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Impact of notification No. 46/2017 Central Tax (Rate) for restaurant services
Introduction: Initially, restaurant services were liable to 18% GST. Subsequently, at the 23rd GST Council meeting on 10.11.2017 held at Guwahati, it was recommended that all standalone restaurants, irrespective of whether air conditioned or not, will attract 5% GST without ITC. To give effect to such decision, a notification No. 46/2017- Central Tax (Rate) dated 15.11.2017 was issued, as per which the GST rate applicable to services provided by restaurants, eating joint including mess,...
Read moreGST Council 28th Meeting - Important updates - Hiregange & Associates
Compliance Related Aspects
1.1 Simplified return format:
The council has recommended for a simplified return process as follows:
- All taxpayers excluding small taxpayers and a few exceptions like ISD etc. shall file one monthly return.
- The return is simple with two main tables. One for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier.
- Invoices can be uploaded continuously by the seller and can be continuously...
UNION BUDGET 2018-19 & Recent Updates under GST - Hiregange & Associates
The Union Budget in India is a comprehensive statement of the Government’s finances including spending, revenues, deficit or surplus, investment and borrowings, for the coming fiscal year. The budget can steer the economy of the country due to so many correctional, directional changes taken for the short term. It can also provide direction on what is expected in the next few years.
With this Budget edition, we bring before you the key changes which have taken place in...
Notification No 5 2018 - Central Tax, dated 23rd Jan'18
Notification No 5/2018 – Central Tax, dated 23rd Jan’18
Reduction in the quantum of late fee payable w.r.t. the return in FORM GSTR-5
Sec 47 specifies the late filing fees of Rs. Rs.100 per day from the due date of filing up to the date of actual filing and maximum late fee that shall be levied is Rs. 5,000 per return, for the persons who are required to furnish returns u/s.37, 38 or 39 (i.e.GSTR-1/2/3/3B/4/5..etc) but fails to furnish within due date.
The present...
Read moreCircular-26/26/2017-GST dated 29th Dec '17
Clarification on various aspects of return filing such as return filing dates, applicability and quantum of late fee, amendment of errors in submitting / filing of FORM GSTR-3B and other related queries.
1. Return Filing Calendar:
For small taxpayers i.e. turnover less than Rs. 1.5 crores in preceding or current financial year
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Sl. No. |
Quarter for which the details in FORM GSTR-1 is furnished |
Due date for... |
Notification No 10/2018 - Central Tax, dated 23rd Jan'18
Amendment to powers of State tax officers for processing and grant of refund
State tax officers, vide Notification No. 39/2017-Central tax dated 29th Dec’17, had been given powers to grant refund under section 54 or section 55 of the CGST Act read with the rules made there under except rule 96 of the Central Goods and Services Tax Rules, 2017.
Rule 96 at such time dealt with refund of integrated tax paid on goods exported out of India.
Subsequently vide...
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