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News Indirect Tax-GST

  • May 23, 2019
  • Draft of new GST return form unveiled

    The Goods & Services Tax (GST) Authority has come out with a draft of a new and simplified return form. The new form is expected to be formally rolled out in July. Through this exercise, made public on Wednesday, the authority aims to obtain feedback on the user interface and its functionalities. The users can fill the template and mail the same.The new GST Return will have Form GST RET-1 (Normal), Form GST RET-2 (Sahaj) and Form GST RET-3 (Sugam) on either monthly or quarterly basis along with the Annexure of Supplies (GST ANX-1) and the Annexure of Inward Supplies (GST ANX-2).

  • May 21, 2019
  • High Court issues notice to Centre and Delhi govt on ‘blocked credits’ under GST

    The Delhi High Court on Monday issued a notice to the Centre and the Delhi government on the issue of ‘blocked credits’ under the Goods & Services Tax (GST) regime. Such a mechanism is affecting hotels and malls. The GST Act has a provision, under Section 16, for input tax credit (ITC), which helps businesses deduct the tax paid on inputs at the time of paying tax on output, thus lowering the tax paid in cash. However, this Section is subject to certain restrictions as laid down under Section 17 of the Act.

  • May 20, 2019
  • AAR allows input tax credit by debt settlement under GST regime

    Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR). The Bengal wing of AAR made the ruling while hearing a case relating to Senco Gold, a supplier of jewellery. The firm also operates a network of franchisee-operated stores.

  • May 17, 2019
  • Anti-profiteering mechanism: Slew of stay orders by high courts expose NAA lacunae

    In the past few weeks, different high courts in the country have given stay orders on several fiats of the National Anti-profiteering Authority (NAA) for the goods and services tax (GST), casting doubts on the legal tenability of the way the nearly one-and-half-a-year-old set-up operates and passes orders on alleged cases of profiteering by businesses.A review by FE revealed that at least five firms have got reliefs from the high courts, in what allowed them to defer coughing up an aggregate amount of Rs 430 crore.

  • May 16, 2019
  • GST rate on homes: Most builders opt for 12% GST for ongoing projects

    Most real estate developers have opted for 12% GST rate for housing units in ongoing projects as it allows them to retain their profit margin due to availability of input tax credit (ITC), analysts said. Selling houses at 5% GST without any ITC would force builders to hike prices — as blocked ITC becomes part of cost — which could turn away buyers in the already-subdued market. Earlier this year, the GST Council had decided that all new regular projects launched after April 1 would charge 5% GST to buyers, but builders can’t avail themselves of ITC.

  • May 16, 2019
  • GST anti-profiteering body may get fresh lease of life

    India’s anti-profiteering framework may remain in place for another two years as the country eyes more changes to the goods and services tax (GST) structure. Aimed at protecting consumer interest under GST, it was initially meant to be in place for two years. Discussions have begun and a decision is expected soon after a new government is in place at the Centre, a senior official aware of the development told ET.

  • May 14, 2019
  • Automated GST refund for exporters by next month

    Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said. Under GST, every person making a claim of refund on account of 'zero-rated' supplies has two options. Either he can export without payment of integrated tax under Bond/ LUT and claim a refund of accumulated Input Tax Credit (ITC) or he may export on payment of integrated tax and claim refund thereof.

  • May 11, 2019
  • FMCG distributors face GST scrutiny for post-sale discounts

    Coca-Cola India’s bottling partner Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers, said a person familiar with the matter. The authorities have asked why GST was not paid on these discounts, treating them as services by distributors. In some cases, authorities have sought sales details for the past five years from distributors.

  • May 09, 2019
  • Now, owners may have to pay different GST for identical flats

    The taxman has asked builders to choose before May 10 the new goods & services tax (GST) rate for ongoing realty projects. The concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively. Developers of under-construction projects could opt for the new or previous rate, but now they have been asked to exercise this option before Friday in the prescribed format.

  • May 09, 2019
  • Homebuyers can’t choose between old, new GST rates, CBIC clarifies

    Homebuyers will not have the option to choose between old and new goods and services tax (GST) rates as the choice only lies with builders, a clarification issued by the Central Board of Indirect Taxes and Customs (CBIC) clearly stated on Wednesday. It also said a real-estate project that started before April 1 but had not received any booking would be classified as ‘new project’ and subjected to revised GST rates.Earlier this year, the GST Council had cut the tax rate for regular housing to 5% from 12% and for affordable housing to 1% from 5%.

  • May 07, 2019
  • Industry bodies list key issues for GST Council meet next month

    Soon a new government will be in place and preparations for the next round of changes in the GST have begun. This exercise will be formalised when the GST Council meets next month. Suggestions from various industries bodies have started pouring in. Based on them, officials will prepare a detailed note for the new government so that the matter could be taken up by the GST Council immediately.

  • May 06, 2019
  • GST: B2B invoices will have to be generated on govt portal by Sept

    All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers' committee has already been set up, they added.

  • May 06, 2019
  • Relook GST on solar sector, HC tells panel

    The Delhi High Court has directed the Goods and Services Tax Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled on January 1. The court has asked the GST Council to relook at the mater in consultation with the Central Board of Indirect Taxes and Customs and the ministry of new and renewable energy.

  • May 04, 2019
  • Bundling of car parking, pool, gym facilities while selling flats to attract lower GST: AAR ruling

    Bundling of facilities such as car parking, swimming pool, club and gym with residential apartments will be treated as composite construction service and attract a lower rate of the goods and services tax (GST), according to an AAR ruling. Following the ruling, these services will be regarded as composite construction service and attract 12 or 5 percent GST, as against 18 percent levied of a variety of other services.

  • May 02, 2019
  • GST collection jumps to Rs 1.14 lakh crore, robust mop-up in April boosts hope

    The overall goods and services tax (GST) collections for the first month of the financial year 2019-20 came in at `1.14 lakh crore, the highest level for any month since the comprehensive indirect tax’s launch in July 2017 and exactly in keeping with the Centre’s budget projection for the year. Though April collections (concerning March transactions) are typically high since businesses tend to close the year’s accounts, the government has reasons to believe that the GST collections are being taken onto a higher plane, finally. First, for the second month in row, the collections have risen to record levels (collections in March were `1.07 lakh crore, the highest level until then); secondly, April 2019 collections were 10% higher than the level in the year-ago month and a solid 16% higher than the monthly average in 2018-19.

  • May 01, 2019
  • GST collection touches record high of Rs1.13 lakh crore in April

    The Goods and Service Tax collection in April touched an all time high of over Rs.1.13 lakh crore. This is fifth time after the introduction of new indirect tax regime when collection is above Rs. 1 lakh crore. According to the Finance Ministry statement, the total gross GST revenue collected for April, 2019 is Rs.1,13,865 crore of which CGST (Central Goods & Services Tax) is Rs. 21,163 crore, SGST (State Goods & Services Tax) is Rs. 28,801 crore, IGST (Integrated Goods & Services Tax) is Rs. 54,733 crore (including Rs. 23,289 crore collected on imports) and Cess is Rs.9,168 crore (including Rs.1,053 crore collected on imports).

  • Apr 30, 2019
  • Restaurants, small B2C entities under scanner for GST evasion

    GST officers are working out a mechanism to deal with non-payment of taxes by large number of small restaurants and B2C entities which are collecting taxes from customers but not depositing the levy with the government. Several consumers have filed complaints through a mobile app -Iris Peridot - that GST was charged by small restaurants but the eatery neither deposited taxes with the government nor filed GST returns.

  • Apr 30, 2019
  • Lower GST on hotels, sops for private sector to boost tourism: Report

    The government should take steps such as rationalising GST rate for hotels and incentivising private participation to boost the tourism sector as it holds huge potential to push economic growth and job creation, a report Monday said. Enlisting the measures, a FICCI-Yes Bank Report titled 'India Inbound Tourism: Unlocking the Opportunities' said that by 2029, the Indian tourism sector is likely to grow at 6.7% per annum to reach Rs 35 lakh crore.

  • Apr 30, 2019
  • Companies face queries over input tax credit claims

    India Inc could face a tax landmine with authorities beginning to question input tax credit claimed by companies in lieu of Goods and Services Tax paid by their vendors. The authorities have already started sending notices to businesses, confirming fears that scrutiny will increase in the new financial year as the government looks to plug leakages. Experts said notices have been sent in Gujarat, Telangana, Andhra Pradesh, Haryana and some other states.

  • Apr 29, 2019
  • Dream11, other online gaming cos face potential tax bouncer on GST

    The indirect tax department has started questioning some of the leading online fantasy gaming companies to ascertain if there is a revenue leakage on account of the methodology used by these platforms to calculate and pay goods and services tax (GST), people familiar with the development said. Essentially tax officials want to determine if GST is applicable on the total transaction value or the net commissions (revenues) that accrue to these gaming firms.

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