Category Archives: GST Press Release

GSTR 1 FAQ

  GSTR-1 1. What is GSTR-1? GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services. 2. Who is required to file the GSTR-1? Every registered taxable person,… Read More »

GST on IT / ITES : FAQ

GST FAQ on IT / ITES Question 1: Whether software is regarded as goods or services in GST ? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property… Read More »

Notification No 19/2017 Union Territory Tax (Rate) : Reduce UTGST rate on tractors specified parts

Notification No 19/2017 Union Territory Tax (Rate) Seek to reduce UTGST rate on specified parts of tractors from 14% to 9 %. vide Notification No 19/2017 Union Territory Tax (Rate) Dated 18th August, 2017 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department… Read More »

Debit Note in GST : Analysis

Debit Note in GST Analysis of provisions of Debit Note in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value… Read More »

Special Audit in GST : Analysis

Special Audit in GST Detailed analysis of Special Audit in GST Introduction GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official.Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to… Read More »

GST Provisional Assessment : Analysis

GST Provisional Assessment Provisional Assessment in GST : analysis Introduction A supplier will come to know the extent of his tax liability which has to be discharged on a continuous and regular basis only after assessment. Assessment means determination of tax liability and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. The… Read More »

Credit Note in GST : Analysis

Credit Note in GST Detailed Analysis of Credit Note in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice.However, during the course of trade or commerce, after the invoice has been issued there could be situations like: • The supplier has erroneously declared a value which… Read More »

How to Calculate Tax Payable for GSTR 3B

PRESS NOTE ON FILING OF RETURN IN FORM GSTR 3B FOR JULY, 2017 GST Council had earlier decided to defer the filing of return in FORM GSTR-3 and had recommended the filing of return in FORM GSTR-3B. Accordingly, the Central Government vide notification No. 21/2017-Central Tax dated 08.08.2017 had notified the last date for filing… Read More »

Tweet FAQs on GST Registration

TWEET FAQs PRESS RELEASE, DATED 16-8-2017  The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity. S. No. Questions/Tweets Received Replies 1. I have applied for… Read More »

Assam Govt Guideline for issuance of online GST Permits and Transit Passes

OFFICE OF. THE COMMISSIONER OF TAXES:::ASSAM:::KAR BHAWAN DISPUR:::GUWAHATI. (Circular No. 6/2017) No. CT/COMP -49/2013/23 Dated Dispur, the 7th July,2017 Sub: Guidelines for online issuance of GST permit and Transit Passes.etc. for facilitating movement of goods Whereas in pursuance of provision of section 68 ofthe Assam Goods and Services Tax AcL 2017 read with the provision… Read More »

DGFT meeting to discuss export situation in Post GST

CGST – MEETING OF REGIONAL AUTHORITIES OF DGFT TO DELIBERATE ON ISSUES RELATED TO MID-TERM REVIEW OF FOREIGN TRADE POLICY 2015-20 AND GST PIB PRESS RELEASE, DATED 10-8-2017 In order to take stock of the exports situation in the post GST regime, a meeting of all Regional Authorities of Directorate General of Foreign Trade (DGFT) and… Read More »

GST Reverse Charge Mechanism : Anlaysis

GST Reverse Charge Mechanism Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse charge means the liability to pay tax is on the recipient of supply of goods… Read More »

Free GST Handbook English Download

Free GST Handbook English Related Topic on GST Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release GST Press Release GST Books Best Books… Read More »

ICAI Suggestions on GST Act to Govt : July 2017

ICAI Suggestions on GST Act : July 2017 1. Definition of term Aggregate Turnover Section 2(6) of CGST Act provides that “aggregate turnover” means the aggregate value of all taxable supplies, exempt supplies, exports of goods or services or both and inter-State supplies of a person having the same PAN, to be computed on all… Read More »

GST Aggregate Turnover : Analysis

Aggregate Turnover in GST 1. Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under: “Aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge… Read More »

Chocolate mithais to attract 5% GST, Centre clarifies

Sandesh, with or without chocolate, will be taxed at 5 per cent, the government clarified on Thursday along with the goods and services tax (GST) rates for other items, including rakhis, idli-dosa batter and kulfi. However, ambiguity persisted over whether the tax rate for plastic furniture would be 28 per cent as furniture or 18 per cent… Read More »

Constitution of Sectoral Groups on GST 

Constitution of Sectoral Groups on GST The Goods and Services Tax (GST) Council in its 14th meeting held on 18-19 May, 2017 approved the constitution of eighteen sectoral groups to ensure smooth roll-out of GST. The Council has received reports from sixteen out of the eighteen sectoral groups. The GST Law Committee comprising of officers… Read More »

Sale of Products after Introduction of GST 

Sale of Products after Introduction of GST On account of implementation of GST there may be instances where the retail sale price printed on pre-packaged commodity is required to be changed. The Department has therefore issued an order according to which, manufacturers/packers/importers of pre-packaged commodities are to declare the revised retail sale price (MRP), by… Read More »

BRICS countries hailed India’s GST Reform

CGST – INDIA’s GST REFORM HAILED BY BRICS COUNTRIES IN MEETING OF REVENUE HEADS IN CHINA PRESS RELEASE, DATED 28-7-2017 India’s GST reform hailed by BRICS countries in meeting of Revenue Heads in China. In the meeting of the BRICS Heads of Revenue and Tax Experts held at Hangzhou, China from the 25th to 27th of… Read More »

GST FAQ Food Processing Industry released by CBEC

GST FAQ Food Processing Industry Question 1: If I have multiple manufacturing units in a State/UT, do I have to register all my companies separately or as a group? Answer: You shall be granted a single registration in the State/UT. However, you have the option to take separate registration for each of your business verticals… Read More »

GST Information return by Lottery Agents of Kerala : Notification No G O (P) No 93/2017/TAXES Dated 27th july 2017

Notification No G O (P) No 93/2017/TAXES Kerala Govt has issued Notification No G O (P) No 93/2017/TAXES Dated 27th july 2017 to Inster Rule 56(20A) in Kerela Goods and Service Tax Rules 2017 prescribing procedure for Lottery Agents to furnish Information Return Related Topic on GST Topic Click Link GST Acts  Central GST Act… Read More »

Printing of Post-GST Rates on Old Stock 

Printing of Post-GST Rates on Old Stock On account of implementation of GST there may be instances where the retail sale price printed on a pre-packaged commodity is required to be changed. The Department has issued an order according to which, manufacturers/ packers/ importers of pre-packaged commodities are allowed to declare the revised retail sale… Read More »

Sale of bottled water on same rate Post GST 

Sale of bottled water on same rate Post GST On account of implementation of GST there may be instances where the retail sale price of a pre-packaged commodity is required to be changed. Department of Consumer Affairs has therefore issued an advisory on the matter. Further, vide this advisory it has been informed inter alia,… Read More »

Benefits of reduced Taxes the consumers post GST 

Benefits of the reduced rates/tax rebate to the consumers post GST  The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST… Read More »

Features of GST

Features of GST Goods and Services Tax (GST) is intended to bring transparency and accountability in business transactions along with the ease of doing business and rationalization in tax rates and will not pave the way for financialization of the country. The foremost benefit of GST is to remove hurdles in inter-State transactions resulting in… Read More »

Exporter eligible for refund of GST Compensation Cess : Circular No 1 /1/2017 Compensation Cess Dated 26th July 2017

Circular No 1 /1/2017 Compensation Cess F.No.354/136/2017-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) New Delhi, Dated 26th July, 2017 To Principal Chief Commissioners/Principal Directors General, Chief Commissioners/Directors General, Principal Commissioners/Commissioners, All under CBEC. Madam/Sir, Subject: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero… Read More »

Re organization of CBEC Field Formations in GST

CGST – RE-ORGANIZATION OF CBEC FIELD FORMATIONS IN GST REGIME – MERGER/CREATION OF DDO FOR MAKING EXPENDITURE OFFICE MEMORANDUM [COORD/2(1)/DDO CODES/2017-18/VOL.XI39], DATED 26-7-2017 Consequent upon the declaration of Heads of Departments in the field formations of CBEC in GST regime videsanction letter No. A-11013/24/2017-Ad.lV, dated 12-6-2017, issued by Deptt. of Revenue (C.B.E.C), changes have happened in the… Read More »

Uttar Pradesh GST Helpline Numbers / UP GST Help Desk Numbers

Uttar Pradesh GST Helpline Numbers GST Helpline Number – National Toll-Free Helpline Number for GST Queries in India / GST Customer Care Number Related Topic on GST Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act… Read More »

E way Bill under West Bengal GST : Procedure : TRADE CIRCULAR NO 06/2017 Dated 30th June 2017

E way Bill under West Bengal GST GOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES 14, BELIAGHATA ROAD, KOLKATA-700015 TRADE CIRCULAR NO. 06/2017 DATED: 30.06.2017 Subject: e-WAYBILL UNDER WBGST ORDINANCE, 2017 In terms of Finance Department Notification No. 1156-F.T. dated 30.06.2017, a new electronic system is going to be introduced on and from the 1st… Read More »

GST Pharmaceuticals Dealers : Kerala Govt Advisory

GST Pharmaceuticals Dealers C1-24614/16/CT EOffice11137/17 Dated 15th July 2017 Related Topic on GST Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release GST Press… Read More »

GST on Works Contract : Kerala Govt Advisory

GST on Works Contract C1 -24614/16/CT E Office 11137/17 Dated 18th July 2017 Related Topic on GST Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST… Read More »

GSTR 2A FAQs

GSTR 2A 1. What is GSTR 2A? GSTR 2A is a system generated ‘draft’ Statement of Inward Supplies for a Receiver Taxpayer. It is auto-populated from the GSTR 1/5 and GSTR 6 (ISD), GST 7(TDS), GSTR 8 (TCS) of all the Supplier/Counterparty Taxpayers from whom goods and/or services have been procured or supplied to in… Read More »

GSTR 1 GST Return filing : 46 FAQ

GSTR 1 GST Return 1. Who is required to file the GSTR 1? Every registered taxable person, other than an input service distributor/compounding taxpayer/TDS Deductor/TCS Collector is required to file GSTR 1 electronically the details of outward supplies of goods and/or services during a tax period. 2. Is GSTR 1 filing mandatory? GSTR 1 needs… Read More »