GST rates on 29 items, 54 services cut; return filing to be made simpler
Traders come up with new ways to evade GST
Relief for exporters & SMEs as GST Council reduces compliance issues, rates cut on 27 items
GST Council meet: No PAN card required for jewellery purchase above Rs 50,000
Print post-GST rates on items or go to jail, government warns traders
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January 19, 2018
Rate cuts and clarifications for about 29 goods and 54 categories of services along with a convergence towards simplification of returns were the major takeaways from the 25th meeting of the goods and services tax (GST) Council held on Thursday. A decision on the introduction of Reverse Charge Mechanism (RCM) only for composition scheme dealers was also taken at the meeting. …
Jan 17, 2018
NEW DELHI: The government may try to put in place rules to check tax evasion but trust ingenious businessmen to come up with ways to beat it. That’s precisely what’s happening with goods and services tax (GST), where protests by traders have forced the government to go slow on enforcing several elements, such as matching of sales and purchase invoices and electronic way bill, that were meant to plug evasion. …
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October 10, 2017
We are small service providers mostly rendering services within the state, but occasionally receive small amounts from our clients in other states. Our aggregate value of services on an all-India basis does not exceed the threshold limit. Is there any way to avoid registration and compliance rigours of GST?
The GST Council has now decided that service providers will be allowed to make inter-state supplies of up to Rs 20 lakh without GST registration. A notification is expected within a week.
Is it possible for us to purchase goods from an authorised distributor of a manufacturer and export the same? If so, how? …
October 6, 2017
The government on Friday scrapped GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000, ANI reported
Also, government need not be informed on jewellery purchase of over Rs 50,000, which means that jewellers will not have to report data on buyers to Financial Intelligence Unit, it said. …
7 Oct, 2017
The Goods and Services tax (GST) council on Friday cut rates on 27 items and 12 services, and approved sweeping changes in rules to soothe frayed nerves of millions of small enterprises and exporters that have been battling with procedural irritants, delayed refunds and technical glitches on returns filing.
The Finance Minister Arun Jaitley-headed panel pushed for big changes in its 22nd meeting to iron out rough edges of the new tax system that has been hit by multiple pain points since it was rolled out on July 1. …
Jul 8, 2017,
A grocery store in India (PTI photograph)A grocery store in India (PTI photograph)
NEW DELHI: The government on Friday warned manufacturer, importer and sellers of pre-packaged goods of penalties ranging from fines of up to Rs 1 lakh or prison terms up to a year for repeat offence of not printing the post-GST rates on product labels. The consumer affairs ministry has come out with the new norm for affixing the revised maximum retail price (MRP) on the old stocks, which were manufactured and packed before July 1. …
Jul 4, 2017,
The government on Tuesday announced rules regarding MRP or maximum retail price for goods under the GST (goods and services tax) regime that was rolled out at the midnight of Friday and Saturday. There has been ample confusion among both consumers and retailers regarding how the MRP changes will reflect under GST.
“Under the GST regime, if a price of a product has increased the manufacturer/ importer/ packer will have to give an advertisement in two newspapers about the new MRP and put a revised sticker on the packaging,”, Department of Consumer Affairs Secretary Avinash Srivastava said. Both the new and the old MRP must show on the packaging, he added. …
Jul 2, 2017,
MUMBAI: The government and banks have scotched rumours that payments by credit cards or other electronic modes of payment would lead to double taxation under the newly-launched Goods and Services Tax.
Revenue secretary Hasmukh Adhia clarified by way of a tweet that “A wrong message is doing rounds on social media that if you make payment of utility bills by credit cards, you will be paying GST twice. This is completely untrue. Please do not recirculate such message without checking it with authority,” he said. …
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