Skip to main content

28th GST Coucil Meating | Recent GST rates Changes | Certicom

28th GST Council Meeting – Announced..!!!


1. Highlights of this GST Council meeting

      A) GST Return Filing process further simplified
  • Regular taxpayers with a turnover up to Rs 5 crore can choose to file GST return on a quarterly basis against the previous boundaries of Rs. 1.5 crore. These taxpayers must, however, pay taxes on a monthly basis through Challan.
  • Regular taxpayers with a turnover of more than Rs. 5 crores, must file a monthly return filing RETURNS new proposed Shri Nandan Nilekani system was adopted.
  • Amendments made by submitting the return referred to amendments of return and payment, if any, will be in itself a return to help keep interest liability for taxpayers.
  • It is proposed, NIL return filers (no buying and selling there) must be provided in the return of the object file to send SMS.
B) SOps for composite dealers get the nod
  • Composition dealers can now covered the supply of services: the boundary equal to or less than 10% of turnover, or rendered RS lakhs 5, depending on the above services, fixed to choose circuit *. Restaurant services are not considered to include these criteria.
  • All council members voted unanimously, by virtue of the increased threshold limit of Rs. 1.5 crore from the existing Rs 1.0 lakh as soon as possible.
C)  At registration GST
  • Taxpayers may opt for multiple registrations within the territory of the State / Union with respect to several businesses located within the same State / Union. It has previously been limited by several companies in certain countries.
  • e-commerce operators should have compulsory registration of GST only on the Non-Exempt goods.
  • The threshold for the release of GST is increased to 20 from 10 lakhs 6 States -Taxpayers, working in Sikkim Arunachal Pradesh, Himachal Pradesh, Uttarakhand, Assam and Meghalaya.
D) The reverse charge mechanism is postponed for a year before September 30, 2019
  • Committee to study the pros and cons of the system, as well as a probable impact on income.
  • At the same time, the amendment proposed Levy GST on the reverse charge mechanism only on these goods in the case of certain classes of registered persons declared receiving shipments from unregistered suppliers.
E) Creating GST Appeal Tribunal
  • National Bench will be established in New Delhi.
  • 3 State / Regional Bench come to Mumbai, Chennai and Kolkata with a few benches district.
  • Amount preliminary deposit paid for appeal to appeal body and Appeal Tribunal be limited to the RTS. 25 crore and Rs. 50 crore, respectively.

Comments

Post a Comment

Popular posts from this blog

What is ITR4 Form? | How to fill ITR-4 Form? | Certicom

The report, issued by the Ministry of Finance, the deadline for filing tax returns is extended from 31 July 2018 until 31 August 2018. For the year of assessment 2018-19, the format was changed to include the GST part with detailed financial information. The old tax form ITR-4S was renamed ITR-4. 1. What is the ITR 4 for AY 2017-18 and 2018-19 AY? Form ITR-4 is the tax return form for those taxpayers who have opted for the scheme estimated income under section 44 ad, 44ADA Section and Section 44AE the Income Tax Act. However, if the turnover of the business referred to above is greater than Rs 2 crore, the taxpayer must submit an ITR-third Click here to download the ITR-4 for the assessment year 2018-19 download What is the structure ITR 4 for AY 2018-19 and 2017-18 AY? ITR-4 is divided into: Part A: General information Part B: gross total income of the five chapters Revenue Part C: deduction and the total taxable income Part D: The tax calculation and tax status C...
Post a Comment
Read more

GST Returns |Types Forms | Due dates | Penalties | certicom

Types of GST Returns and Their Assessment Information Implementation of Statements based on New Regulations and Notifications     GSTR-1 Quarterly Returns (Annual Report Statement Debtors 1.5 Crore has the option to retrieve the quarterly return filing) Period (Quarterly) Due dates Jan- Mar 30th April 2018 Apr-June 2018 31st July 2018 For turnover of more than Rs 1.5 cr Period Dates July to Nov 10th Jan 2018 Dec 10th Feb 2018 Jan 2018 10th Mar 2018 Feb 2018 10th Apr 2018 March 2018 10th May 2018 April 2018 31st May 2018 May 2018 10th June 2018 June 2018 10th July 2018 GSTR-2 and GSTR-3   the installation is currently suspended but the dates of July 2017 to March 2018 will be made later by the Executive Committee. GSTR-3B GSTR-3B was launched in June 2018 All businesses must install GSTR-3B for the next month until September 2018. The date of April 2018 is extended on 22 May 2018 from May 20, 2018. Read the free release here. fili...
Post a Comment
Read more

Maintenance Books Accounts Under GST& Companies Act | Certicom

Maintenance Books of Accounts Under Income Tax , GST & Companies Act Books with invoices, including vouchers and receipts, must be maintained under different statutory laws – Income Tax Act, Companies Act 2013 and  GST  Act. Books accounts that maintain, retention and claim lists are different according to all 3 laws. According to the Income Tax Act If the sales/turnover / gross income of the company or profession are more than Rs. 25,00,000 or income from  business or profession  is more than Rs. 2,50,000 in any of 3 recent years,  accounting  records will be kept in a satisfactory manner. The following Professions are covered by this provision – Legal Medical Engineering Architectural Accountancy Technical Consultancy Interior Decoration Authorised Representative (one who charges fees for representing someone before a tribunal or any authority) Film artist (Producer, Editor, Actor, Director, Music director, Art Director, Dance Di...
Post a Comment
Read more