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Goods & Services Tax Alerts
Streamlining Efficiency
2018
- GST Council proposes reduction in rates for certain goods, services along with amendments to GST law. Certain policy recommendations also made
- Maharashtra Authority for Advance Ruling holds that back office support services is in nature of intermediary services. Rejects applicant’s contention that such services qualify as export under GST laws
- Key features along with new formats of GST returns proposed by GST Council. Proposals relate to upload-lock-pay concept, amendment of returns/ invoices, missing invoices etc.
- GST Council recommends revision in GST rates for multiple goods and services. Various amendments to GST law proposed including ones relating to registration, returns, input tax credit etc. New insertions in Schedule III of GST Act
- GST council proposes new simplifies monthly return. Group of Ministers to be set up to provide recommendations on proposed concessional GST rate applicable on digital payments and with regard to imposition of sugar cess. Centre and State Government to acquire complete stake in GSTN.
- GST Council recommends date for introduction of e-way bill for inter-state and intra-state movement of goods. Present system of filing of GSTR-3B and GSTR-1 to be continued. Reverse charge and TDS/TCS provisions to be deferred. Exemptions for exporters to be retained.
- GST Council recommends revision in rates for multiple goods and services. Exemption provided to certain goods / services. Late fee for failure to file certain returns, amended.
2017
- GST Council mandates nationwide rollout of E-way bill system on trial basis by January 16, 2018; compulsory for inter-state movement of goods by February 1, 2018.
- GST Council recommends revision in rates for multiple goods.
- GST Council recommends revision in rates for goods and services.
- Due date for filing of GSTR-1, GSTR-2 and GSTR-3 for the month of July 2017 and August 2017, extended.
- GST council recommends revision in rates for multiple goods. Compensation cess on certain motor vehicles proposed to be increased.
- GST rate on certain goods and services revised. E-way bill rules expected to be effective from 1 October 2017.
- Four tax brackets have been prescribed for services under GST. Reverse charge transactions have also been notified.
- Rates for taxation of most commodities under GST finalised. Certain rules such as registration, invoicing, payment, refund, input tax credit, valuation and composition updated.
- Goods and Services tax (‘GST’) Council meeting held on 18 February 2017 ends with the approval of GST compensation bill while CGST, SGST and IGST bills will be considered for approval in the next meeting scheduled for 4-5 March 2017.
2016
- Draft GST rules and formats released by CBEC for inviting public comments
- The Constitution (One Hundred and Twenty Second Amendment) Bill, 2014 approved by the President of India Issue no: GST/3/2016 In
- The Constitution (One Hundred and Twenty Second Amendment) Bill, 2014 passed in Rajya Sabha
- Model Goods and Services Tax Law Issued by the Empowered Committee of State Finance Ministers
2015
- Report on Revenue Neutral Rate and Structure of Rates for GST
- Discussion on Constitution Amendment Bill for introduction of GST likely to be deferred to next session
- Amendments demanded in the GST Bill
- Committees to facilitate implementation of Goods and Services Tax from 1 April 2016
- Select Committee on GST Constitution Amendment (One Hundred Twenty Second Bill) 2014 submits its report in Rajya Sabha
- Cabinet approves amendment to the GST Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014
