KSA Infomatrix

The government has extended the date for filling up a form for claiming transitional credit by three months till June 30. Also, the Central Board of Excise and Customs (CBEC) has notified the deadline for businesses to fill up final sales return form GSTR-1 from April to June. The CBEC has notified the extension of date till June 30 for submitting Form GST Tran-2. It is a transitional form in which businesses have to disclose the deemed credits claimed by them on stock as on the date of implementation of GST. “This extension is expected to bring substantial relief to traders who were struggling with system issues for filing the said form,” EY Partner Abhishek Jain said. PwC’s Partner and Leader Indirect Tax Pratik Jain said, this extension is a major relief for the industry, “specifically for those who have to claim deemed credit of opening stock as on July 1, 2017, which have been sold till December 31, 2017.” Besides, giving effect to the decision by the GST Council earlier t...

E-way bill will be rolled out from 1 April this year. On 10 March, at the 26th GST Council meeting, it was decided to relaunch the inter-state E-way Bill from April 1. The intra-state E-way Bill will be rolled-out later in the month in phases, the council had then told. In order to keep the roll out glitches free, the government has this time taken some important steps to simplify the entire process. Here are the significant points that suppliers and recipients must take a note of: 1. E-way bill for inter-state movement of goods will be rolled out from 1 April, 2018. Till then e-way bill can be generated on voluntary basis. 2. You can presently register on the official portal of e-way bill by using your GSTIN without waiting for 1 April, 2018. 3. E-way bill is required to be generated only when the value of consignment exceeds Rs 50,000 which includes tax but doesn’t include value of exempted goods. 4. No e-way bill is required if the value of goods in an individual con...

NEW DELHI: In order to check "frivolous and fraudulent" tax credit claims by businesses, the  CBEC  has decided to verify demands of top 50,000 tax payers claiming maximum  GST transitional credit , starting with those where the quantum exceeds Rs 25 lakh. The verification of "unreasonable" transitional credit claims would be conducted in four phases, a source said, adding that credit verification will remain one of the focus areas in 2018-19. As part of transition to  GST  last July, taxpayers were allowed to file Form  TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under the pre-Goods and Services Tax regime. In order to check "frivolous and fraudulent" transitional credit claims, the CBEC has shared with field offices the list of 50,000 taxpayers whose claims would be further scrutinised. It is suspected that some of these businesses might have obtained a registration under the GST only ...

The Goods and Services Tax (GST) was introduced with effect from July 1, 2017. GST replaces different taxes and also aims at simplifying indirect taxation. The GST Council has been working continuously for making many improvements for better implementation. While the efforts of the GST Council are laudable, there is one important and vexatious problem that needs to be addressed to ensure GST roll out is smooth for all taxpayers, more so for those in the SME sector.  One of the most important provisions in the GST law is that input credit is available to the buyer only if the GST has been remitted by the seller to the Government. This way, the Government is completely shielded from anyone who collects tax, but fails to remit it.  It is true that there is a small minority of tax payers who may keep the government away from its rightful revenue. But to handle problems caused by a small number of such dishonest persons the Government is putting a huge burden on the entire ta...

The goods and services tax collection would grow at a rate of 14 percent to 16 percent for FY18-19, IANS said citing SBI Ecowrap report. The report described the GST collection targets estimated for the ongoing fiscal and the next fiscal as ‘overtly aggressive’. The report also says that at a growth rate of 14 percent to 16 percent, the GST collection growth would be closer to the decadal growth rate in indirect taxes of under 14 percent. The Rs 7.4 lakh crore of the estimated collection target is 67 percent higher than the revised estimates for FY17-18, IANS quoted citing the report titled, ‘The Arithmetic of GST Collections.’ The GST for FY19 for the 9 months’ estimates can be pegged at 15.8 percent, the report said. The revised GST regime was implemented from July last year, the GST receipts will be for only 9 months during the ongoing fiscal. The gross IGST collections stand at nearly Rs 4.01 lakh crore in FY18. Of the total IGST collections, 60 percent has been trans...