Finance Minister Piyush Goyal, who chaired the 29th Goods and Services Tax (GST) council meeting, announced that a committee has been set up to look after the issues of Micro, Small and Medium Enterprises (MSMEs). Delhi Minister Manish Sisodia, Punjab and Kerala Finance Minister will be a part of this committee. Most of the states […]
GST council announced in the 29th meeting that the GST incentives for digital payments via RuPay card and BHIM app will be rolled out on a pilot basis. Finance Minister Piyush Goyal said that 20 percent cashback will also be available on digital payments through the BHIM app. “To promote digital transaction, increase compliance and […]
Highlights of Key Recommendations/ Decisions 1) 20% of GST as Cash Back on Digital Transactions: GST Council has recommended cash back of 20% of GST paid via Bhima App, RuPay Debit and UPI-based transaction, capped at Rs 100. This is to promote digital transaction, increase compliance and collection in taxes, The GST Council has recommended […]
Quarterly return approved for tax payer with turnover less than 5 Crs (tax payment continue to be monthly) Sanitory napkin exempt. GST on Bamboo flooring reduced to 12% GST on Hotel at actual tariff and not on declared tariff. 5% GST celing raised to Rs 1000 (previously Rs 500) GST on paints and varnishes 18%(28%) […]
GSTR1 and 3B will continue for next 6 months. New single return plan wi go live after six months. Thus only 12 returns in a year. Till this 6 months provisional credit can be claimed by return preparers in the transitional phase of 6 months based on self calculations. GSTN shows the buyer invoices uploaded […]
PRESS RELEASE New Delhi, dated: 10.03.2018 26th Meeting of the GST Council Subject: Extension of tax exemptions for exporters for six months Sending a strong positive signal to the exporting community, the Council today decided to extend the available tax exemptions […]
GST (GOODS AND SERVICES TAX) Refunds Situations Leading to Refund Claims The relevant date provision embodied in Section 54 of the CGST Act, 2017, provision contained in Section 77 of the CGST Act, 2017 and the requirement of submission of relevant documents as listed in Rule 1(2) of Refund Rules is an indicator of the […]
CHEMEXCIL Basic Chemicals, Cosmetics & Dyes Export Promotion Council (Set-up by Ministry of Commerce and Industry, Govt of India) Jhansi Castle 4th Fl., 7 Cooperage Road, Mumbai – 400 001.India. Tel : +91 22 22021288 / * Fax : +91 22 22026684 * E-mail : [email protected] Web : https://chemexcil.in —————————————————————————— IGST Refund GST Portal Advisory […]
Have the procedures relating to exports by manufacturer exporters been simplified in GST regime? Answer: Yes. The procedures relating to export have been simplified so as to do away with the paper work and intervention of the department at various stages of export. The salient features of the scheme of export under GST regime are […]
The supplies of goods by a registered person to EOUs etc. would be treated as deemed exports under Section 147 of the CGST Act, 2017 (hereinafter referred to as ‘the Act’) and refund of tax paid on such supplies can be claimed either by the recipient or supplier of such supplies. Accordingly, Notification No. 48/2017-Central […]
