KSA Infomatrix

GST officers have started seeking clarification from companies whose tax payments did not match with the e-way bills generated, as revenue authorities start matching supplies data to check tax evasion, sources said.  Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the state movement was rolled out in a phased manner from April 15, 2018.  Souce: https://economictimes.indiatimes.com/news/economy/policy/gst-officers-seek-clarification-from-companies-for-mismatch-in-sales-returns-e-way-bill-data/articleshow/68761682.cms

The GST composition scheme was so far available to traders and manufacturers of goods with an annual turnover of up to Rs 1 crore The tax department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay six per cent goods and services tax (GST). The option to pay GST at reduced rate of 6 per cent would be effective from the beginning of the financial year or from the date of obtaining new registration during the financial year. Service providers opting for the composition scheme can charge a lower tax rate of six per cent from customers, as against the higher rates of 12 and 18 per cent for most services under GST. In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said suppliers who want to opt for composition scheme would have to file Form GST CMP-02 by selecting ‘Any other supplier eligible for composition levy’ latest by April 30, 2019. Businesses which apply for new registration ma...