1.Central Tax Notifications 1.Notification Number 42/2018,Date 4/9/2018 Taxpayers who filed GST CMP-04 for opting out of the composite scheme between 2nd March 2018 to 31st March 2018 can declare their ITC claim in Form GST ITC -01 till 3rd of October 2018. For all recent notifications go to the link given. Link .https://cleartax.in/s/gst-notifications-summary
Following areas under consideration to support MSME: 1) A threshold exemption of Rs 20 lakhs for Inter-state supplies. 2) Exemption of E way bill with in state and to increase exemption limit to Rs 1 lakh 3) Tax rates for SME units manufacturing agro products reduced to a maximum of 5%. 4) Speed up refund […]
GST Annual Return Form GSTR 9 and GSTR 9A Notified by CBIC vide Notification No. 39/2018 – Central Tax dated 04th September 2018: Normal taxpayers will need to file GSTR-9 return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18 is December 31.
Due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) further extends the “Due Date” for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were liable to file their Income Tax Returns by 31st August, 2018.
GST Returns (GSTR-1/ GSTR-3B) Due Dates Extended for Taxpayers in Kerala, Mahe (Puducherry) and Kodagu (Karnataka) for July/ August/ September 2018. Sl. Return Class of Taxpayers Extended Due Date 1 GSTR-3B (July 2018) All Taxpayers 5 Oct. 2018 2 GSTR-3B (August 2018) All Taxpayers 10 Oct. 2018 3 Quarterly GSTR-1 Taxpayers having turnover 15 Nov. […]
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 […]
