GST News and Updates
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 27-7-2017
Dear Professional colleague,
Please note the latest Updates and Progress in GST:
GST Updates:
No deduction of tax at source (TDS) under Income Tax on 'GST on Services' component
The Central Board of Direct Taxes (CBDT) vide Circular No. 23/2017 dated July 19, 2017 clarified that wherever in terms of the agreement or contract between the payer and the payee, the component of 'GST on Services' included in the amount payable to a resident is indicated separately, tax shall be deducted on the amount paid or payable without including such 'GST on Services' component. In other words, tax shall not be deducted on such 'GST on Services' component.
Further, GST for these purposes will include IGST, CGST, SGST and UTGST.
Moreover, any reference to 'Service tax' in an existing agreement or contract which was entered prior to July 01, 2017 will be treated as 'GST on Services' with re
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GST.
E-way bill is required to enter into UP for taxable goods over ₹ 5000/-
The Uttar Pradesh Government vide Circular No. KA-NI-1014/XI-9(52)/17-U.P.GST Rules-2107-order(31)-2017 dated July 22, 2017 has mandated to have E-way bill 01/ E-way bill 02/ E-way bill 03/ TDF 01 for all taxable goods whose value exceeds ₹ 5,000/- coming from outside Uttar Pradesh to the state. The same can be downloaded from http://comtax.up.nic.in before start of movement of goods.
This is contrary to the GST provision for uniform e-way bill, which requires goods of more than ₹ 50,000/- in value to be pre-registered online in Form GST INS-01 before it can be moved.
Further, for movement of specified goods like iron, steel and edible oil from one point to another within the state i.e. Uttar Pradesh, e-way bill is compulsory, if value of goods is above ₹ 1 lakh.
GST News :
Uploading of invoices on GSTN portal has begun
The GSTN portal has started uploading of specified particula
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Profiteering Authority will be set up soon to keep a check on businesses that have not passed on the benefit of lower tax rates to consumers. It will take 2-3 months time to gauge whether the benefits of GST are being passed on to consumers.
The authority, if it finds that a company has not passed on the GST benefits, will either direct it to pass on the benefits to consumers or if the beneficiary cannot be identified will ask the company to transfer the amount to the 'Consumer Welfare Fund' within a specified time period. The authority will have the power to cancel registration of any entity or business if it fails to pass on to consumers the benefit of lower taxes.
The authority will ensure return of the undue profit earned from not passing on the reduction in incidence of tax to consumers along with 18% interest and can also impose penalty. This authority will be in existence for 2 years unless the GST Council extends the tenure.
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