There was a meeting of GST Policy Wing at Ministry of Finance. The meeting was chaired by the FM. Some of the suggestions given by the participants during the meeting were as follows:
1. In GSTR-1, requirement for reporting HSN Summary and Document details should be deferred till April 2018, since it takes a considerable time and effort to compile and fill.
2. Immediate activation of refund process for taxes deposited by mistake in Electronic Cash Ledger should be done. During the initial stages many taxpayers have committed errors and their funds are blocked.
3. Provisions of reverse charge on supply from unregistered vendor should be deferred till April 2018 so that taxpayers get sufficient time to understand the provisions. Further, deleting Section 9(4) altogether should be considered since in most cases it is revenue neutral for the government due to ITC.
4. Composition scheme should be allowed to Job workers and SME making inter-State supplies.
5. Undue hardships caused to Exporters should be resolved immediately.
6. Taxpayers having turnover up to a certain threshold limit should be allowed to file returns on a quarterly basis. Tax may be collected from them on a monthly basis through GSTR-3B.
And many others...
The noteworthy thing was that the Government was aware of the hardships being faced by various segments of taxpayers and is earnestly trying to obtain feedback and suggestions to make the new tax regime a success. Many participants expressed satisfaction that things have improved on the GST portal over the last one month.
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Tax Payers can Migrate to GST till October 31st: Govt Notifies Amended CGST Rules [Read Notification]
Read more at: http://www.taxscan.in/tax-payers-can-migrate-gst-till-october-31st-govt-notifies-amended-cgst-rules/11539/
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FIEO hails exemption of exporters from giving bank guarantee
PTI | Last Updated: Saturday, September 30, 2017 05:22 PM IST
FIEO hails exemption of exporters from giving bank guarantee
The finance ministry on Friday stated that the government has decided to exempt small exporters from furnishing bank guarantee for shipping goods and services.
New Delhi: The decision to exempt small exporters from furnishing bank guarantee for shipping goods and services is a much needed solution that will help reducing transaction time and cost of exporters, FIEO said on Saturday.
Federation of Indian Export Organisations (FIEO) in a statement said micro and small exporters will be immensely benefited from this decision as they were struggling to get bank guarantee.
"This is much needed simplification which will help in reducing transaction time and cost of exporters," it said.
The finance ministry on Friday stated that the government has decided to exempt small exporters from furnishing bank guarantee for shipping goods and services.
"We should gradually move towards e-LUT (Electronic Legal Undertaking) which can be furnished online so as to eliminate any physical interaction with the tax authorities," it added.
Under the Goods and Services Tax (GST), an exporter can get exemption from payment of IGST if he submits bonds or LUTs
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The government is looking to allow quarterly filing of goods and services tax (GST) returns by a vast majority of businesses, instead of monthly , as it seeks to ease the compliance burden on them and also unclog the system that has been facing glitches due to overload
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Sources told TOI that the move is being deliberated in the finance ministry but may take some time to implement as it has to be cleared by the law committee before it goes to the GST Council, comprising finance minister Arun Jaitley and state FMs. Traders have repeatedly complained about the compliance burden -which is a threestage process -taking a toll on them as it has increased the compliance cost as well as resulted in massive work load.
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The government believes that by easing the rules it does not stand to lose much. During a book release event on Thursday , Jaitley had said that less than four lakh registered entities paid 95% of the taxes, while payment by 60 lakh accounted for just 5%.
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Eighth amendment to CGST Rules:
1. Time limit for applying for cancellation of registration extended to 31st October 2017.
2. Rules 118, 119 and 120 which provided for furnishing of details of goods sent to Job-Worker, goods sent on approval basis and details under section 142(11)(c) in Form. GST TRAN-1 earlier required such details to be furnished by 28th September 2017. There was no provision for extension of due date in these Rules. These rules have now been amended to be in line with Rule 117 on extended timeline for filing form GST TRAN-1.
3. Heading of Rule 120A inserted as "Revision of declaration in FORM GST TRAN-1” for better clarity.
4. Heading of FORM GST REG-29 changed from “APPLICATION FOR CANCELATION OF PROVISIONAL REGISTRATION” to “APPLICATION FOR CANCELATION OF REGISTRATION OF MIGRATED TAXPAYERS”.
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Dept can Adopt Full Value of Consideration even in case of Unregistered Transfers: Gujarat HC [Read Judgment]
Read more at: http://www.taxscan.in/dept-can-adopt-full-value-consideration-even-case-unregistered-transfers-gujarat-hc/11572/
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#GST: Govt to Exempt Small #Exporters from Furnishing #BankGuarantee
Read more at: http://www.taxscan.in/gst-govt-exempt-small-exporters-furnishing-bank-guarantee/11568/
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CGST - Rule 24 amended. Now Cancellation of those who migrated from old regime can be done till 31st october 2017.
Form Reg-29 also amended to provide for Cancellation of Migrated dealers.
Hope Now Cancellation option of fully Migrated dealers who are not liable to be registered under GST will be available on portal soon and will be w.e.f. 1.7.2017.
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Sebi directive on loan default disclosure put on hold for now. Read more - http://economictimes.indiatimes.com/articleshow/60891314.cms
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GST: Govt Exempts Supply of Services Associated with Transit Cargo to Nepal and Bhutan [Read Notification]
Read more at: http://www.taxscan.in/gst-govt-exempts-supply-services-associated-transit-cargo-nepal-bhutan/11562/
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GST: Govt Exempts Supply of Services Associated with Transit Cargo to Nepal and Bhutan [Read Notification]
Read more at: http://www.taxscan.in/gst-govt-exempts-supply-services-associated-transit-cargo-nepal-bhutan/11562/
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# *GST*: The government is planning to allow quarterly filing of returns instead of monthly, by a vast majority of businesses as nearly 60 Lac businesses account for only 5% of taxes and nearly 4 Lac business account for 95% of the taxes.
# *GST*: Small exporters has been exempted from giving bank guarantee - the facility of furnishing LUT, in place of a bond, for exporting goods or services or both shall be allowed to exporters.
# *GST*: CBEC has extended the period for intimation of details of stock held on the date preceding the date from which the option to pay tax u/s 10 of the CGST Act is exercised in FORM GST CMP-03 is extended till 31-OCT-2017 - Order No.04/2017-GST, dt.29.09.2017.
# *GST*: Deadline for selling unsold pre-GST stock with their revised MRP post implementation of GST along with their old MRPs extended to 31-DEC 2017.
# *GST*: CBEC notifies amendment in the CGST Rules 24, 118, 119, 120 & 120A and also amended Form GST REG-29 – Noti.No.36/2017-CT, dt.29.09.2017.
# *GST*: CBEC has exempted supply of services associated with transit cargo to Nepal and Bhutan – Noti.No.30/2017- CT (R), dt.29.09.2017..
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Govt extends Time Limit for Intimation of details of Stock held Before Opting for Composition Levy to 31st Oct
Read more at: http://www.taxscan.in/govt-extends-time-limit-intimation-details-stock-held-opting-composition-levy-31st-oct/11549/
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*Services associated with transit cargo to Nepal and Bhutan exempted*
CBEC issued Notification No. 30/2017- Central Tax (Rate) to exempt the services associated with transit cargo to Nepal and Bhutan. Notification No.30/2017 inserts entry 9B in the previously issued Notification No. 12/2017 (which notified the exemption on supply of services under CGST Act).
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Pre-GST Goods can be sold till December 31, says Dept of Consumer Affairs
Read more at: http://www.taxscan.in/pre-gst-goods-can-sold-till-december-31-says-dept-consumer-affairs/11554/
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