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18% GST To Be Levied on Head Office Operations in Other State

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The GST Council will charge tax on inter-state services between offices of a single entity. That means if your company is hiring personnel or preparing payrolls for offices located in other states they will have to pay a GST on such supplies. The order for the same was recently passed by the Karnataka Authority of Advance Rulings.

The order says that companies that have offices in multiple states will have to raise tax invoices and pay GST even for service functions performed between in-house offices. In most cases, the receiving party can claim an input tax credit paid on such services, however, it is expected to increase the compliance cost and time for the companies that have offices in different states. Read More

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Festival offer: Govt Exempt GST Tax on rakhi and statues

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The central government has decided not to levy GST on rakhis and idols of deities. This is a big offer to the public the festival season is about to arrive and this may relax every Indian. But this rule is applicable only traditional rakhi, gold and silver rakhis will be taxed 5%.

The interim union finance minister Piyush Goyal himself announced that the arrival of Raksha Bandhan led us to remove GST on the rakhi as well as idols of deities before the arrival of Ganesh Chaturthi. Read More

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Updated GST Return – New GST Return Filing Process

New GST Return Filing Process

Important Points Covered In Updated GST Return Filing Process

The GST council is discussing to revise return forms and return filing process as soon as possible. The GST Council has accepted the framework of furnishing the return, which is now the topic of discussion of parliament sessions. The new return formats were published in public with a series of reviews and stakeholders consultation by the government. The government has named the new return furnishing process as the ‘Sugam’ and ‘Sahaj’ which also stand for simple and easy. Read More

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Sahaj and Sugam: Govt Proposed New GST Return Filing Form for Small Taxpayers

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Income Tax Department comes forward with two new GST return filing Form called SAHAJ and SUGAM. The mission of releasing both forms is to make the filing income tax return easier and hassle-free for the income taxpayers. IT Department claim that both GST return forms are simple and taxpayer friendly.

In addition, taxpayers with no input tax credit, no output tax liability and no purchases to consider in any respective quarter of the year will have to furnish ‘Nil return‘ in the quarter. Read More

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Cabinet approves GST Law Amendments to be placed in Parliament

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The Cabinet of India has cleared the proposal of 46 amendments to be made to the GST laws, which will now be present to the Parliament for its approval. The GST Council had recommended as many as 46 changes in the present GST laws at its recent meeting on July 21.

The Cabinet, chaired by the Prime Minister, has cleared the changes on Wednesday so that it can now be placed in Parliament for the final consideration. Read More

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Revised IT Audit Form Needs GST and GAAR Details

Revised IT Audit Form Needs GST and GAAR Details

The income tax (IT) department has replaced an old tax audit form with a new one that now also requires professionals and companies to provide the details of GST (Goods and Services Tax), GAAR (General Anti-Avoidance Rules) and secondary adjustments in transfer pricing.

The audit form 3CD is mandatory to be filled by all companies and professionals who are eligible for tax auditing. In simpler words, this audit form is required to be filled by all professionals whose gross annual income is over Rs 5 million and companies whose annual turnover is over Rs 10 million. Read More

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34th GST Council Meeting Updates – Know the Latest Recommendations

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Latest 34th GST Council Meeting

34th GST council meeting held on 19th March 2019. Decisions taken are as:

1. GST Council has approved lower GST rates for the real estate sector and will be applicable from 1st April 2019.

2. There will be two options for builders to choose from:

a. Choose the old GST rate of 12% (8% for affordable housing) with input tax credit (ITC) or

b. Choose a new GST rate of 5% (1% for affordable housing) without input tax credit (ITC). Read More

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