Recently IMF has cautioned India on economic slowdown stating that India is in the midst of a significant economic slowdown calling for urgent steps to check the slowdown and continuing with fiscal consolidation. The policy reforms suggested are ongoing cleaning up of bank’s balance sheets, strengthening of bank’s governance, regulatory oversight of NBFCs, monetary easing, […]
The opposition parties, mainly Congress have claimed that GDP for the Q3 of financial year 2019-20 is going to be further down, given the state of economy. India’s economic growth, GDP, has slipped to slab 5% level @ 4.5% in July – September quarter, which is a six year low. India’s GDP grew by 4.5% […]
20 November, 2019 was to last date to file Form GSTR 3B for month of October 2019. The data released by CBIC indicate that returns filed on last two days were 11.52 lakh and 14.36 lakhs where as cumulative figure till 20.11.2019 is 60.91 lakh indicating that bulk of returns are filed on last 2 days or so, of course putting tremendous pressure on the GST network resulting in GSTN system even not functioning for some time on last day.
Government has made Document Identification Number (DIN) mandatory to be mentioned an all communications issued by officers of CBIC to taxpayers and other concerned persons. The Punjab and Haryana High Court vide order dated 04.11.2019 has directed Goods and Services (GST) Department to allow filing or revising Form TRAN-1 either electronically or manually. It may therefore, be advisable for the taxpayers to take benefit of this opportunity provided by courts and approach the respective adjudicating authorities.
The slowdown in economy continues. The output in core sectors has claimed by 5.2 percent in September, 2019 with production in all major sectors declining – steel, cement, electricity, natural gas, crude oil, refinery products and coal. The ease of doing business ranking has however, improved with India moving up at 63rd position. It is […]
RECENT CLARIFICATIONS ON GST CBIC has recently issued three Circulars Nos. 111, 112 and 113, all dated 03.10.2019 to clarify on eligibility to file a refund application for a period and category under which NIL refund application has already been filed; Procedure to claim refund subsequent to favourable order in appeal or any other forum; […]
CBIC has issued Notification Nos. 44 to 49-Central Tax, all dated 09.10.2019 prescribing inter alia, due dates for furnishing forms GSTR-3B and GSTR-1, making filing of Form GSTR-9 optional for financial year 2017-18 and 2018-19 for assessees having aggregate turnover upto Rs. 2 crore in a financial year and waiver of late fees for assessees in J & K state for late filing of Forms GSTR-1, GSTR-3B and GSTR-7 for the months of July and August, 2019.
CBIC has issued 14 notifications yesterday on 30.09.2019 the decisions taken in 37th GST Council meeting which was held on 22.09.2019 in Goa. The gist of new notifications is given below in this article
The 37th meeting of GST Council was held on 20th September, 2019 at Goa where in several taxpayer friendly measures have been announced which inter alia include GST rate reduction on hotels, few exemptions, lower rate on diamond related job works and outdoor catering, measures to boost export, few clarifications and relaxation in filing annual returns etc. However, no change has been made in audit requirements.
Its more or less an accepted fact that almost all economics including Indian economy are passing through a rough weather amidst global slowdown. The economic growth has slowed down in various industrial and service sectors over past few quarters. Some economists term it as a cyclical slowdown while others as structural due to changes taking place in various sectors.
