Author: admin_gst

Goods and Services Tax – GST – Dated:- 24-3-2018 – Introduction of GST was a historical step for transforming India into a common national market with a simplified tax regime. GST was implemented w.e.f 1st July, 2017 and was welcomed by industry and corporates. Corporate sector as represented by industry associations such as CII, FICCI, and ASSOCHAM has reacted positively to introduction of GST in India. The total number of companies registered during the period July, 2017 to February, 2018 (post GST) is 68,299. The number of companies registered in the corresponding period of the previous year i.e. from July, 2016 to February, 2017 was 63,106. Thus, the increasing trend in the number of companies registrations has been maintained post GST

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e for Law & Justice and Corporate Affairs Shri P.P. Chaudhary in Lok Sabha. Also, the overall growth rate of GDP increased from 6.5% in Q2 to 7.2% in Q3 of 2017-18. The corresponding figures for 2016-17 were 7.6% and 6.8% respectively. Introduction of GST was the biggest tax reform in independent India. Introduction of GST has reduced the multiplicity of taxes and has thus created a simpler tax regime to promote ease of doing business. By doing away with the cascading effects of multiple taxes, GST is expected to lead to a reduction in the prices of goods. This will make our businesses more competitive in domestic and international markets which will thus spur the corporate sector along with formalization and overall growth of the econo

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Goods and Services Tax – Started By: – b vinay reddy – Dated:- 24-3-2018 Last Replied Date:- 25-12-2018 – Whether GST is applicable on MILK CHILLING UNIT or Not? – Reply By Rajagopalan Ranganathan – The Reply = Sir, As per Sl. No. 25 of Notification No. 2/2017-Central Tax (Rate) dated 28.6.2017 as amended Fresh milk and pasteurised milk, including separated milk, milk and cream, not concentrated nor containing added sugar or other sweetening matter, excluding Ultra High Temperature (UHT) milk i

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GST – States – FA-3-13/2018-1-V-(35) – Dated:- 24-3-2018 – Commercial Tax Department Mantralaya, Vallabh Bhawan, Bhopal Bhopal, the 24th March 2018 No. FA-3-13/2018-1-V-(35).-In exercise of the powers conferred by Section 164 of the Madhya Pradesh Goods and Services Tax Act, 2017 (19 of 2017), the State Government hereby, makes the following rules further to amend the Madhya Pradesh Goods and Services Tax Rules, 2017, namely:- 1. Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette. 2. In the Madhya Pradesh Goods and Services Tax Rules, 2017, (i) in rule 45, in sub-rule (1), after the words, where such goods are sent directly to a job worker occurring at the end, the

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words to furnish a performance report to the Council by the tenth , the word day shall be inserted; (iii) in rule 129, in sub-rule (6), for the words as allowed by the Standing Committee , the words as may be allowed by the Authority shall be substituted; (iv) in rule 133, after sub-rule (3), the following sub-rules may be inserted, namely:- (4) If the report of the Director General of Safeguards referred to in sub-rule (6) of rule 129 recommends that there is contravention or even non-contravention of the provisions of Section 171 or these rules, but the Authority is of the opinion that further investigation or inquiry is called for in the matter, it may, for reasons to be recorded in writing, refer the matter to the Director General of Sa

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GST – States – FA-3-12/2018-1-V-(34) – Dated:- 24-3-2018 – Commercial Tax Department Mantralaya, Vallabh Bhawan, Bhopal Bhopal, the 24th March 2018 No. FA-3-12/2018-1-V-(34).-In exercise of the powers conferred by Section 168 of the Madhya Pradesh Goods and Services Tax Act, 2017 (19 Of 2017) (hereafter in this notification referred to as the Act) read with sub-rule (5) of rule 61 of the Madhya Pradesh Goods and Services Tax Rules, 2017, the Commissioner, on the recommendations of the Council, hereby specifies that the return in Form GSTR-3B for the month as specified in column (2) of the Table below shall be furnished electronically through the common portal, on or before the last date as specified in the corresponding entry in column (3)

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The Uttarakhand Goods and Services Tax (Second Amendment) Rules, 2018 – GST – States – 282/2018/4(120)/XXVII(8)/2018/CT-12 – Dated:- 24-3-2018 Notification – Circular

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GST – States – 05/2018 – Dated:- 24-3-2018 – Office of the Commissioner of the State Goods and Services Tax Department, Government of Kerala, Thiruvananthapuram No CT/24164/C1 Dtd 24/03/2018 Circular No. 5/2018 Sub: Disbursal of SGST components of refund claim – Instructions issued- reg. The Government, vide order cited above has issued certain guidelines to the treasury officials with regard to refund o/ the SGST component. In order to streamline the procedures to be followed in the process of refund application filed by the tax payers on the rolls of State Tax authorities in line with the Government Order referred to above, the following further instructions are issued. The refund applications filed by the tax payers on the rolls of Stat

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(Nodal officers). The details of such refund order forwarded to the District Deputy Commissioner of State tax shall be maintained by the concerned assessing authority in a separate register. The SGST- REFUND REGISTER- 2 is modified to that extent. SGST – REFUND REGISTER-2 (Details of refund orders submitted to the District Deputy Commissioner of State tax by the assessing authority) Sl.No. Name of Tax payer GSTIN Date of filing of refund application Refund Claim of Central Tax Refund Claim of State Tax Date of approval Refund Sanctioned-Central Tax Refund Sanctioned-State Tax 1 2 3 4 5 6 7 8 9 No.& Date of Refund sanction order No. & Date of payment advice. Date of communication to Central Tax authorities Authority who approved the

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ing authority, the Deputy Commissioner of State Tax (Nodal Officer), after due verification shall entrust the matter to the Manager (DDO) of the office of the Deputy Commissioner of State Tax, for onward transmission to the treasury officials for release of payment. The nodal officers shall direct the Manager (DDO) of the office of the Deputy Commissioner of State Tax to follow the procedures given below on receipt of Payment Advice from assessing authority: 1. Maintain a separate register (SGST – REFUND REGISTER-3) 2. Accounts Section shall enter the details of refund sanction orders received from assessing authority of State Tax in the Register. (Format given) 3. Present the Original Sanction Order along with Payment Advice to Treasury wi

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Goods and Services Tax – Amending the CGST Rules, 2017(Third Amendment Rules, 2018) – Notification – TMI Updates – Highlights

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Goods and Services Tax – Started By: – Vishal mandaviya – Dated:- 23-3-2018 Last Replied Date:- 26-3-2018 – Reverse chargeLets start with an example of person doing trading of cotton.For example Mr. A is cotton trader. He has GST number.Lets say this is July 2017 and Mr. A purchase some amount of cotton from farmers (i e. Unregistered dealer). He buys a cotton worth of ₹ 1 Crore and sale it.Now for GST he will need to pay 5 lakh for sales and 5 lakh as a reverse charge. So he pays total 10lakh of GST into which 5 lakh will be saved as an ITC.Now the next month i.e. August.This time Mr. A purchase cotton worth of 20lakhs and sell it.Now this time he will pay 1 lakh on sales and 1 lakh on purchase (i.e. reverse charge) but he will get

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ion has been suspended upto 30th June 2018 as decided in the gst council meeting held on 10.03.2018. first you pay 5lacs of reverse charge on say 17th of next month and let it get reflected in gst credit ledger of gstn. then while making payment of 5 lacs on sales then you will be claim set of the tax paid under reverse . by this way your money will not be blocked. the said method is within law as the provision states that credit can be taken in the same month. – Reply By Vishal mandaviya – The Reply = Dear Sir,Thanks for your kind reply.I have ITC of ₹ 8lakhs right now. Now how can I claim it back? – Reply By gstwithtmi tmi – The Reply = The tax you are paying as reverse charge for purchase from unregistered dealer can be availed as

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Goods and Services Tax – E-Way Bill Rules shall come into force w.e.f. 1.4.2018 – However, where the consignor or the consignee has not generated the e-way bill, the transporter shall be exempted from

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Goods and Services Tax – Due dates for filing FORM GSTR-3B further extended for the months of April to June, 2018 – TMI Updates – Highlights

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Goods and Services Tax – Exemption from GST on reverse charge basis u/s 5(4) extended till 30.06.2018 – TMI Updates – Highlights

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Goods and Services Tax – GST – Dated:- 23-3-2018 – The month-wise consolidated figures of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess collected by the Government since July 1, 2017 is as under: (Amount in Rs. Crores) Month Collection August, 2017 93,590 September, 2017 93,029 October, 2017 95,132 November, 2017 85,931 December, 2017 83,716 January, 2018 88,929 The GST collections have increased in the months of Ja

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Goods and Services Tax – Started By: – SURESH PATEL – Dated:- 23-3-2018 Last Replied Date:- 23-3-2018 – Dear Sir,Our unit is Established IN SEZ, & We are manufacturer of API Bulk drug, and its a new unit and first time going to purchase Ethanol from local vendor for manufacturing API and using as raw material. The questing is, is there Imposed Excised duty? if exmpted, which section or rule or any notifications? Pl provide notification.If there excise duty ..what is the percentage?Pl reply,

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Goods and Services Tax – Started By: – MUNIRAJ SRINIVASAN – Dated:- 23-3-2018 Last Replied Date:- 9-4-2018 – Dear Sir,My client has raised Tax invoice before 31st Mach 2018 but material has to dispatch after ist April 2018 what is legal provision for this transaction – Reply By Rajagopalan Ranganathan – The Reply = Sir, As per rule 46 (b) of CGST Rules, 2017 an invoice issued by a taxable person has to have a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as – and / respectively, and any combination thereof, unique for a financial year; Therefore if the invoice is raised before 31.3.2018 and goods are removed o

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are invited to comment after considering the following Time of supply of goods As per section 31 of the CGST Act, 2017 an invoice for supply of goods needs to be issued before or at the time of removal of goods for supply to the recipient where the supply involves movement of goods. However, in other cases, invoice needs to be issued before or at the time of delivery of goods or making available goods to the recipient. Supply of goods shall be earliest of the following dates:- Date of issue of invoice by the supplier. If invoice is not issued, then the last date on which supplier is legally bound to issue the invoice with respect to the supply. Date on which supplier receives the payment. – Reply By Ganeshan Kalyani – The Reply = say invoi

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DGFT – Amendments to Foreign Trade Policy 2015-2020 – Extension of Integrated and Goods and Service Tax (IGST) and Compensation Cess exemption under Advance Authorisation and EPCG scheme till 01 .10.2018 – Notification – TMI Updates – Highlights

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Goods and Services Tax – Started By: – Ravikumar Doddi – Dated:- 23-3-2018 Last Replied Date:- 23-3-2018 – Dear sir,Does aggregate turnover includes exempted turnover to take registration or any changes to the definition of aggregate turnover and also any changes to turnover in state – Reply By KASTURI SETHI – The Reply = For the purpose of obtaining registration under GST, aggregate turnover includes exempt supplies also. As per Section 2(6) of CGST Act:- [Aggregate turnover shall include the

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 23-3-2018 – The first financial year of GST regime is coming to an end next week on 31.03.2018. This is also the year of transition or migration of old indirect tax regime (VAT, Service Tax, Central Excise and other taxes) into goods and services tax regime (GST). Accordingly, the current financial year 2017-18 is crucial for transitional events as well as carry forward of balances including input tax credit and various compliances which may have ramifications and monetary impact in future for tax payers. Here are few events which ought to be verified, documented and suitable action taken: Re-check all due dates and compliances as dates for payment, filing etc were extended

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nd. This is more important in case of Government contracts and continuous supply cases. The correctness of input tax credit and transitional credit may be ascertained by way of an independent or internal supervisory due diligence. If required, credit reversal may be done. Any adjustments in accounts, invoices etc can be done now before 31st March, 2018 so that all balances are correctly carried forward and books of accounts are clean of any past error / adjustment w.e.f. 1.4.2018. Proper inter-account / ledger reconciliations may be done. Verification and valuation of closing stock as on 31.03.2018 ought to be done Taxpayers should also ensure compliance with anti-profiteering law to avoid possible penal action, once books are closed. – Art

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Goods and Services Tax – GST – By: – Mallikarjuna Gupta – Dated:- 23-3-2018 – Goods and Service Tax is implemented in India from 1st July 2017 and the major feature or the advantage of GST is the availability of seamless credit of taxes across the supply chain and rationalization of the tax rates. To ensure that the trade and industry passes the same to the end consumer, the Government has introduced the Anti-Profiteering provision wide section 171 of the CGST Act 2017. As per Section 171, sub-section (1) Any reduction in the rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. . In the erstwhile tax regime, input tax credit was not available for all the taxpayers for all the taxes like Central Excise taxes input tax credit was not available to a distributor or a retail trader and similarly Service Tax input credit was not available to the VAT taxpayers. This has resulted in an

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7. Profit is the reward for the risk undertaken by the entrepreneur and it is legitimate but antiprofiteering is unjust enrichment of customers benefits. Anti-profiteering is not a new concept in India or across the globe, it is time-tested and implemented across the globe at one point in time and in India also we had similar provisions in the state of West Bengal. We have taken a clue from various countries which have implemented GST / VAT Across the globe and based on that Anti-profiteering provisions are given in the law. There are various models followed governments across the globe and the two major ones are Net Profit Method – implemented and followed in Malaysia, in this model the net profit percentage is frozen pre-rollout of GST and the same is maintained post-rollout. This ensured that the input tax credit benefit is passed on to the end consumer. Unit Price Method – implemented and followed in Australia and in this, the unit profit per unit is pre-determined and the same is

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ar provision is there in the Australian anti-profiteering where prices can be escalated by 10% to factor such cases. A few days back there were bills which were going viral in the social media that the prices have been jacked in spite of the reduction in the tax rates, this can be amounted to anti-profiteering by many in the public domain, the real fact will be known only after the investigation are completed by the concerned authorities. To ensure that the trade and industry pass the benefits of reduction of tax rates as well as the additional input tax credit benfit, the government has notified the Anti-Profiteering Rules in Chapter XV from Rule 122 to 137 of the CGST Rules 2017. The government has also released a form for filing of the complaint. Though the form is released for the filing of the complaint, it is very complex and the common man cannot file it as it asks for the breakup of the taxes under Central Excise, VAT etc., which the end customer will not be aware of it. The fo

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ng a proper investingtion and the confirm the same. The complaint has to be investigated by the Director General of Safe Gaurds within a period of three months and if addiontal time is required, the same has to be extened by the Stannding Committee for another period of maximum three months. Once the investigation is completed by the Director General of Safeguards, the report is forward to the National Anit-Profiteering Authority (NAPA). The NAPA consists of 5 members, one of them is the Chairman and the other four are Technical Members. NAPA has to conclude on the complaint received from the Director General of Safeguards within a period of three months from the date of receipt of the report. The NAPA will give an opportunity to for both the parties for hearing and after that it confirms the benefit is not passed on, the order is issued with any of the following recommendations the reduction of the prices Ask the registered taxpayer to return the execs amount charged with 18% interest

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by the government again Have dual MRP method of prices one pre-GST and another Post GST, as this will give more transparency to the consumers. Similar case for tax rate reductions. For the benefit of the trade and industry, there should be a provision for including the price increases also which are beyond the control of the trade and industry. The government can also monitor the same with the transaction data it has from the monthly returns filed under GST for the price comparison. The industry should also maintain the proper information for support of the price determined by them and should be reviewed from time to time considering the tax rates impact. It is really a herculean task but not an impossible task to determine the reduction of the cost on account of additional ITC in the supply chain, reduction of taxes and taxes subsumed in GST. Many of the taxpayers are of the assumption that there is no change in the pricing as they were taking ITC in the erstwhile tax regime and now a

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for a long time. The loyalty of the customer shifts from the brand I to brand H of company A Ltd. This is one of the products I have seen in the departmental store for the reduction of the GST, this is how this company is publicizing the price reduction. It is a known fact that cost of acquisition the customer is very high and retaining the customer is also high. Here the cost benefit analysis is also not required as it is a statutory obligation and also as part of the corporate governance it has to adhered. Anti-profiteering is not to be seen as anti-business but it can be used as a tool to improve the market share and profitability on account of volumes and lesser spend on the marketing costs. This benefit is available only for the corporates who act proactively and the early adopters. Industry should follow these points to avoid receipt of notices from director general of safeguards Pass on the benefit of the tax rate, where ever applicable, in case of reduction of tax rates, the MR

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Goods and Services Tax – 14/2018 – Dated:- 23-3-2018 – Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs Notification No. 14/2018 – Central Tax New Delhi, the 23rd March, 2018 G.S.R. 266 (E). – In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely: – 1. (1) These rules may be called the Central Goods and Services Tax (Third Amendment) Rules, 2018. (2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette. 2. In the Central Goods and Se

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escription of goods where the goods are sent by one job worker to another or are returned to the principal. ; (ii) in rule 124 – (a) in sub-rule (4), in the first proviso, after the words Provided that , the letter a shall be inserted; (b) in sub-rule (5), in the first proviso, after the words Provided that , the letter a shall be inserted; (iii) for rule 125, the following rule shall be substituted, namely:- 125. Secretary to the Authority.- An officer not below the rank of Additional Commissioner (working in the Directorate General of Safeguards) shall be the Secretary to the Authority. ; (iv) in rule 127, in clause (iv), after the words to furnish a performance report to the Council by the tenth , the word day shall be inserted; (v) in r

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. ; (vii) for rule 134, the following rule shall be substituted, namely:- 134. Decision to be taken by the majority.- (1) A minimum of three members of the Authority shall constitute quorum at its meetings. (2) If the Members of the Authority differ in their opinion on any point, the point shall be decided according to the opinion of the majority of the members present and voting, and in the event of equality of votes, the Chairman shall have the second or casting vote. ; (viii) after rule 137, in the Explanation, in clause (c), after sub-clause b, the following sub-clause shall be inserted, namely: – c. any other person alleging, under sub-rule (1) of rule 128, that a registered person has not passed on the benefit of reduction in the rate

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Goods and Services Tax – 15/2018 – Dated:- 23-3-2018 – Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 15/2018 – Central Tax New Delhi, the 23rd March 2018 G.S.R. 267 (E).- In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby appoints the 1st day of April, 2018, as the date from which the provisions of sub-rules (ii) [other than clause (7)]

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Goods and Services Tax – 16/2018 – Dated:- 23-3-2018 – Government of India Ministry of Finance (Department of Revenue) Central Board of Excise and Customs Notification No. 16/2018 – Central Tax New Delhi, the 23rd March, 2018 G.S.R. 268(E). – In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the Act) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B for the month as specified in column (2) of the Table below shall be furnished electronically through the common portal, on or before the last date

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of taxes for discharge of tax liability as per FORM GSTR-3B: Every registered person furnishing the return in FORM GSTR-3B shall, subject to the provisions of section 49 of the Act, discharge his liability towards tax, interest, penalty, fees or any other amount payable under the Act by debiting the electronic cash ledger or electronic credit ledger, as the case may be, not later than the last date, as mentioned in column (3) of the said Table, on which he is required to furnish the said return. [F. No. 349/58/2017-GST (Pt.)] (Dr. Sreeparvathy S.L.) Under Secretary to the Government of India ******************** Notes:- 1. Substituted vide Notification No. 23/2018 – Central Tax – Dated 18-05-2018, before it was read as, "20th May, 201

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Goods and Services Tax – 10/2018 – Dated:- 23-3-2018 – Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 10/2018 – Central Tax (Rate) New Delhi, the 23rd March, 2018 G.S.R. 269 (E).- In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue),No.8/2017 -Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of Indi

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Goods and Services Tax – 11/2018 – Dated:- 23-3-2018 – Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 11/2018 – Integrated Tax (Rate) New Delhi, the 23rd March, 2018 G.S.R. 270 (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendat

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Goods and Services Tax – 10/2018 – Dated:- 23-3-2018 – Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 10/2018 -Union Territory Tax (Rate) New Delhi, the 23rd March, 2018 G.S.R. 271 (E).- In exercise of the powers conferred by sub-section (1) of section 8 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 8/2017 -Union Territory Tax (Rate), dated the 28th June, 2017, published in the

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DGFT – 55/2015-2020 – Dated:- 23-3-2018 – GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION No. 55/2015-2020 NEW DELHI, DATED THE 23 March, 2018 Subject: regd. S.O (E): – In exercise of powers conferred by Section 5 of FT(D&R) Act, 1992, read with Paragraph 1.02 of the Foreign Trade Policy, 2015-20, as amended from time to time, the Central Government hereby makes following amendments in Foreign Trade Policy 2015-20. 1. Exemption from Integrated Tax

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