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 &

Read More 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

Clarification on taxability of custom milling of paddy

  Circular No. 19/19/2017-GST F. No. 354/263/2017-TRU Government of India Ministry of Finance Department of Revenue Tax research Unit **** North Block, New Delhi 20th November 2017 To, The Principal Chief Commissioners/Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Clarification on taxability of custom milling of paddy – regarding. Representations have been received seeking clarification on whether custom milling of paddy by Rice millers for Civil Supplies Corporation is liable to GST or is exempted under S. No 55 of Notification 12/2017 – Central Tax (Rate) dated 28th June 2017. 2. The matter has been examined. S. No 55 of Notification 12/2017- Central Tax (Rate) exempts carrying out an intermediate production process as job work in relation to cultivation

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Acceptance of Unique Identity Number of Foreign Diplomatic Missions / UNO while making sales or supplies

  Press Release Accepting of Unique Identity Number of Foreign Diplomatic Missions / UN Organizations while making sales or supplies Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations. It may be noted that sale or supply to Foreign Diplomatic Missions / UN Organizations is like any other Business to Consumer (B2C) sale and will not have any additional effect on the supplier’s tax liability. Recording of UIN while making such sales will enable Foreign Diplomatic Missions / UN Organizations to claim refund of the taxes paid by them in India. Therefore, it is advised that under no circumstance any supplier should

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Accepting of UIN of Foreign Diplomatic Missions / Suppliers

  Press Release Accepting of Unique Identity Number of Foreign Diplomatic Missions / UN Organizations while making sales or supplies Various representations have been received from Foreign Diplomatic Missions / UN Organizations regarding unwillingness of the vendors / suppliers to record the UIN (Unique Identify Number) while making sales to such Missions / Consulates or UN organizations. It may be noted that sale or supply to Foreign Diplomatic Missions / UN Organizations is like any other Business to Consumer (B2C) sale and will not have any additional effect on the supplier’s tax liability. Recording of UIN while making such sales will enable Foreign Diplomatic Missions / UN Organizations to claim refund of the taxes paid by them in India. Therefore, it is advised that under no circumstance any supplier should

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Changes recommended in Composition Scheme 

  The following changes were recommended in the Composition Scheme on the basis of discussions held in the 23rd meeting of the GST Council held at Guwahati today. i. Uniform rate of tax @ 1% under composition scheme for manufacturers andtraders (for traders, turnover will be counted only for supply of taxable goods). No change for composition scheme for restaurant. ii. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same iii. Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum. iv. The changes recommended by GST Council at (ii) and (iii) above will be implemented only after the

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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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Revised GST Return Filing Due dates, Penalty for Late filing & Rules

  Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017 Return Filing a) The return filing process is to be further simplified in the following manner: i. All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20thof the succeeding month till March, 2018. ii. For filing of details in FORM GSTR-1 till March 2018, taxpayers would be divided into two categories. Details of these two categories along with the last date of filing GSTR 1 are as follows: (a) Taxpayers with annual aggregate turnover upto Rs. 1.5 crore need to file GSTR-1 on quarterly basis as per following frequency: Period Dates Jul- Sep 31st Dec 2017 Oct- Dec 15th Feb 2018 Jan- Mar 30th April 2018 (b) Taxpayers with annual aggregate turnover more

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9 New functionalities made available on GST Portal

Following new functionalities have been made available on GST Portal for you, in last few days: A. For Normal Taxpayers: 1. GSTR-2 Offline Version 2.1– New version of GSTR-2 offline tool is available on GST portal now. You can use this tool to export data of GSTR-2 from Tool to Excel. This will also help you in comparing data with purchase register to take actions like accept, reject and modify for receiver. 2. Form GST ITC-04– A functionality has been provided to Manufacturers to intimate details of Goods/capital goods sent to job worker and received back. This is a quarterly Statement to be furnished by them. 3. Form GST PMT-07– Application for intimating discrepancy relating to payment (PMT-07 Grievance for payment) is available on GST Portal for you. This functionality

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Change in Rate of GST- Item wise & Chapter wise List of Goods

  RECOMMENDATIONS FOR CHANGES IN GST/IGST RATE AND CLARIFICATIONS IN RESPECT OF GST RATE ON CERTAIN GOODS [As per discussions in the 23rd GST Council Meeting held on 10thNovember, 2017] These decisions of the GST Council are being communicated for general information, and will be given effect to through Gazette notifications / circulars which only shall have the force of law. A. LIST OF GOODS ON WHICH GST RATE RECOMMENDED FOR REDUCTION FROM 28% TO 18% S. No. Chapter/ Heading/ Subheading/ Tariff item Description 1. 1704 Chewing gum / bubble gum and white chocolate, not containing cocoa [17041000, 17049090] 2. 1804 Cocoa butter, fat and oil 3. 1805 Cocoa powder, not containing added sugar or sweetening matter 4. 1806 Chocolates and other food preparations containing cocoa 5. 1901 90 [other than

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Due date for generation of FORM GSTR-2A and FORM GSTR-1A in accordance with the extension of due date for filing FORM GSTR-1 and FORM GSTR-2 respectively

  Circular No.15 /15/2017 – GST F.No. 349/164/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing New Delhi, Dated the 6th November, 2017 To, The Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central Tax (All) The Principal Director Generals / Director Generals (All) Madam/Sir, Sub –Due date for generation of FORM GSTR-2A and FORM GSTR-1A in accordance with the extension of due date for filing FORM GSTR-1 and GSTR-2 respectively – reg. Please refer to Notification No. 30/2017-Central Tax dated 11th September 2017, and Notification 54/2017-Central Tax, dated 30th October, 2017 whereby the dates for filing FORM GSTR-1, FORM GSTR-2 and FORM GSTR-3 for the month of July, 2017 were extended. Queries have been received

Read More Due date for generation of FORM GSTR-2A and FORM GSTR-1A in accordance with the extension of due date for filing FORM GSTR-1 and FORM GSTR-2 respectively