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In order to ease the GST impact on the exports industry of India, the government has today sanctioned pending GST refunds of over Rs 30,000 crore to those exporters who are waiting to get input credit or claim back the IGST paid by them on exports.
The Authority for Advance Ruling (AAR) has passed an order mentioning that now the sale of ‘Going Concern’ of a business will be exempted from Goods and Services Tax (GST).
The GST is self-assessing by nature while more than 1 crore Taxpayers are registered under GST. Self-Assessment is necessary to determine tax liabilities.
A major beneficiary of the revised GST rate of 12% on Construction Projects could be the Maharashtra State Government. The State Government has reportedly asked for rebates from contractors handling the Mumbai Metro Project.
GSTR 5A return filing form is mandatory form required to be filed by all the internet service providers or Online Information and Database Access or Retrieval (OIDAR) Service Providers.
There are only 3 days left for the taxpayers who have to file 3 return filings before the upcoming due date i.e. 20th August 2018.
Notification No. 22 /2018 – Central Tax: As a relief for those taxpayers who failed to file their GST-3B summary returns for October 2017 to April 2018, the Government has waived off the late fee charge.
Rejecting the application filed by CEAT, a leading tyre manufacturer in India, for reducing the GST rate on e-rickshaw tyres to 5%, the Maharashtra Authority for Advance Ruling (AAR) said that tyres used in e-rickshaws will continue to attract the top GST rate of 28%.
The GSTR 9 is an annual return form to be filed by the taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year.
