The deduction of tax at source (TDS), collection of tax at source (TCS) and reverse charge mechanism have been deferred until June 30.
The GST Council is also likely approve GoM's decision on phased rollout of e-Way Bill from April 1
Finance minister Arun Jaitley had indicated that in the future a single stage return filing could be introduced
A list of important headlines from across news agencies that could help in your trade today.
Council’s New Delhi meet on Thursday to take up big bang recommendations from states and various officers’ panel
Other states are expected to start their own trial runs over the next couple of weeks, trying to get their systems and personnel trained for the new practice.
The law review committee’s proposals aims to simplify procedures and make the new tax system simple
The council, which will meet on January 18, will also look at the provisions for the proposed e-wallet facility to enable speedy refunds to exporters
Under GST rules, ferrying goods worth more than Rs 50,000 within or outside a state will require securing an electronic-way bill by prior online registration of the consignment
Some restaurants have increased menu prices despite a cut in GST rate to 5%, claiming that non-availability of input tax credit has raised costs
GST Council to discuss law advisory group’s recommendations in Jan; a decision on whether to continue with reverse charge mechanism (RCM), tax deducted at source (TDS) and tax collected at source (TCS) also expected
In the next meeting the GST Council will discuss ways to give relief to the handloom and handicraft sector
The tax cuts will have a revenue implication of about Rs 20,000 crore
Procedural simplification and rate cuts expected to soothe frayed nerves of small firms ahead of Gujarat polls next month; SMEs may be allowed to file only a single return, instead of four forms currently
To make the process simpler, small firms may be allowed to file of only one summary return form GSTR3B, doing away with filing of GSTR1, GSTR2 and GSTR3
The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week.
GST Council meet on Nov 10 will discuss plans to cut multiple rates in related products such as dried fish and whole fish, sugar syrup and chocolate syrup
Council to take up matter in its next meeting in Guwahati on November 10 to ease procedural irritants for small firms
`We don’t want to give people the liberty that they have an option to not file returns. We need to have some amount of discipline in compliance’
Prime Minister Narendra Modi brainstormed for over three hours with Arun Jaitley and BJP president Amit Shah on Thursday.
This is a marked departure from the past, when the central finance minister announced most indirect tax rate changes in the annual union budget
Revision of around 100 items were on the agenda in the Council’s meeting on Sep 9 of which only 40 items could be taken up for discussion
Cess on large luxury cars raised to 20 percent, SUVs to 22 percent and mid-sized sedans to 17 percent from a uniform 15 percent earlier; status quo on 1200 cc petrol, 1500 cc diesel cars, hybrid cars and 13-seater vehicles.
In the 21st meeting of the GST Council in Hyderabad today, various state finance ministers expressed concerns related to tax return filing on GSTN
The council may decide to keep the new cess on high-end cars at much below the raised 25 percent cap; a strategy to deal with rice sellers who have stopped selling the packaged grain in a bid to stay out of the GST net will also be discussed