Goods and Services Tax – GST Dated:- 1-7-2019 – News – The second anniversary of Good Services Tax (GST) will be celebrated tomorrow with Hon ble Union Minister of State of Finance and Corporate Affairs Shri Anurag Thakur presiding over the event. Shri Subhash C. Garg, Secretary, Department of Economic Affairs, Dr. Ajay Bhushan Pandey, Revenue Secretary, Secretaries of the Ministries of Finance, Shri P.K. Das, Chairman CBIC, Members of CBIC, and senior officers of various Ministries of Government of India will also attend the event. Senior functionaries of the apex chambers of commerce, trade and industry will also be present in large numbers. Similar functions will be held across the country in all States and Union Territories. GST was launched on the 1 st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30 th June, 2017. Hence, the Government alongwith partners from
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Easy Compliance: compliance burden has come down with one pan-India tax replacing multiple taxes and automated processes . Promoting Trade and Industry: Seamless flow of tax credit. Spurring Economic Growth: Creation of unified common national market. Some developments during the GST journey since 2017: Subsuming of taxes: It was new experience of subsuming 17 different types of taxes under GST. Pre GST, Trade Industry had to undergo compliances under Central Excise, Service Tax VAT and doing business in multiple states involved adhering to different VAT laws, compliance through different portals and answering to different authorities. All that has been unified into a single robust online system. Starting up has become simple with one-stop online GST registration for wanting to do business anywhere in the country. Formalisatio
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ds are unbranded and manufactured by MSMEs. The reduction in almost all the cases has been from the higher to the immediately lower tax slab (whether from 12% to 5% or 18% to 12%) and involves indigenously processed foods, man-made textile yarn, stationery and other job-work items. Return filing: The original concept of four Tax returns in a month ( GSTR-3B , 1 , 2 3 ) was gradually curtailed to two tax returns viz: GSTR-3B 1 . Further the Govt. extended due dates for filing tax returns as and when felt necessary. Quarterly Returns were also prescribed for small taxpayers. Reduction in the late fee payable for delay in filing tax returns from ₹ 200/- per day to ₹ 50/-per day /₹ 20/- per day. For the Trade and Industry whose turnover was turnover below five crores, quarterly return filling system is proposed. This will benefit 93% of the taxpayers, reduce their compliance burden and increase ease of doing business.
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With effect from 2 nd November 2018 GST Help desks were created by CBIC at 80 places all over the India to support MSMEs and hand holding of MSMEs was done with regard to GST Registration / Return Filing / Refunds / E way bill etc. Further reforms in current fiscal (2019-20) : New return system : Introduction of New Return System on trial basis from 01.07.2019 and on mandatory basis from 01.10.2019. SAHAJ SUGAM Returns for small taxpayers are proposed Single Cash Ledger: Rationalisation of Cash Ledger in such a manner that earlier 20 heads are merged into 5 major heads. There is only one Cash Ledger for Tax , interest, penalty, fee others . Single Refund Disbursing: The Central or State Government which sanctions refund disburses all four major heads of refunds namely CGST, SGST, IGST and Cess. Threshold limit for goods: T
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