombay High Court against the central Government seeking a direction from the Court to file criminal complaint for tampering of status of Petitioner’s GST TRAN-1 Form online against Goods and Services Tax Network (GSTN) and non-resolution of grievance of the Petitioner by the Respondents. Advocate R S Sharma submitted that record is not secured in hands of Pvt…
EXPORTERS MUST ENSURE ONLY CORRECT AND SUFFICIENT INFORMATION IS FILED IN BOTH GSTN AND CUSTOMS SYSTEM TO GET IGST REFUND: GOVT. RELEASES FAQS alankitgst.com
sidharth shinde
12 months ago in Business and Career
The Central Board of Excise and Customs (CBEC) has released Frequently Asked Questions (FAQs) on IGST Refund, wherein it was clarified that, exporters must ensure that, only correct and sufficient information is filed in both GSTN and Customs system to get the IGST Refund. “The registered persons who have exported goods out of India on payment of IGST are eligible to get the refund of…
NEXT GST COUNCIL MEET ON MARCH 1, SIMPLER RETURN PROCESS EXPECTED TO BE UNVEILED alankitgst.com
sidharth shinde
12 months ago in Business and Career
The next GST Council meet is expected to take place on March 1 through video-conferencing, but with a limited agenda of simplifying the return process. At the 25th meeting of the GST Council held on January 18, Finance Minster Arun Jaitley said there was a general consensus on simplifying the return filing process where GSTR 3B will continue, but a final decision would be taken…
GOVERNMENT MAKES FILING OF GSTR 3B MORE USER FRIENDLY alankitgst.com
sidharth shinde
12 months ago in Business and Career
A statement appeared in the GST portal prescribed the followingsteps to file GSTR 3B. Steps 1) Fill either CGST or SGSTUTGST amount, other tax will get auto-filled. 2) You can now save the Form onconfirming details filled in the Table. You can fill balance details later. 3) Preview Form ordownload it for cross verifying saved details in any table(s) anytime. 4) No more Submit requirement tofreeze details and know…
QUARTERLY GST RETURNS FILING MAY BE EXTENDED TO ALL COMPANIES alankitgst.com
sidharth shinde
12 months ago in Business and Career
The government may change the goods and services tax (GST) returns filing periodicity from monthly to quarterly to make it simpler for all businesses to file their taxes. The requirement of filing three GST returns in a month is also likely to be brought down to one, government sources said. The committee working on the simplification of GST returns is likely to give its report…
GSTN PROVIDES NEW FEATURES IN RETURN alankitgst.com
sidharth shinde
12 months ago in Business and Career
Latest changes in GST portal · Earlier today, GSTN introduced a new validation for Tax amountof line items in sales invoices and other GSTR-1 documents. Per thisvalidation, for every line item, Tax amount should equal Taxable value * Taxrate, rounded up to 2 digits. Example: If taxable value = Rs. 100.53 and tax rate = 28%,then tax amount should be Rs. 28.15. Values such as 28, 28.1,…
55 LAKH GST RETURNS FILED IN JANUARY alankitgst.com
sidharth shinde
1 year ago in Business and Career
As many as 55 lakh GST returns have been filed for the month of January so far, GSTN Chairman Ajay Bhushan Pandey said today. The last date for filing initial GSTR-3B returns for a month is the 20th of the subsequent month. Hence, the sales return for January has to be filed by February 20. However, businesses can continue to file returns after payment of…
GST CIRCULAR ON NON-UTILIZATION OF DISPUTED AND BLOCKED TRANSITIONAL CREDIT alankitgst.com
sidharth shinde
1 year ago in Business and Career
CBEC has issued a Circular No. 33/07/2018 – GST dated February 23, 2018, regarding non-utilization of blocked and disputed transitional credit taken in terms of Section 140 of the CGST Act, 2017. The following are summarized pointers for your easy digest: Non-utilization of Disputed Credit carried forward: If any show cause notice was issued under Rule 14 of Cenvat Credit Rules, 2004 which has been adjudicated vide last…
SEC 80G DEDUCTION IS ALLOWABLE IN THE YEAR OF ACTUAL PAYMENT EVEN WITHOUT DONATION RECEIPT: ITAT [READ ORDER] alankitgst.com
sidharth shinde
1 year ago in Business and Career
In the case between General Capital and Holding Company Pvt. Ltd vs Income Tax Officer, Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) held that deduction under Section 80G of the Income Tax Act 1961 is allowable in the year of actual payment as well as that of getting the necessary donation receipt. Assessee Company in the case filed its return of income for the…
ANTI-PROFITEERING DRIVE: HUL TO OFFER GOVT ANOTHER TRANCHE OF GST BENEFITS alankitgst.com
sidharth shinde
1 year ago in Business and Career
Fast-moving consumer goods major Hindustan Unilever (HUL) is set to offer the government another tranche of goods and services tax (GST) benefits that it could not pass on to consumers. The move comes after the Directorate General of Safeguards, the investigation arm of the anti-profiteering authority in the GST regime, sent another notice to HUL last week, seeking clarity on the methodology used and supporting documents on how it arrived…
1.03 CR TAXPAYERS HAVE BEEN REGISTERED UNDER GST SO FAR TILL 25TH FEB, SAYS FINANCE MINISTRY alankitgst.com
sidharth shinde
1 year ago in Business and Career
The last date for filing of GSTR 3B return for the month of January 201?8? was 20th February 2018. The total Revenue received under GST for the month of January 2018 ?(received in January/February up to 25th February,2018) has been Rs. 86,318 crores. 1.03 crore taxpayers have been registered under GST so far till 25th February, 2018. So far 17.65 lakh dealers got registered as Composition D?ealers. Out of…
GST COLLECTION DIPS MARGINALLY IN JANUARY TO RS 86,318 CRORE alankitgst.com
sidharth shinde
1 year ago in Business and Career
The collection of Goods and Services Tax (GST) slipped marginally to Rs 86,318 crore in January, from Rs 86,703 crore in December. “The total revenue received under GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs 86,318 crores,” the finance ministry said in a statement. Total collections under the GST had registered an increase in December…
PRESS RELEASE FOR ENFORCEMENT ACTION IN THE CASE OF FRAUD alankitgst.com
sidharth shinde
1 year ago in Business and Career
The Central Board of Excise and Customs vide a Press Release dated March 1, 2018 in the case of Fraud by two businessmen in Mumbai who were creating fictitious invoices and were availing ineligible credit and have been arrested by Officers of CGST, Mumbai. The Press Release talks about the Enforcement Action in case of Fraud. The power to arrest is provided under section 69 of the CGST…
GST ANTI-PROFITEERING APPLICATION COMPLAINT FORM BEING MADE SIMPLER alankitgst.com
sidharth shinde
1 year ago in Business and Career
Filing complaints against companies for not passing on the benefits of tax reduction under the goods and services tax (GST) regime is to become simpler. The government is expected to simplify the anti-profiteering application complaint form. This comes after muted response to the mechanism and 150 complaints so far. Only six states got complaints directly. None has come from Delhi, Gujarat, West Bengal, Bihar, Telangana, and Madhya Pradesh. B…
DG SAFEGUARDS SENDS INVESTIGATION NOTICES FOR GST PROFITEERING IN 53 CASES alankitgst.com
sidharth shinde
1 year ago in Business and Career
The Directorate General of Safeguards, which probes profiteering complaints under GST, has issued investigation initiation notices in 53 cases, Parliament was informed on Tuesday. Minister of State for Finance Shiv Pratap Shukla said, as on February 23, the anti-profiteering authority had received 2,732 refund claims and dispersed Rs 32.96 billion. In a written reply to a question in the Rajya Sabha, Shukla said till February 23, the Standing Committee received 354 complaints…
E-WAY BILL MUST FOR INTRA-STATE GOODS MOVEMENT FROM JUNE 1 alankitgst.com
sidharth shinde
1 year ago in Business and Career
All states shall have to compulsorily implement the national e-way bill system for intra-state movement of goods by June 1, the government said on Tuesday. “As per the decision of the GST Council, the states may choose any date before June 1 for implementing the national e-way bill system for intra-state movement of goods… but all states shall implement it latest by June 1,” Minister…