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The Dollar Business Bureau A parliamentary committee has recommended that the Government should extend the duty drawback rates for exporters that were prevailing prior to the Goods and Services Tax (GST) regime, until June 2018 or till the Department of Revenue comes out with revised rates. While tabling its report in Parliament on the impact of GST on exports, the Standing Committee on Commerce chaired by Naresh Gujral said that this step will enable the exporters in overcoming the problems which they are currently facing besides this will also help them to take a long-term outlook while negotiating their export orders. The Committee said that a formal mechanism must be put in place for redressal of grievance of exporters. “In order to bring relief to ...

The Dollar Business Bureau There is a considerable improvement in the number of businesses filing initial GSTR-3B returns, with around 43.67 lakh taxpayers have filed their returns for the month of October within due date, GST Network said on Tuesday. This is highest return filing in a month within the due date, it added. The last date of filing GSTR-3B returns for the month of October was November 20. GSTR-3B is the initial sales return filed by businesses in the GST regime. About 56% of the registered taxpayers have filed the GSTR-3B returns for the month within due date. “The number of taxpayers filing their GSTR-3B returns is showing marked improvement month after month with about 43.67 lakh of ...

The Dollar Business Bureau In order to facilitate the businesses, the Government on Monday extended the last date for filing GSTR-2 for July to November 30 and date for filing GSTR-3 to December 11, 2017. Earlier, October 31 was the due date for filing GSTR-2, whereas November 11 was the last date for filing of GSTR-3. “The last date for filing of GSTR-2 for the month of July, 2017 is October 3, 2017,” the Finance Ministry said in a statement. “The competent authority has approved the extension of filing of GSTR-2 for July, 2017 to November, 2017, for facilitation of businesses and all taxpayers,” it said. GSTR-2 is monthly tax returns for the purchases that have to be matched with the sales return or GSTR-1. ...

The Dollar Business Bureau  Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal practice, GST will be administered together by the Centre and States. Why is GST important? The biggest tax reform since independence - GST - will pave the way for the realisation of the goal of One Nation - One Tax - One Market. GST will benefit all the stakeholders namely industry, government and consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive, giving a ...

By Ranjeet Mahtani & Sweta Rajan The 16th and 17th meetings of the GST Council took place on June 11 and 18 respectively. During these meetings, various decisions were taken, the key aspects of which are summarised below. Most importantly, it was unanimously decided that the GST regime will be introduced with effect from July 1, 2017. Key decisions taken by the GST Council over the last ten days: Composition scheme: The threshold of annual turnover for availing the composition scheme has been fixed at Rs 75 lakhs for traders, manufacturers and restaurant service providers in all states except in the case of nine special category states (north-eastern states) where the threshold is fixed at Rs 50 lakhs. The turnover limit for the composition levy ...

By Ranjeet Mahtani & Sweta Rajan On the path to complete all responsibilities and release the requisite laws, regulations and rates ahead of the proposed transition date of July 1, 2017, the GST Council met on June 3, 2017. The key developments during the meeting were: A committee comprising revenue officers from Centre and States is to be set up to entertain complaints relating to anti-profiteering. GST rates of the items which were not placed across the agreed rate slabs (after the Council’s meetings on 18 and 19 May, 2017) were decided, including 3% GST on gold and gold jewellery, 0.25% on rough diamonds, 5% on packaged food items sold under registered trademarks, 18% on biscuits, 5% on footwear priced below Rs. 500/- ...

By Ranjeet Mahtani and Sweta Rajan During its meetings on May 18 and 19, 2017, the GST Council declared the placement of goods and services across the fixed GST rate slabs. The GST Council further released the list of goods liable for GST Compensation Cess along with the applicable rate of cess and released a list of services which would be liable to GST under the reverse charge mechanism. While the GST law empowers the Government to specify goods and services on which GST is payable by the recipient, the Council has approved only services that are likely to attract GST on reverse charge basis.  Rate specific issues The release of the GST rates has, as expected, triggered varying responses across industries. Some ...

The Dollar Business Bureau  As per the draft rules issued by the Central Board of Excise and Customs (CBEC), the consignment of goods of more than Rs.50,000 under the Goods and Services Tax (GST) will be required to do prior online registration and to secure an 'e-way bill' that can be inspected by the tax officials anytime during the goods transit in order to check tax evasion. The CBEC issued draft rules on electronic way bill in which it is mandatory that the registered entities should adhere to the given format, on the GSTN website with regard to goods valued above Rs.50,000, that would be transported within the state or outside.  The e-way bills will be generated by GSTN within 1 to 15 ...