GST Council to meet on Oct 6, may dole out sops to exporters

Source: Times of India, Sept 20, 2017

NEW DELHI: The 22nd meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley, will be held on October 6 to deliberate on GSTN glitches and ironing out issues faced by exporters, a ministry official has said.

The meeting was scheduled to be held on October 24 but was preponed in view of the engagements following Diwali festival.

The next meeting of the Council will be held through video conferencing on October 6, the official said.

This will be the second time that the Council meeting would be held through video conferencing. The last such meeting was held on July 17 — the first meeting after the roll out of Goods and Services Tax (GST) from July 1.


No GST on packaged food products if rights foregone on brand

Source:, Sept 21, 2017

NEW DELHI: Packaged food products will not face goods and services tax at the rate of 5% if the manufacturer declares to voluntarily forego any actionable claim or enforceable right on the brand name.

“5% GST will, however, not apply if the person concerned voluntarily foregoes any actionable claim or enforceable right on such brand name, subject to the conditions,” a finance ministry statement said on Wednesday. The entity will have to file an affidavit to the effect that it is voluntarily foregoing actionable claim or enforceable right on such brand name with the jurisdictional Commissioner of Central Tax or State Tax, or the jurisdictional officer of Union Territory Tax, it said. Read the rest of this entry »

GSTN reopens window for composition scheme

Source: The Hindu Business Line, Sept 17, 2017

New Delhi: The GST Network (GSTN) today said it has reopened the facility for small taxpayers with turnover of up to Rs 75 lakh to opt for composition scheme.

Such small taxpayers will have time till September 30 to opt for the scheme, which offers easy compliance for business as returns are to be filed only quarterly.

Taxpayers were earlier given time till August 16 to opt for composition scheme.

But only 10.86 lakh tax payers, out of total 85 lakh registered businesses opted for the scheme.In a statement, GSTN said the window will be open for those assessees who have migrated from the earlier excise/ service tax/VAT regime as well as for new registered taxpayers.

“To make this facility available to all those who could not opt for Composition, the facility has been opened again,” it said.

The GST Council had last week decided to reopen the window for allowing taxpayers to opt for the scheme.

Those who opt for composition scheme during this period will get this facility from October 1 for the current financial year.“For the period prior to October 1, the taxpayers will be treated as normal taxpayer and will have to file monthly return for the period till September 30, 2017,” GSTN said.

GSTN CEO Prakash Kumar said that the composition scheme has been designed to simplify and reduce the burden of compliance for smaller taxpayers.To opt for the scheme, the taxpayer needs to log into his account at the GST Portal and select the “Application to opt for the composition scheme” under the “Services” menu.

After filling in the form, he has to submit the application using Digital Signature or E-signature or Electronic Verification Code, GSTN said.

Window for small businesses: Composition scheme under GST may return

Source: Business Standard, Sept 08, 2017

New Delhi: The composition scheme, which is applicable to specific categories of small businesses whose turnover is Rs 75 lakh and below and had been closed on August 16, may return soon.With just about a million taxpayers opting for the scheme, the goods and services tax (GST) Council will consider reopening the window in its meeting on Saturday in Hyderabad, giving another opportunity to small players to avail of it.

“Smaller players reportedly faced challenges with respect to registration. Some wanted more time to evaluate their business models to comply with the requirements of the composition scheme. So, we want to give them another chance,” said a senior government official.

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21st GST Council meet in Hyderabad on Sept 9

Source: The Hindu Business Line, Aug 23, 2017

Hyderabad: The next GST Council meeting will be held here on September 9, a senior official in Telangana government said today. This will be the third meeting of the council since the launch of the Goods and Services Tax (GST) on July 1 and the 21st since it was set up in September last year.

“The meeting will be held in Hyderabad. Union Finance Minister Arun Jaitley will be heading the meeting. The agenda will be fixed soon,” the official told PTI. “Our (Telangana) government is going to raise the issue of tax concession for government projects, besides other subjects such as concession for Beedi industry and granite,” he said.

The council, chaired by Jaitley and having state finance ministers as members, has over the past 10 months ironed out various contentious issues and decided on a four-tier tax structure of 5, 12, 18 and 28 per cent.

Meanwhile, out of 2.16 lakh VAT registrations in the state, as many as 1.96 lakh vendors have enrolled under the GST and the migration was smooth, the official said. “The remaining are basically those who have the turnover below Rs 20 lakh,” the official said, adding that the deadline for filing returns for the month of July has been extended up to August 25.

Under certain circumstances, the traders will be allowed to file their returns till September 5.


Cabinet approves CGST refund scheme

download (9).jpgSource: The Economic Times, Aug 17, 2017

NEW DELHI: The government has approved a new metro rail policy, a scheme to refund central goods and services tax ( CGST) to industrial units in Himachal Pradesh, Uttarakhand, Jammu & Kashmir and the North-East ctill 2027, and changes to strategic disinvestment policy to speed up decision-making. The cabinet cleared the CGST refund scheme with a budgetary allocation of Rs 27,413 crore, which will come as a big relief to sectors like pharma, automobiles, FMCG.

These units, which hitherto enjoyed exemption from central excise for 10 years, will get a refund of 58 per cent of CGST. “Within the framework of the GST Act, each industry will be entitled to its own refund mechanism during this particular period (until March 31, 2027),” finance minister Arun Jaitley told reporters after the meeting of the cabinet that was presided over by Prime Minister Narendra Modi on Wednesday. Under the new GST regime rolled out on July 1, there is no provision for exemptions. Central or state governments, however, are empowered to refund their portion of tax.

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Government notifies timeline for filing of tax returns under GST

downloadSource: The Economic Times, Aug 10, 2017

NEW DELHI: The government has notified the dates for furnishing final tax returns for July and August under GST regime.

The GST Council, chaired by FM Arun Jaitley and comprising his state counterparts, had in June allowed more time to businesses for filing final GST returns in forms GSTR-1, GSTR-2 and GSTR-3 for July and August. In the interim period, businesses have to file GSTR-3B, which is a summary of self-assessed tax liabilities with consolidated details of outward supplies and input credit.

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