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Impact of GST on Job work - What you need to know?
Impact of GST on Job work – What you need to know?
What is Job Work?
Job work is a major portion of our GDP, and it includes various outsourced activities that may or may not end up into manufacturing. It is the treatment or process on goods that is undertaken by a person belonging to another registered person. The goods may be raw materials, component parts, semi-finished goods. The resultant goods would vary from the products that were sent for…
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GST Return, its types, who needs to file - What you need to know?
GST Return, its types, who needs to file – What you need to know?
This article from the GST blog talks about the GST returns, what to file and the late fee charged.
What is GST Return?
A GST return is a document that contains details of income, which every taxpayer is required to file with the tax administrative authorities. This is used to calculate an individual’s tax liability. Under the GST, a registered taxpayer has to file GST returns that include:-
A)…
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Government asks tax officials to try and widen the GST tax base
Government asks tax officials to try and widen the GST tax base
Mumbai – With the vision to bring as many companies as possible under the goods and services tax, the tax department of India is doing its best and is also planning to conduct searches and surveys across the country. The searches and the surveys are expected to start in the coming days with immediate effect, and the primary focus would be on checking if any company was knowingly trying to avoid…
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Its 28th September to file GST TRAN 1 and 31st October to revise it
Its 28th September to file GST TRAN 1 and 31st October to revise it
A great confusion has been prevalent regarding the dates for filing of TRAN 1 as the decision taken by the GST council during its 21st meeting, and the subsequent notification released post the meeting seemed to be completely different. According to the council, it was said that the last date to file TRAN 1 was extended to October 31st and this was confirmed by an official press release as well.…
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#CGST#CGST Act 2017#Goods and Services Tax#GST#GST Council#GST Forms#GST Law#GST News#GST Returns#GST TRAN 1#Rule 120A of CGST Rules#TRAN 1
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Yes! It is possible to simplify the GST
Yes! It is possible to simplify the GST
The GSTN has been facing a lot of hiccups and hurdles altogether. This wasn’t surprising as the IT failure is a common thing when a system is put into operations. World over it has been seen that it takes easily six to nine months of trouble free shooting to get things right and work without any roadblocks.
We have a proposal where the GSTN could be simplified and would help make a simpler user…
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Three days to go and only 6.9 lakh taxpayers file GST returns
Three days to go and only 6.9 lakh taxpayers file GST returns
While the registration for Goods and services tax (GST) returns is around the corner and would be over in less than 72 hours, it is learned that only 6.9 lakh taxpayers have filed their GSTR-3B. The government expects as much as 64 lakh tax returns to be filed for August. The deadline for filing GSTR-3B is expected to end on 20th September.
GSTR-3B is a one-page summary return form that is…
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#Goods and Services Tax#GST#GST News#GST Returns#GSTN#GSTR-1#GSTR-2#GSTR-3#GSTR-3B#GSTR-6#Input Tax Credit
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GST Alert -160 companies to get a notice on transitional GST credit
GST Alert -160 companies to get a notice on transitional GST credit
Mumbai – Several Indian companies including the companies that have large market capitalization may start receiving notices very soon. What are these notices about? So, from Monday onwards the companies will start receiving a notice regarding the transitional tax credit.
This follows from indirect-tax department after the Central Board of Excise and Customs (CBEC) asked all the chief…
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Our guide to understanding the Impact of GST on Real-Estate
Our guide to understanding the Impact of GST on Real-Estate
When it comes to real estate, which is considered an asset for capital gains, everyone has one question: has the property gone more expensive or is cheaper now?
Let’s try to find out here:
Post the implementation of the GST, it depends on these 5 points if the property’s value would have gone up or down.
A) The GST is only levied on properties that are right now under construction or are…
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#Goods and Services Tax#GST#GST Impact#GST Implementation#GST Law#GST News#Input Tax Credit#Property#Real Estate#Residential Property
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Scenarios where a service provider needs to register for GST across multiple states
Scenarios where a service provider needs to register for GST across multiple states
There are different scenarios as to how GST behaves. If you are a service provider who has operations in only one state, then GST is going to be very easy for you because there would not be much compliance burden and one gets more input tax creditnumbers. But in case you are a service provider in more than one state, then, in that case, it would be a huge difference as to how the GST behaves.…
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#Goods and Services Tax#GST#GST Impact#GST Implementation#GST Migration#GST News#GST Registration#GSTN
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Lottery traders to protest against GST rate from 28% to 12%
Lottery traders to protest against GST rate from 28% to 12%
GST implementation has faced a lot of criticism since the day of its inception. Now, the lottery traders of Mumbai are to join the protest against the unified tax regime. The protest would be against GST rate charged for a lottery. The angry workers have demanded that government change the tax rate from 28% to the 12% that they used to pay previously.
People who are in the lottery industry have…
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#Goods and Services Tax#GST#GST Council#GST Era#GST Impact#GST Implementation#GST Law#GST News#GST Rates#GST Regime#Lottery#Lottery Traders
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GST to have an impact on the sales of brick and mortar stores; online players to make merry
GST to have an impact on the sales of brick and mortar stores; online players to make merry
If the monsoon is said to hit and dampen the rural sales and to buy then, goods and services tax(GST) is expected to hit the brick and mortar retailers in the upcoming festive season. The retailers had already offered hefty discounts before the rollout of the GST, and now they are left with little to offer. Adding on to that, especially the single-branded retailers have a fresh-stock of inventory…
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NCERT to update books after a decade; GST, Demonetization, Swachh Bharat among the popular ones to be added in the course
NCERT to update books after a decade; GST, Demonetization, Swachh Bharat among the popular ones to be added in the course
New Delhi – India’s census is due in the next three years. NCERT’s social science book for 8th standard quotes a literacy data for the year 2001 and the availability of housing, electricity and piped water comes from 1994. Its foreword bears the date of November 30, 2007, and the book has been in print for 10 years without even a single change.
But from April 2018 it is said that NCERT (National…
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Due date for filing GSTR-6 for July, i.e., Return for Input service distributors extended
Due date for filing GSTR-6 for July, i.e., Return for Input service distributors extended
The CBEC (Central Board of Excise and Customs) exercised its powers under the section 39(6) read with Section 168 of the Central Goods and Services Tax Act, 2017, has extended the due date for filing the returns for July to 13th October 2017. The earlier deadline was 8th of September. This was confirmed by the public notice that was issued by the Ministry of Finance, Department of Revenue,…
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#CBEC#CGST#Goods and Services Tax#GST#GST Returns#GSTR-6#GSTR-6A#IGST#Input Service Distributors#SGST
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No more extensions for filing GST returns expected, says Govt. official
No more extensions for filing GST returns expected, says Govt. official
The government has confirmed their refusal to another extension for the GSTR-3B filing at the last moment. The officials have asked the taxpayers to not wait till the last day. Sushil Kumar Modi, who is the Deputy Chief Minister of Bihar and is heading the newly formed group of ministers (GoM) to look into the glitches of the GSTN, said that the dealer’s tendency to rush and file their return on…
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#Goods and Services Tax#GST#GST Bill#GST Council#GST Impact#GST Implementation#GST Law#GST News#GST Regime#GST Returns#GSTN#GSTR-3B#kerala state assembly
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Survey - Monthly household expenditures rise by 30% due to GST implementation
Survey – Monthly household expenditures rise by 30% due to GST implementation
Of all the surveys that have been conducted by the citizen grievances portal who have a tie-up with the consumer affairs department of the central government, have concluded that one in every two people believed that the household costs had increased post the rollout of the Goods and Services Tax(GST). The various surveys that were conducted received as many as 40,000 odd responses for the…
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#Arun Jaitley#Goods and Services Tax#GST#GST Collections#GST Impact#GST Implementation#GST Law#GST News#GST Regime#GSTR-1#Post-GST
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Petrol prices to decline from ₹ 70 to ₹ 38 due to GST - Will the government honor that decline?
Petrol prices to decline from ₹ 70 to ₹ 38 due to GST – Will the government honor that decline?
A lot of questions and queries have been raised with the Finance Minister, Arun Jaitley, regarding the petrol prices. Dharmendra Pradhan who is the petroleum minister was of the opinion that the inclusion of the GST was the only way to rationalize the fuel prices.
He said that bringing the petroleum products under the purview of the goods and services tax would help bring down the prices which…
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#Diesel#Goods and Services Tax#GST#GST Impact#GST Implementation#GST News#GST Regime#GST Tax#Petrol#Petroleum#Post-GST#Pre-GST
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Weird Chronicles of GST - Visual artists under 12% bracket as sportspersons and actors exempted
Weird Chronicles of GST – Visual artists under 12% bracket as sportspersons and actors exempted
This looks like to be a very weird scenario where Mr. Amitabh Bachchan, who charges ₹ 7 crores for hosting KBC or popular and renowned vocalist Vidushi Kishori Amonkar, who charges ₹ 10 to 12 lakh for a concert are exempted from the goods and services tax (GST) but a visual artist such as a painter, sculptor or printmaker who sell work of their art come under the 12% GST slab.
If let say an…
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#Actor#Artists#Goods and Services Tax#GST#GST Bill#GST Council#GST Council Meeting#GST Era#GST Impact#GST Levy#GST News#GST Rates#GST Regime#GST Returns#GST Slabs#Sportsperson
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