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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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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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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GST rates for 98 categories of goods

The Goods and Services Tax (GST) council Thursday fixed tax rates on 1211 items, most of which will likely become cheaper. The Goods and Services Tax (GST) council on Thursday fixed tax rates on 1211 items, most of which will likely become cheaper as the new rates will be lower than the current effective levies. Here is the final list of GST rates for 98 categories […]

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‘Operation Clean Money’ Website Launched, Tax Defaulters To Be Rated

Finance Minister Arun Jaitley launched the Operation Clean Money website today on which the Income Tax department will put up reports of raids.           May 16, 2017 18:00 IST Operation Clean Money website will give details on process by which tax defaulters are identified. NEW DELHI: In its new campaign against black or untaxed money, the government will put up reports […]

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