GST UPDATE ON HIGHLIGHTS OF 32nd GST COUNCIL MEETING

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Corporate News

* CBIC issues draft rules for Customs valuation * Top Headlines: Threshold for Benami deals, green bond investors, and more * Govt aims 1-hour clearance for goods at all ports * Exporters Allowed To Use RoDTEP, RoSCTL Scrips To Pay Customs Duty, Transfer Them; Rules Amended * Millions of labourers to be affected by brick producers’ strike over hike in GST, coal rates * Inauguration of ‘kendriya GST parisar’ * Transporter can seek Release of Conveyance alone, not Goods under GST Act: Madras HC * GST: Quoting of DIN Mandatory for Responding to Notice, Govt Modifies Portal * Firms can soon file claims for GST credits of ?400 cr * CBIC issues modalities for filing transitional credit under GST. * Mumbai: Man creates 36 fake GST firms, arrested for input tax credit fraud of Rs 23 cr * Report to restructure Commerce Ministry under study; idea is to set up trade promotion body: Goyal * Firms can soon file claims for GST credits of ?400 cr * Gambling Alert! Govt May Levy Up To 28% GST; UP, Bengal Back Move * EPFO backs raising retirement age to ease pressure on pension funds * India Moving Up Power Scale, Set to Become Third Largest Economy By 2030 * Airfares Get Expensive: What Changes for Flyers From Today? * IRCTC Latest News: Passengers to Pay More For Cancelling Confirmed Rail Tickets Soon. * IBC prevails over Customs Act, says Supreme Court. * As GST enters sixth year, a time for evaluation and reassessment * There’s GST on daily essentials as Centre needs money to buy MLAs: Arvind Kejriwal * Now, GST on cancellation of confirmed train tickets, hotel bookings * GST kitty for top States could rise 20% in FY23, says Crisil * French customs officials seize another cargo vessel over Russia sanctions * TradeLens builds on Asia momentum with Pakistan Customs deal * Hike tax on tobacco, reduce affordability & increase revenue: Civil society organizations to GST council * Bihar: ?10 crore tax evasion on tobacco products detected in raids * Centre failed on GST, COVID; would it be anti-national? Rajan on Infosys row * Service Tax not Chargeable on Income Tax TDS portion paid by recipient: CESTAT grants relief to TVS * Foreign portfolio investors make net investment of Rs 7575cr in Sep so far

Subject News

* Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr * GST (Tax) E-invoice Must For Businesses With Over Rs 5 Crore Annual Turnover * Both Central GST and excise duty can be imposed on tobacco, rules Karnataka high court * CBIC Issues Clarification On Extended Timelines For GST Compliance * CBIC Issues Clarification On Extended Timelines For GST Compliance * Budget 2023- 9.6 crore gas connections * GST: Tamil Nadu Issues Instructions for Assessment and Adjudication Proceedings * GST: CBIC Extends Last Date for filing of ITC * GST collection in September surpasses Rs 1.4 lakh crore for straight seventh time * Dollar smuggling case: Customs chargesheet names M Sivasankar as key conspirator. * Hike in GST rates fuels inflation * Assam: CBI arrests GST commissioner in Guwahati * GST fraud worth ?824cr by 15 insurance Cos detected * India proposes 15% customs duties on 22 items imported from UK * Decriminalising certain offences under GST on cards * Surge in GST collections more due to higher inflation: India Ratings * MNRE Notifies BCD and Hike in GST Rates as ‘Change in Law’ Events But With a Condition | Mercom India * Solar projects awarded before customs duty change allowed cost pass-through * Rajasthan High Court Dismisses Writ Petitions Challenging Levy Of GST On Royalty * GST revenue in September likely at Rs 1.45 lakh crore * Govt working on decriminalising certain offences under GST, lower compounding charge * Building an institution like GST Council takes time, trashing is easy: Sitharaman * GST collections in Sept may touch ?1.5 lakh crore * KTR asks Centre to withdraw GST on handlooms * After Gameskraft, More Online Gaming Startups To Receive GST Tax Claims * Madras HC: AAR Application Filed Under VAT Does Not Survive After GST Enactment * Threshold for criminal offences under GST law may be raised * Bengaluru: Gaming company faces biggest GST notice of Rs 21,000 crore * CBIC clarifies Classification of Cranes for GST, Customs Duty * Customs seize gold hidden in bicycle in Kerala airport

SOY P ITTY on 21 Apr, 2016 wrote:

YOU SIR IS A GREAT PERSON TO SERVE WITH OUT ANY SINGLE PENY. AND YOUR ADVICE RELATED EXCISE AND SERVICE TAX IS VERY VALUABLE FOR GRADUATE/POST GRADUA ...
hitesh on 03 Apr, 2016 wrote:

THANK U SIR 4 UR REPLY ON RATE OF INTEREST
hitesh on 20 Mar, 2016 wrote:

Thank u sir for ur reply regarding ssi exemption limit.
visuiyer on 09 Mar, 2016 wrote:

the budget analysis is really superb... and has highlighted all the aspects.. Hats off Sir ji..
hitesh on 06 Mar, 2016 wrote:

THANK U SIR FOR YOUR REPLY REGARDING THE TARIFFS I ASKED
hitesh on 29 Feb, 2016 wrote:

THANK U SIR FOR GUIDING ME IN THE QUERY OF REFUND.I M THANKFULL TO U.
Abhimanyu Singh on 08 Feb, 2016 wrote:

GST should be passed in this budget. all parties should help in public benefit. Opposition of the party in this regard is not good.
CA R P Vijay on 04 Jan, 2016 wrote:

Thanks and we also wish you and your family a very happy and prosperous new year.
Rahul Singhvi on 04 Jan, 2016 wrote:

Thank you for your lovely greetings ! Wishing you & your family a very happy & fun filled New Year
O V Srinivasan on 04 Jan, 2016 wrote:

We from Gokak Textiles limited wish you and your team a very happy and prosperous New Year 2016.

GST UPDATE ON HIGHLIGHTS OF 32nd GST COUNCIL MEETING

GST UPDATE ON HIGHLIGHTS OF 32nd GST COUNCIL MEETING

GST UPDATE ON HIGHLIGHTS OF 32nd GST COUNCIL MEETING

The meeting of the GST Council was convened today wherein certain important decisions have been taken. The highlights of the meeting as reported in the Press Conference of Arun Jaitley are summarized as follows:-

Assessees under the composition scheme will pay tax quarterly, but file returns annually from April 1, 2019.
Composition scheme introduced for service providers also. The composition rate for services sector has been fixed at 6 per cent available to service providers having annual turnover in preceding financial year upto Rs. 50 Lakhs.
It is also decided to increase the limit of annual turnover for composition scheme to Rs. 1.5 Crores from 01.04.2019.
GST threshold has been increased to Rs 40 lakh from Rs 20 lakh for supplier of gods. However, states will have an option to chose threshold within a week’s time. The GST threshold for service providers would continue to be Rs. 20 Lakhs.
Kerala State can levy Cess upto a maximum of 1% for a maximum period of 2 years.
Taxation on Real estate and uniformity on taxation and other issues arising on Lottery will be discussed in next council meeting.
Free Accounting and Billing Software shall be provided to small taxpayers by GSTN.

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