50 of 227 items to remain in highest GST slab, all the rest reduced.

50 of 227 items to remain in highest GST slab, all the rest reduced.

In a major revamp under the GST, the Council on Friday slashed tax rates on a host of consumer items such as chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks, marble and cosmetics. “Only 50 items to face 28% rate,” Bihar finance minister Sushil Modi told reporters on the sidelines of the ongoing meeting in Guwahati. “There were 227 items in the 28% […]

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GST Update – Export

GST Update – Export

Notification 40/2017-CT(R) and 41/2017-IT(R) dt. 23.10.17  prescribes GST rate of 0.1% on supply of taxable goods by a registered supplier to a registered recipient for export subject to specified conditions: Supply on Tax Invoice; Export within 90 days of tax invoice; Exporter should mention GSTIN and invoice no of supplier in shipping bill /bill of export; Exporter should give order for procurement at concessional rate […]

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Exporters can claim refund this week for GST paid in Aug, Sept: GSTN CEO

Exporters can claim refund this week for GST paid in Aug, Sept: GSTN CEO

Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said on Monday. GST Network (GSTN), the company handling IT infrastructure for the indirect tax regime, has from October 10 started issuing refunds to exporters for Integrated GST (IGST) they paid for the […]

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GST rate structure needs some rejig

GST rate structure needs some rejig

  Hasmukh Adhia says “To reduce burden on small businesses needs some rejig in GST rate structure”. “There is need for some rejig in rates … it is possible that some items in the same chapter are divided. There is a need for harmonisation of items chapter wise, and wherever we find there is a big burden on small and medium businesses and on the […]

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Due date to file GSTR 3B extended to 28 August but it does not apply to all. Tax to be paid by 20th August.

The government on Thursday extended the deadline for businesses to file their goods and services tax (GST) returns for July, the first month since implementation of the indirect tax, in cases where transitional credit is to be carried forward by the tax payer through filing of TRANS-1. (Refer detailed guide on how to file GSTR 3B) For others, the due date remains 20th August 2017. Note: […]

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GST registration for business

GST registration for business

GST registration for biz to reopen on June 25 as 1st deadline ends today If you have not been able to register for the Goods and Services Tax Network (GSTN) within the deadline ending on Thursday, do not panic! There’s one more chance coming your way as the registration for existing excise, service tax and value-added tax (VAT) payers will reopen on June 25. There are […]

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GST return filing

GST return filing

Excel sheet format to come on June 25 Just five days before the Goods and Services Tax (GST) is rolled out, GST Network will on June 25 launch an offline excel sheet format for use by traders and businesses to upload sales data on the GST portal. Navin Kumar, Chairman of GST-Network, said the GST return forms for all kinds of trade/sales, including composition, e-commerce, […]

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GST impact on common man

29th May 2017 GST impact on common man in just 7 easy to understand points. The Lok Sabha today was locked in a marathon seven-hour debate which will hopefully end in the passage of the GST Bill. Since August of last year, when the 122nd Amendment was passed by the Rajya Sabha, the country has been preparing to change the way it pays taxes. The Lok […]

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Govt on Twitter in response to user queries

May 29, 2017 Yesterday government had started two twitter handles to take queries on Goods and Services Tax (GST). In a way it is a good medium to resolve ambiguity on GST. Five key clarifications issued via twitter handle are: 1. Cess under GST – CESS applicable under GST on luxury/ demerit items will be applied on base value and not on value inclusive of […]

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Understanding GST in Simple Way

India is notorious for its complex tax system. For new businesses and startups, it becomes impossible to navigate through various direct and indirect taxes. Constant changes to taxes like Service Tax are making things even worst. But now, the things are set to change with new Goods and service tax – commonly known as GST. Lets understand what is GST, how it is different from other […]

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