GoM for 12% GST on AC eateries, composition scheme tax cut
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GoM for 12% GST on AC eateries, composition scheme tax cut*
The Group of Ministers set up to make GST composition scheme more attractive today suggested lowering tax rates for manufacturers and restaurants under the plan to 1 per cent.
At present, while manufacturers pay GST at 2 per cent, the rate for restaurants is 5 per cent. Traders currently pay 1 per cent.
The GoM headed by Assam Finance Minister Himanta Biswa Sarma has also suggested doing away with the tax rate distinction between AC and non-AC restaurants, those which are not covered under composition scheme, and tax them at 12 per cent.
It also suggested that hotels which has room tariff of more than Rs 7,500 should attract 18 per cent tax rate.
Composition scheme is open for manufacturers, restaurants and traders whose turnover does not exceed Rs 1 crore. This threshold was earlier Rs 75 lakh and the GST Council earlier this month raised it to Rs 1 crore from October 1.
With regard to traders, the GoM suggested two pronged approach for taxation under the scheme.
It suggested that traders who want to exclude the sale proceeds of tax-free items from its turnover, it can pay 1 per cent GST. However, those traders who pay tax on total turnover, the tax rate has been proposed at 0.5 per cent.
For example, supposing a trader deals in goods which are tax exempt as well as those which are taxable under the GST and has a turnover of Rs 1 crore. Of this, Rs 40 lakh turnover is from sale of tax-exempt items and remaining Rs 60 lakh from taxable goods.
"The GoM decided that tax rates under composition scheme for restaurants and manufacturers be lowered to 1 per cent. For traders the ministerial group suggested two tax rates," an official told PTI.
The GoM also recommended allowing businesses who are engaged in inter-state sale to avail the composition scheme, he added.
Around 15 lakh businesses opted for composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, under the Goods and Services Tax (GST) which rolled out from July 1. There are over 1 crore businesses registered under GST.
While a regular taxpayer has to pay taxes on a monthly basis, a composition supplier is required to file only one return and pay taxes on a quarterly basis.
Also, a composition taxpayer is not required to keep detailed records that a normal taxpayer is supposed to maintain.
The GoM was set up earlier this month and was tasked with revisiting the tax structure of different categories of restaurants with the aim of rationalising or reducing the rates, apart from making composition scheme more attractive for businesses.
Currently, GST is levied at 12 per cent on non-AC restaurants, while it is 18 per cent for air-conditioned ones.
The other members of the GoM are Bihar Deputy Chief Minister Sushil Modi, Jammu and Kashmir Finance Minister Haseeb Drabu, Punjab Finance Minister Manpreet Singh Badal and Chhattisgarh Minister of Commercial Taxes Amar Agrawal.
The GoM has also suggested that manufacturers engaged in job works can be allowed to opt for composition scheme, the official added.
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*GSTR 2 : Missing Invoice, Adding*
Supplier A have filed GSTR-1 with an Invoice number 1 for recipient B. This is an incorrect invoice that is actually meant for Recipient C.
How should Recipient C handle this? C is uploading this detail, i.e. Invoice number 1 against Supplier A in their GSTR-2. The Portal is not allowing this. Looks like there is some incorrect logic in checking the validity of data when it comes to Invoice numbers.
*Temporary Resolution*
1) Recipient B has to reject the Invoice number 1
2) Supplier has to accept this Rejection 1
3) Recipient C has to add a missing Invoice with number 1A
*GSTN Reply* : Invoice issued by the supplier to another receiver, system will not accept duplicate invoice. We are still working on the final solution of this issue and will notify the resolution on group soon
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Govt Extends Time Limit for Intimation of details of Stock held Before Opting for Composition Levy to 30th November [Read Order]
Read more at: http://www.taxscan.in/govt-extends-time-limit-intimation-details-stock-held-opting-composition-levy-30th-november-read-order/12623/
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*Word of D-DAY:*
*Prodigious*
adj.
*Pronunciation:*
(pro·di·gious)
*Meaning*
Remarkably or impressively great in extent, size, or degree.
*Example:*
“Her prodigious sales performance resulted in a promotion.”
_Keep Learning, Sharing and Growing Everyday._
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Provision mandating Aadhar-PAN Linkage again challenged before the Supreme Court
Read more at: http://www.taxscan.in/provision-mandating-aadhar-pan-linkage-challenged-supreme-court/12597/
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Staff Welfare Expenses are not Contingent Liability if it was in terms with AS-4 and it subsequently discharged by the Assessee: ITAT Allows Claim [Read Order]
Read more at: http://www.taxscan.in/staff-welfare-expenses-not-contingent-liability-terms-4-subsequently-discharged-assessee-itat-allows-claim-read-order/12613/
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*Word of D-DAY:*
*Dubious*
_Adjective_
*Meaning*
Suspicious and possibly wrong
*Example*
I saw a carton of milk with an expiration date so dubious I decided to buy it for fun: it has a date one year from today printed on it.
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GST: Govt Notifies Extension of Due Date for filing FORM GST TRAN – 1 [Read Notification]
Read more at: http://www.taxscan.in/gst-govt-notifies-extension-due-date-filing-form-gst-tran-1-read-notification/12619/
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GST Registration: FORM GST REG-26 can be filed till 31st December [Read Order]
Read more at: http://www.taxscan.in/gst-registration-form-gst-reg-26-can-filed-till-31st-december-read-order/12621/
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# *MCA* finally *RELAXES* Additional Fees and *EXTENED* the Last Date of Filing of AOC-4, AOC-4 XBRL e-Forms using Ind AS under the CA, 2013 till 28 NOV 2017. Cir.No.14/2017, dt.27.10.2017 (awaiting hosting on MCA Website).
# *GST*: CBEC notifies waiver of late fee payable for delayed filing of Form GSTR-3B for Aug & Sep, 2017- Notification No.50/2017-CT, dt.24.10.2017.
# *GST*: CBEC issued clarification of classification of cut pieces of fabric under GST- Circular No.13/13/2017-GST, dt.27.10.2017.
# *GST* will be payable by the refinery only on the net quantity of superior kerosene oil (SKO) retained for the manufacture of Linear Alkyl Benzene (LAB) - Circular No. 12/12/2017-GST, dt.26.10.2017.
# *GST*: The last date of filing Form GSt TRAN-1 has been extended from 31.10.2017 to 30 NOV 2017.
# *31 OCT 2017* is the due date of filing of ITRs (Company & Tax Audit), Tax Audit Report, TDS Return for Q2, GSTR-2 for July 017.
# *IBBI*: MCA has issued clarification regarding approval of resolution plans under Section 30 and 31 of the Insolvency & Bankruptcy Code, 2016.
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👉🏻Tax professionals protest over GST returns filing in Gujarat.*
(Tax professionals across the state are up in arms against the government over the problems faced by them in filing goods and services tax (GST) returns.)
👇🏻 👇🏻 👇🏻
https://goo.gl/jQpTxv
*👉🏻Need of independent regulator for Auditors - SEBI Panel.*
(SEBI corporate governance panel for auditors has strengthened the case for the establishment of an independent auditor as mooted by the Government.)
👇🏻 👇🏻 👇🏻
https://goo.gl/nyMhHj
*👉🏻MCA extend due date of filing Annual Statements to 28.11.2017.*
(General Circular No. 14/2017, Dated 27/10/2017 - Relaxation of additional fees and extension of last date of filing of AOC-4 and AOC-4 (XBRL Non-IndAS) under the Companies Act, 2013)
👇🏻 👇🏻 👇🏻
https://goo.gl/sMEUAA
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No family is perfect
We argue, we fight.
We even stop talking
to each other at times,
But in the end,
Family is family.
The love will always be there.
📺 *Updates*
➡1. Shareholders’ approval not to be sought separately when NCLT accepts resolution plan: MCA clarifies
➡2. Cap Gain arising on sale of shares Indian co. by Spanish Co. is exempt as per article 14(6) of DTAA
Assistant Director of Income Tax (International Taxation), Range -4(1) v. Merril Lynch Capital Market Espana S.A.S.V.*
➡3. Firm was eligible to claim exp. if it was disallowed in hands of partner claiming having incurred on behalf of firm
Hitech Analytical Services v. Principal Commissioner of Income-tax-3, Ahd.
🙏�Thank you🙏�
Have a nice day
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Goods can be taken for approval in or out of State on delivery challan & e-way bill as applicable. Issue invoice on delivery. Circular No. 10/10/2017-GST of 18 October.
As per Notification No. 42/2017-Integrated Tax (Rate) dated 27-10-2017: Supply of services having place of supply in Nepal or Bhutan, against payment in Indian Rupees is Notified as NIL rated.
Due Date of AOC 4 & AOC 4 XBRL both extended till 28.11.2017 without any additional fees vide circular no.14/2017 dated 27.10.2017.
SEBI revised the framework for ´block deals´ by providing two separate trading windows of 15 minutes each and increasing the minimum order size to Rs 10 crore.
Supreme Court has ruled that the outsourcing of work to India by MNCs per se would not give rise to any permanent establishment (PE) in the country and, hence, the global income of these MNCs attributable to this back-office work cannot be taxed in India.
