GST Monthly Newsletter: January edition by ICSI

  1.1 General: As a GST professional, author and speaker, I am regularly interacting with various stakeholders of GST. Regarding Charitable Trusts/Institutions, lot of people are keen to know more about taxability of services provided or received by such entities. The queries that were raised, based on practical difficulties faced by them, because of exemption and taxability of some of its activities under GST, I write this Article. Generally Charitable Trusts/Institutions supplement the work of a welfare State and the State in turn has recognized its contribution by giving them generous tax treatment. The Indian Trust Act was enacted in 1882 and from 1886 Charitable Trust received a favored and preferential treatment in Indian Income tax Act at that time. The major exemptions were offered in Service tax vide Mega

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GST Registration & Filing Services in Varanasi

GST or Goods & Services Tax is a very new concept. Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Act Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% ,18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars

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GST Network introduces functionality to simplify returns filing process

  The GST Network said it has introduced a functionality which simplifies the returns filing process for taxpayers. “A new functionality has been introduced on the GST portal for ease of the taxpayers under which questions will be posed as soon as the taxpayer enters the Returns dashboard and only relevant tiles will be displayed to the taxpayers based on the answers to the questions posed,” the GST Network said in a statement. This has been started first with GSTR-3B returns (initial sales return), it added. For ‘nil’ GSTR 3B returns, one-click filing has been introduced as no tile will be shown to such taxpayers. Also, a help section has been provided on each page for the convenience of the taxpayer. “Until now, taxpayers were shown all tiles with payments when they enter the Returns dashboard

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CBEC Press Release dt 29.11.2017 on — “GST Refund”

  PRESS RELEASE 29th November, 2017 ON GST REFUND Exporters have been complaining about delay in grant of refunds pertaining to Integrated Goods and Services Tax (IGST) paid on goods exported out of India and similarly Input Tax credit (ITC) on exports. There are media reports with exaggerated estimations of refund amounts which are held up for the period July to October 2017. It is clarified that the quantum of IGST refund claims as filed through shipping bills during the period July to October 2017, is approximately Rs 6500 Crores and the quantum of refund of unutilized credit on inputs or input services, as per the RFD 01A applications filed on GSTN portal, is to the tune of Rs 30 Crores. Refund of IGST: With regard to IGST paid on

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Rs 83,346 crores collected under GST for the month of October 2017, received in November (upto 27th Nov 2017) 

  A sum of Rs 83,346 crores has been collected as Total Revenue Collection under GST for the month of October, received in November till 27th November 2017.  95.9lakh taxpayers have been registered under GST so far, of which 15.1 lakh are composition dealers who are required to file returns every quarter. 50.1 lakh returns have been filed for the month of October till 26th November 2017. Revenue of States: The States have collected a total of Rs. 87,238 crores by way of SGST in the months of August, September, October and November 2017 (till 27th November).  Further on all inter-state trade, a net amount is transferred from IGST account to the SGST account whenever IGST collected is used for payment of SGST.  By way of settlement an amount of Rs. 31,821 crores has

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Circular No. 46/2017 dated 24.11.2017, Applicability of IGST / GST on goods transferred / sold while being deposited in a warehouse

  Circular No. 46/2017-Customs F.No: 473/10/2017-LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs North Block, New Delhi Dated 24th November 2017 To, All Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Customs Subject: Applicability of IGST / GST on goods transferred / sold while being deposited in a warehouse. -reg. References have been received from the trade regarding levy of IGST/GST on sales of goods deposited in a customs bonded warehouse. 2. Ch IX of the Customs Act provides for deposit of goods into a customs bonded warehouse licensed under section 57 or 58 or 58A without payment of duty and the procedures to be followed with respect to the warehoused goods. Sub-section (5) of section 59 provides

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Classification and GST rate on Terracotta idols

  Circular No. 20/20/2017-IGST F. No. 354/320/2017 –TRU (Pt) Government of India Ministry of Finance Department of Revenue Tax Research Unit North Block, New Delhi Dated the 22nd of November, 2017 To, The Principal Chief Commissioner/Chief Commissioners/ Principal Commissioner/ Commissioner of Central Tax (All) / Director General of Systems Subject: Issue related to classification and GST rate on Terracotta idols – regarding The GST rate on Idols made of clay is nil. (S.No. 135A of Schedule notification 2/2017 dated 28.06.2017). 2. In this connection, references have been received as to whether this entry would cover idols made of terracotta. 3. The matter has been examined. As terracotta is clay based, terracotta idols will be eligible for Nil rate under Sl. No.135A of notification 2/2017 dated 28.06.2017. maybe, is leviable on

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The Central Government appeals to the Industry Leaders to pass on the benefit of GST Rate reduction to the consumers as it is expected to encourage domestic demand and investment among others

  The GST Council in its 23rd Meeting held on 10th November, 2017 at Guwahati, has recommended the reduction of the GST rate from 28% to 18% on goods falling under 178 headings, leaving now only 50 items under the GST slab rate of 28%. A large number of items have also witnessed a reduction in GST rates from 18% to 12%, 12% to 5% and so on. All these changes are effective from the midnight of 14th November, 2017. The benefit of reduction in the GST rate has to be passed on by the suppliers to the consumers by way of commensurate reduction in prices. The reduction in GST rates is also expected to encourage domestic demand and investment. Ms. Vanaja N. Sarna, Chairperson, Central Board of Excise &

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FAQs on Ethical Issues relating to GST : ICAI

  Announcement 15.11.2017 Re.: FAQs on ethical issues relating to GST Q1. Whether a member in practice can engage as GST practitioner? A. Yes, a member in practice can engage as GST practitioner , as the activities to be performed by GST practitioner mentioned in CGST Act, 2017 read with CGST Rules, 2017 are within the purview of a member in practice as per the provisions of Chartered Accountants Act, 1949 and Regulations framed thereunder. Q2. Whether a member who has enrolled as GST Practitioner can act as Tax Return Preparer for GST? A. Yes, as per Rule 83(8) of CGST Rules, 2017, a GST practitioner can inter alia undertake the assignment of filing returns under the CGST Act, 2017. Q3. Whether a member holding CoP, who is an employee

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GST on restaurants reduced to 5% by GST Council in 23rd Meeting

  Recommendations made On GST Rate changes by the GST Council as per discussions in its 23rd Meeting on 10th November, 2017 held at Guwahati i. All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC. ii. Restaurants in hotel premises having room tariff of less than Rs 7500 per unit per day will attract GST of 5% without ITC. iii. Restaurants in hotel premises having room tariff of Rs 7500 and above per unit per day (even for a single room) will attract GST of 18% with full ITC. iv. Outdoor catering will continue to be at 18% with full ITC. v. GST on services by way of admission to “protected monuments” to be exempted.

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