Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: due date for vat payment :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd
« GST - Goods and Services Tax »
 Exporters still struggling to get GST refunds
 GST rules set to be simplified further
 Next GST Council meet may liberlise rules, revamp filing process
 A Guide to GST Registration
 GST e-way bill software set to be overhauled
 GST matching with income-tax, plus eye on gold trail to power collections
 GST return simplification to end traders’ woes likely before March 31
 GST will aggravate India’s huge tax litigation problem
 Draft Assessment Order Under Section 144c Of Income Tax Act, 1961
 GST not a tax-friendly regime
 GST return simplification panel to meet industry this week

Decisions of 22nd GST Council meeting - 6th Oct 2017
October, 10th 2017

GST Update (Decisions of 22nd GST Council meeting which is yet to be notified):

1. Benefit for Composition Scheme

1.1 Threshold turnover to opt for composition scheme is raised from 75 lacs to 1 crore;

1.2 Person opting for composition scheme was restricted from providing any exempted / taxable service. But now a composite dealer can provide exempted service also. Eg. A doctor running clinic / hospital and pharmacy can now opt for composition for pharmacy;

1.3 A Group of Ministers shall be formed to make composition scheme more attractive.

2. Earlier any person providing inter-state service (other than job worker) was not eligible for threshold exemption of 20 lacs. However now such service providers can avail such benefit. Any person who has already taken registration may opt for cancellation;

3. Now small and medium businesses with annual aggregate t/o upto 1.5 crore shall file GSTR-1 , 2 & 3 returns on Quarterly basis and also make payment on Quarterly basis. This provision shall be effective from Oct-Dec 2017 quarter. However GSTR-3B will have to be filed on Monthly basis till December'17 by all assessees;

4. Liability for payment of tax in respect of un-registered expenses shall be deferred till 31st March 2018. This extent of applicability of this exemption shall be confirmed after it is notified;

5. Small units having aggregate t/o upto 1.5 crore are exempted from payment of GST on advance received against supply of Goods. This exemption is not for supply of service;

6. Service of GTA provided to un-registered person shall be exempted;

7. Provision for GST TDS/TCS shall be extended till 31st March 2018;

8. E-way bill shall be implemented in staggered manner w.e.f 1st January 2018 and full-fledged roll out w.e.f 1st April 2018;

9. Export benefit:

9.1 Refunds of input tax for exports outside India shall begin from 10th October 2017 for month of July and 18th October 2017 for Month of August;

9.2 Refunds of IGST and Input tax for export to SEZ shall begin from 18th October 2017;

9.3 Merchant exporter (Trader) can now procure goods from domestic supplier on payment of GST @ 0.1%;

9.4 Exporters holding Adv. Authorization/EPCG and EOU's can now import / procure goods from domestic supplier without payment of GST;

9.5 Mechanism in 9.3 and 9.4 above is for temporary relief. As permanent relief, "e-wallet" to be introduced w.e.f 1st April 2018 which shall be credited  for exporter with notional amount as advance refund for payment of GST. This advance shall be later adjusted with balance refund due after export;

9.6 To restore the lost incentive on sale of duty credit scrips, the GST on sale/purchase of these scrips is being reduced from 5% to 0%;

9.7 Specified banks and Public Sector Units (PSUs) are being allowed to import Gold without payment of IGST. This can then be supplied to exporters as per a scheme similar to Advance Authorization.

10. Sale/supply of vehicles by a registered person, who had procured the vehicle prior to 1st July 2017 and has not availed input tax credit of central excise duty, VAT or any other taxes paid on such vehicles, would be taxed at 65% of the applicable GST + Cess rate. This reduced rate would be applicable for a period of 3 years with effect from 1st July 2017;

11. Sale by way of auction etc. of used vehicles, seized and confiscated goods, scrap etc by Central Government, State Government, Union Territory or a local authority, to any person, to be subjected to GST under reverse charge under section 9 (3) of the CGST Act;

12. Works contract services involving predominantly earth works (that is, constituting more than 75% of the value of the works contract) supplied to Central Government, State Governments, Local Authority, Governmental Authority or Government Entity shall be taxed at 5%;

13. Upfront amount paid for long-term lease of more than 30 yrs of industrial plot/ plot for infra development by  authority having more than 50% stake of CG/ SG/UT shall be exempted from GST;

14. Further GST rates have also been revised in respect of certain goods / services.

Finally 22nd meeting of GST Council has really given some breathing space to trade and industry people. 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions