GST News

Impact of GST on leasing of vehicles before 1st July

13 October 2017 at 10:34

Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess). In order to provide relief to old/existing leases of motor vehicles, GST Council in it

Posted in GST | 5262 Views

GST rate structure for Petroleum and Oil Sector

11 October 2017 at 16:08

To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in

Posted in GST | 1 comments | 8643 Views

No further extension of last date for filing GSTR 1 for July, 2017

10 October 2017 at 10:46

The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have no

Posted in GST | 4 comments | 6945 Views

Changes in GST Rates for Goods and IGST Rates on Imports of Goods

06 October 2017 at 22:55

As per discussions held in the 22nd GST Council Meeting held under Chairmanship of Union Finance Minister Shri Arun Jaitley on 6th October, 2017, the following changes in GST rates for certain Goods and IGST rates on Imports of specified Goods have b

Posted in GST | 12 comments | 12753 Views

22nd GST Council Meet Highlights

06 October 2017 at 20:28

GST Council meet dated 6th October 2017 .. Highlights : Traders with turnover of up to Rs 1.5 crore to file quarterly returns instead of monthly filings. Composition scheme threshold raised to 1 crore from 75 Lakhs. Nominal 0.1% GST on exports. Ex

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Notification on extension of facility of LUT to all exporters issued

06 October 2017 at 11:02

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]Government of India Ministry of Finance (Department of Revenue ) [Central Board of Excise and Customs]Notification No. 37 /2017 – Central TaxNew Delhi,

Posted in GST | 5010 Views

FM hints at reduction in GST tax slabs in future

02 October 2017 at 14:39

FM: To reduce tax slabs in case of GST, we have to become revenue neutral plus; Inspects the Passing-out Parade of 67th Batch of IRS(C&CE) and delivers Valedictory Address; Calls for fair implementation of tax laws; Releases NACIN Coffee Table Bo

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Facility for exporters to furnish Letter of Undertaking instead of bonds

02 October 2017 at 14:39

Small exporters have brought to the notice of the Government the difficulties in furnishing bond with requisite bank guarantee. To facilitate exports under GST, it has been decided that the facility of furnishing Letter of Undertaking, in place of a

Posted in GST | 3516 Views

GST revenue dips to 90669 crore for August

27 September 2017 at 11:31

The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283

Posted in GST | 2 comments | 6030 Views

GST Actionable Claim On Branded Food Products

23 September 2017 at 13:16

Notification Issued For GST Actionable Claim On Branded Food Products The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, inter alia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit co

Posted in GST | 1 comments | 6303 Views