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It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
The 28th of August 2017 was the last date for filing GSTR-3B return – for those who want to avail input tax credit on their old stock (of the previous regime) when transitioning to the Goods and Services Tax Regime.
Newly, implemented Goods and Services Tax is ushering some unplanned advantages for the financial institutions or banks. Several Financial Institutions such as ICICI Bank, Axis Bank, and DCB Bank, are now providing new services to companies to file their monthly tax returns under the GST by availing bank websites.
For affordable housings, GST rates on work contracts have been reduced from 18 percent to 12 percent by the government. However, the impact on prices of affordable housing for buyers remains same as earlier, confirmed industry officials that buyers can continue to purchase the finished houses at the predefined GST rate of 12 percent.
The GST TRAN 1 form is transition form for the already registered taxpayers in old schemes who are filing the GST TRAN -1 form for availing their previous input tax credit accumulated from earlier purchased stock before the implementation of the GST.
In his recent statement to the media, Bijay Kumar, Chief Commissioner of GST, Central Excise and Customs, Kolkata Zone, believes that the recently implemented Goods and Services Tax would bring down the costs of goods, in addition to bringing in transparency to the tax system.
The government releases the GST return forms details which are mandated to be filed according to the due dates under GST mentioned in the attached notification. The submission and uploading of the returns are totally online. We have mentioned all the GST return filing due dates along with their respective associated GST forms such as […]
According to a top official, so far nearly 20 lakh businesses have paid returns online and it is expected that about 30 lakh businesses will pay first month returns before the deadline of 25th August.
According to a senior official in Telangana Government, the next GST Council Meeting is scheduled on 9th September in Hyderabad. This is the third meeting which is organized by the GST Council
