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 learnt that the revenue Officer’s Committee on revenue augmentation is examining the feasibility of imposing GST on some items including food grains on reverse charge basis as tax on certain items is today lower than the tax in pre-GST era. It is also reviewing rates under composition scheme. It is also learnt that E-way bill on gold is being examined by the Law Committee as a measure to tighten enforcement amid reports of GST evasion. But at the same time, it will not be easy amid security concerns. To address that, an encrypted version of e-way bill is being discussed.
CBIC has issued Notification No. 51 dated 31.10.2019 to give effect to the constitution of Jammu & Kashmir and Laddakh as Union Territories which will now be subject to UTGST in place of SGST.
GST collection declined 5.29 per cent to Rs 95,380 crore in October 2019, in comparison to the same month last year. GST revenue collection in October 2018 stood at Rs 1,00,710 crore. Notably, GST collection increased 3.76 per cent in comparison to September 2019, when it was Rs 91,916 crore. Looking at continued economic slowdown and reduced consumption, it is only expected that GST revenue collections may continue to be under stress for remaining part of the current fiscal.
√ Guidelines for concessional GST on Purchase of Vehicle by Disabled
The Department of Heavy Industry, Ministry of Heavy Industries & Public Enterprises, Government of India, in pursuance of Ministry of Finance Notification No. 14/2019-Integrated Tax Rate dated 30.09.2019, has notified the revised guidelines for availing the concessional rate of GST, for purchase of vehicle by the persons with orthopaedic disability, of 40% or more . Accordingly,
♦ Petrol, Liquefied petroleum gases (LPG) or compressed natural gas (CNG) driven vehicles of engine capacity not exceeding 1200cc; and
♦ Diesel driven vehicles of engine capacity not exceeding 1500 cc
♦ Medical certificate duly signed and countersigned.
♦ Copy of Income Tax Return filed for the last three years.
♦ A self-declaration for not availing concession in last five years and for non – disposal of vehicle for 5 years from the date of purchase in the prescribed format.
[Source : F.No. 12/42 /2015-AEI dated 24.10.2019]
√ Clarification on SVLDRS
An audit shall be considered as pending (where there is a demand raised in such audit) till the time, either the Show Cause Notice is issued or the assesses deposits such demand. Even if Final Audit report is issued before 30.06.2019 but no SCN is issued, and demand is still pending, audit shall be considered as pending.
No check is required in case of voluntary declaration as there are adequate safeguard which can be evoked later in case of false declaration.
An Asset Reconstruction Company (ARC) can make disclosure under this scheme and pay dues of its defaulters.
Late fees waiver for any Service Tax return filed for period prior to 30.06.2019 where there is a declaration of pending demand shall be covered under the scheme.
Disclosure of tax demands under multiple returns can be filed under a single registration. However, tie declaration limit (of 50 Lakhs) shall he considered for each return separately.
Appeals filed after 30.06.2019 shall be considered as eligible under the scheme if the taxpayer files an application for with drawl of such appeal. Thus with drawl in such cases must precede the application.
√ Due date extended for Form CMP-08
√ Jurisdiction of Jammu Commissionerate over UT of J & K and Ladakh
√ Filing of Application for cancellation of Registration & filing clarifications by GSTPs
√ Amendment of Registration in Core and Non-Core fields through a GST Practitioner
√ GST Collections for the month of October, 2019
(Source: Business Today dated 01.11.2019)