38th GST Council Meeting dated 18-12- 2019 1) GSTR-1 Late Fee Waiver on GSTR-1 1. Notification 4/2018-CT dated 23-01-2018, reduced late fee for delayed filing of GSTR-1 from Rs. 2 00/- per day to Rs. 50/- per day. For NIL returns it was reduced to Rs. 20/- per day 2. Notification 75/2018-CT dated 31-12-2018 waived […]
Circular Trading is not a new concept in India, it has been ever existing in the Indian Market, but many tend to believe that it only takes place in the stock market. However, that is not the case, Circular Trading can also take place into companies or trading businesses. Before we further get into the depth and analysis of circular trading, let’s start with the basics and try to understand the following aspects.
It is important to note that whatever is recommended by GST Council , does not becomes the law unless and untill the recommendation is notified in the offical garetta of India. The GST Council in its 37th meeting held in Goa had made the following recommendation , which are yet to be notified √ Small […]
Definition of affordable housing: A residential house/flat of carpet area of up to 90 sqm in non- metropolitan cities/towns and 60 sqm in metropolitan cities having value up to Rs. 45 lacs (both for metropolitan and non- metropolitan cities). Metropolitan Cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), […]
Composition Scheme for Services under GST Effective from 1st April,2019 – Notification No. 2/2019-Central Tax (Rate) dated 7th March, 2019 1) Description of supply First supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year, by a […]
1. Upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr. 2. A Composite dealer (in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding –
1) The following classes of taxpayers shall be exempted from obtaining registration: a. Suppliers of services, having turnover upto Rs. 20 lakh, making inter State supplies; b. Suppliers of services, having turnover upto Rs. 20 lakh, making supplies through e-commerce platforms.
The formats and business process approved on 21st July 2018 in 28th GST Council Meeeting were in line with the basic principles with one major change i.e the option of filing quarterly return with monthly payment of GST in a simplified GST return format by the small tax payers.
We need to understand how the law makers interpret the tax liability of the duty free shops and for that we have to rely and interpret the following definition of CGST and IGST .
The whole beauty and important feature of GST Is its so called seamless chain of input tax credit (ITC) . The purpose of ITC is to avoid the bottleneck of the existing indirect taxation system i. e cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under this new system Goods and Services Tax (GST) would mitigate such cascading of taxes.
