KSA Infomatrix

The Goods and Services Tax (GST) Council has put in place an elaborate framework for division of taxpayers between the state and central tax authorities, in a move aimed at bringing clarity and effectiveness in the administration of the new indirect tax regime.  The guidelines for the division of the taxpayer base between the Centre and states will ensure that a taxpayer faces only one GST authority – either the Centre or the state. "The list of taxpayers will be made public," said an  official, adding that this would clear the air for not just the taxpayers but also the tax authorities.   The division will also clearly fix the responsibility for raising awareness about GST, with bulk of small traders falling within the jurisdiction of states.  According to the rules issued, 90 per cent of the assesses with a turnover of less than Rs 1.5 crore will be under the administrative control of states and the balance 10 per cent will be under the Centre. In the  I...

The GST (goods and services tax) Network, or GSTN, the company that processes GST returns, on Sunday offered two more weeks for small traders who missed an earlier opportunity to sign up for a liberal compliance scheme involving quarterly return filings. GSTN said in a statement that the ‘composition scheme’ for traders with up to Rs75 lakh annual sales is now open till 30 September. Those who opt for this can file returns on a quarterly basis unlike the others who have to file returns on a monthly basis. The earlier window for signing up for the scheme had ended on 16 August, under which about 11 lakh assessees signed up. The decision to extend a second opportunity for those who missed out was taken at the last GST Council chaired by finance minister Arun Jaitley on 9 September in Hyderabad. Those who sign up before 30 September will get the benefit of the scheme from 1 October, until which they will be treated as normal assessees. Under the scheme, small businesses, manufactu...

Rules related to E-Way Bill-As Per Notifi No-27/2017 Dated 30-08-2017- Consignment Value Exceeds Rs 50000- Eway Bill to be generated in Form GST EWB-01. Procedure- Supplier will Fill Part-A of Form GST EWB-01 and than Transporter will fill Part-B of Form GST EWB-01 before movement of Goods.  Distance < 10 Km- where the goods are transported for a distance of less than ten kilometres within the State or Union territory from the place of business of the transporter finally to the place of business of the consignee, the details of conveyance may not be updated in Part-B of the e-way bill.  Unique e-way bill number (EBN)- Upon generation of the e-way bill on the common portal, a unique e-way bill number (EBN) shall be made available to the *supplier*, the *recipient* and the *transporter* on the common portal. *Transporter transferring goods from one conveyance to another* - in the course of transit shall, before such transfer and further movement of goods, update det...

The government, on the recommendations of the Goods and Services Tax Council, has waived the penalty of Rs 200 per day for taxpayers who failed to file the first GST returns within the deadline. The taxpayers will, however, have to bear the interest on late payment of dues, the Finance Ministry said on Saturday. “Late fee for all taxpayers who could not file GSTR-3B for month of July has been waived, but not the interest on late payment of dues. Interest will be applicable to all taxpayers who have not discharged their complete GST liability for July by August 25,” Finance Ministry said in a tweet on Saturday. The taxpayers had to file the GST returns for July by August 25 and those claiming transitional input tax credit by August 28. Source: http://www.financialexpress.com/india-news/government-waives-penalty-on-late-gst-returns-for-july/837796/