GST India

Functionality to create and submit Form GSTR 5A by OIDAR (Online Data Access or Retrieval Services) is now available on GST Portal.

Taxpayers can now opt for quarterly filing of GSTR 1 Returns.

E-way bills or electronic invoices will be needed to move goods between states two months earlier than planned as the apex body of India’s new nationwide sales tax felt the need to plug loopholes to boost revenue. E-way bills—generated on the Goods and Services Network portal— will be compulsory from Feb. 1 for inter-state movement of goods, according to a statement issued after a meeting of the GST Council held via video-conference today. This will bring uniformity and allow seamless inter-state transfer of goods, it said. The nationwide e-way bill system will be ready for a rollout on a trial basis by Jan. 16, when traders and transporters can start using it voluntarily, the statement said. The council allowed flexibility to choose any date before June 1. for making the electronic document compulsory for goods movement within states. “The fair balance for mandatory inter-state e-way bill compliance from Feb, 1 will have to be maintained," Abhishek Rastogi, partner at

The government’s revenue collection under the Goods and Services Tax may be better than the mop-up in the previous tax regime, if the first four months of data are anything to go by. That’s the word from Neelkanth Mishra, managing director and India equity strategist at Credit Suisse. From that perspective, fiscal outlook for the next year should be better not worse, he told BloombergQuint on the weekly series Thank God It’s Friday. “I don’t see any scope for fiscal slippage. But the fact that yields have moved up by 50-60 basis point shows that if there is a slippage, then it is priced in,” Mishra said. Here are edited excerpts from the interview. How has economic growth panned out in 2017? One a score of 1 to 100, where would you rate it? Also, how would you evaluate the government reform process and earnings growth? I would rate economic growth at 40, government reform process at 80, and earnings growth at around 50. Key Themes For 2018

Automobile industry body Society of Indian Automobile Manufacturers is seeking two tax rates for passenger vehicles under the Goods and Services Tax regime instead of multiple rates levied currently, as part of its wish list for the upcoming Budget. The industry body has also sought from the Finance Minister Arun Jaitley a special tax rate of 12 percent for electric and hydrogen fuel cell powered vehicles. “The automotive industry has been suggesting two rates for cars in place of multiple tax rates, and requests the government to keep only two rates for vehicles under the GST regime,” SIAM said in its suggestions for the Union Budget 2018-19. Currently, GST regime, small petrol cars with engine capacity less than 1200 cc attract 1 percent cess, while diesel cars with engine capacity of less than 1500 cc attract 3 percent cess, on top of the 28 percent tax. Similarly, cess on hybrid cars, including mid, large and SUVs, remains at 15 percent, likewise those vehicles used for t

The all-powerful  GST Council  has approved mandatory compliance of  e-way bill  for intra-state movement of goods from June 1, 2018, sources said. The Council has fixed February 1 as the compliance date for inter-state movement of goods, sources in the panel added. The e-way bill facility bill be available for trial run from January 16. These decisions were taken at the 24th meeting of the  GST  Council headed by Finance Minister  Arun Jaitley . An e-way bill is required for movement of goods worth more than Rs 50,000. When goods are transported for less than 10 km within a state, the supplier or the transporter need not furnish details on the GST portal. The e-way bill mechanism has been introduced in the GST regime to plug tax evasion loopholes. Tax evasion was one of the reasons cited by the government for the fall in revenue collection in October. The GST revenue for October stood at Rs 83,346 crore, the lowest since the implementation of GST from July 1. It w

Government ignored several warnings from private companies that the complex technology required for a nationwide goods and services tax ( GST ) to work smoothly was not ready for launch, several people who worked on the project said. Weeks before the July 1 start of India's biggest tax overhaul in decades, the government declared itself ready and chided industry experts who said more time was needed to prepare for the changes. "It's not a complicated process," Finance Minister  Arun Jaitley  had said on June 20. However, more than 10 tax and IT consultants who worked on the project said that behind the scenes the government was ignoring warnings for more testing of the complex system even as it was pushing through late changes. While the sources said  Infosys , which built the GST technological network, made "basic errors", they said government officials have not accepted any responsibility for the glitches in the GST roll out. The government is still makin

Reverse charge is a mechanism where the recipient of the goods and/or services is liable to pay GST instead of the supplier. In this article, we discuss the following topics: 1. What is Reverse Charge? 2. When is Reverse Charge Applicable? 3. Time of Supply under Reverse Charge 4. What is Self-Invoicing? 5. Frequently Asked Questions(FAQ) 1. What is Reverse Charge? Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed. 2. When is Reverse Charge Applicable? A. Supply from an Unregistered dealer to a Registered dealer If a vendor who is not registered under GST, supplies goods to a person who is  registered under GST , then Reverse Charge would apply. This means that the GST will have to be paid directly by the receiver to the Government instead of the supplier. The registered dealer who has to pay GST under reverse charge has to do se

The GST has made a revolutionary in the indirect tax system of the country and the second chapter of it was added on 15th November. GST council revised the GST rates on 15th November as well which expects that the companies will reduce the prices on some of the commodities so that the consumers get benefitted out of it. To give a relief to the consumers and businesses, the tax rates on 200 items such as shampoo, detergent, chocolates, beauty products etc were reduced. According to the companies, they are very soon going to pass the benefits to the consumers as the tax rates on some of the products were decreased from 28% to 18%.  The main sector which is getting benefitted out of the reduction of GST rate is the FMCG sector. So, the companies decided that after decreasing the prices of the commodities, they will let the consumers aware of the decrease in prices by their ads. They have a close eye on the distributors and channel partners to check whether the customers are really gett