GST was introduced on the fortnight of 1 July 2017. Little did the Government knew that it was the beginning of the shutdown for a big number of small and medium enterprises (especially power loom and textile). While it would be unfair to pin down the blame on the current government only as the seed’s for GST were down by the erstwhile UPA government at the center. Hence more than intent the great question should be asked of the execution of India’s so-called biggest economic reform post Independence era.
GST Refund Claim Process Make Easier by Govt for Businesses
In a move to ease GST compliance and accelerate business operations, the Finance Ministry on Friday made ‘GSTR-2A’ form as the sole prerequisite for ITC claims under GST. This comes as a major relief from the earlier procedure that mandated submission of all purchase invoices for a given month. Reportedly, GSTR-2A monthly form is auto-generated and contains all transaction details between a business and its supplier. Here a few points to take note of if you file ITC claims.
EWB Update: Upcoming Major Changes on GST E Way Bill Portal
The E-way Bill which was introduced earlier this year. It was aimed at making the interstate movement of goods smoother, swifter and easier. However, not all has been smooth sailing for the E-way Bill System itself. During its teething stage, the E-way Bill suffered from traffic overload as well as the host of other technical glitches.
But post the initial hiccups the Government and the GST Council were successful and pompous is deploying a successful E-way bill Network for movement of goods whose value is more than Rs. 50,000/-.
GST on RTI: GST levied on RTI Applicant in Madhya Pradesh
Information is power in the 21st century and it can not be free. GST could be the world’s first public tax to subsume ‘Information’ too. Reportedly, in a one of its kind step, the Madhya Pradesh Housing and Infrastructure Development Board in a revert to a right to information petition charged 9% GST for the same.
Ajay Dubey who is an activist and vocal about corruption in public administration had sought an RTI on the total expenditure incurred by the Madhya Pradesh Housing and Infrastructure Development Board for the renovation of its RERA office in the state. However, he was surprised and confused when he had to pay Rs 43 for the same.
New Single GST Return Forms and Sahaj-Sugam Schemes from FY 2019
A more simplified set of return forms was a major point of discussions across all recent GST Council meetings. The same was reported by us on many occasions. We are now also informed that the new layouts for GST Return Forms have now been approved by the Central Government and the GST Council. These new set of GST return forms would be effective from FY 2019 (July 1, 2019). Here are a few key changes that will be part of new GST Return Forms:
NAA Introduces Helpline Number For GST Profiteering Complaints
The prime purpose of the National Anti-profiteering Authority (NAA) is to make sure that the advantage of the rate reduction under the Goods and Services Tax regime should be available for the end consumers. Further, the Authority has taken some favoring steps in order to accomplish the objective. Consumers can now lodge grievances in opposition to any anti-profiteering exercises by sellers/traders using the helpline number 011-21400643.
Finance Ministry Extends GSTR 1 Filing Due Date Till 31st October
The finance ministry recently extended the GSTR 1 filing due date of sales return for the month of July 2017 to September 2018 till 31st October. The notification also stated that the late fee and penalty regarding the non-submission of filing is also waived off.
The notification was announced the government observed the lesser number of GSTR 1 filing in comparison with GSTR 3B. The official statement from the FinMin mentioned that, “In order to encourage taxpayers to furnish Form GSTR-1, a one-time scheme to waive late fee payable for the delayed furnishing of GSTR-1 for the period from July 2017 to September 2018 till October 31, 2018, has been launched.”