Simplified GST returns form in the works

Source: The Economic Times, Apr 17, 2018

NEW DELHI: A new simplified form is in the works for filing goods and services tax (GST) returns and could be taken up for consideration at the next meeting of the GST Council.

“A new form incorporating best features of a ‘fusion’ of two models that have been under discussions will be prepared. This will also take into account all suggestions that have come from the stakeholders,” said Sushil Modi, Bihar deputy chief minister and chairman of the group of ministers tasked by the GST Council to look at the IT issues.

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Government mulls to convert GST Network into 100% state-owned company

downloadSource: Business Standard, Apr 10, 2018

New Delhi: The government is considering converting GST Network- which is handling the IT infrastructure of the new indirect tax regime – into a state-owned company, an official source said.

Currently, private financial institutions are the majority owners in GSTN with 51 per cent stake, while the centre and states together hold 49 per cent.According to the source, Finance Minister Arun Jaitley has asked Finance Secretary Hasmukh Adhia to “examine the possibility” of converting GSTN into a majority government company or a 100 per cent government company.

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Microsoft looks to expand partner ecosystem to tap India’s digital transformation

images.jpgSource: The Economic Times, Apr 11, 2018

NEW DELHI: Microsoft is looking at expanding its partner ecosystem – both in terms of numbers as well as domain expertise – given the huge potential of digital transformation in the country, Anant Maheshwari, president of Microsoft told ET.

It currently has the largest partner ecosystems with 9,000 partners across 250 cities in India. He added that though the company has partners who have deep expertise in areas such as finance, human resource, operations etc, going forward they will also need the “breadth” and very deep domain expertise in sectors such as banking.

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E-way bill system ‘working well’ for exporters

download (1).jpgSource: The Hindu Business Line, Apr 06, 2018

New Delhi: The e-way bill system seems to be working well for many exporters, with the Centre giving exemption to all exports moving from an inland container depot (ICD) to a customs port and also to e-sealed consignments.

“Exporters had some concerns on the e-way bill but most have been put to rest with the Centre’s decision to extend the exemption given to imports moving from gateway ports to ICDs to exports as well,” said a government official.

The e-way bill was introduced from April 1 under the GST framework to track inter-State movement of goods worth ₹50,000 or more. The network will subsequently be expanded to track intra-State movement of goods, too.

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All you need to know about the GST e-way bill system

download (2).jpgSource: LiveMint.com, Apr 04, 2018

What is e-way bill?

It is an electronic documentation detailing the movement of goods and has to be carried by transporters for any consignment exceeding Rs50,000 in value. It can be generated from the GSTN set up for the e-way bill system by the transporter before the movement of goods begins.

The e-way bill’s validity varies depending on the distance that the goods have to travel.Typically, the bill’s validity is one day for every 100km of movement of goods.Is it mandatory for all movement of goods?

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GST collection falls to Rs 85,174 cr in February; only 69% file returns

Source: Financial Express, Mar 27, 2018

New Delhi: GST collections slid for the second straight month to Rs 85,174 crore in February as only 69 per cent of the assessees filed returns. Around 59.51 lakh GSTR 3B returns were filed for the month of February till March 25. This is 69 per cent of total taxpayers who are required to file monthly returns, the finance ministry said in a statement. “The total revenue received under GST for the month of February 2018 (received up to March 26) has been Rs 85,174 crore,” it said. The collection in January was Rs 86,318 crore, while in December and November was Rs 88,929 crore and Rs 83,716 crore respectively. Of the Rs 85,174 crore collected as GST for the month of February, Rs 14,945 crore have been garnered as Central GST and Rs 20,456 crore as State GST. Beside, Rs 42,456 crore has been collected as Integrated GST and Rs 7,317 crore as compensation cess.

A total amount of Rs 25,564 crore is being transferred from IGST to CGST/SGST account by way of settlement. “Thus, the total collection of CGST and SGST up to 26th March (for February) is Rs 27,085 crores and Rs 33,880 crore respectively, including transfers by way of settlement,” the statement added. Till March 25, 1.05 crore taxpayers have been registered under GST.

Of these, 18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns. According to a finance ministry reply to the Lok Sabha, GST collections were Rs 93,590 crore in July, Rs 93,029 crore in August, Rs 95,132 crore in September and Rs 85,931 crore in October.

 

E-way bill rollout from April 1; GSTR-3B to be filed till June

Source: The Hindu Business Line, Mar 25, 2018

New Delhi: The government has notified April 1 as the implementation date for the electronic way or e-way bill, which will be required for transporting goods valued over Rs 50,000 between states.

Besides, the Central Board of Excise and Customs (CBEC) has also notified the requirement of filing summary return GSTR-3B till June.The GSTR-3B for a month is required to be filed by the 20th day of the succeeding month.

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