Blogs
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
|
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...
Read moreNotification No 09/2018 - Central Tax, dated 23th Jan'18
Notifying separate website for facilitating e-way bill services
The Central Government, vide Notification no 4/2017 – Central Tax dated 19th Jun’17 notified ‘www.gst.gov.in’ as the Common Goods and Services Tax electronic portal for facilitating registration, payment of tax, furnishing of returns, computation and settlement of integrated tax and electronic way bill.
The effective date for the same was notified as 22nd Jun’17.
The present notification...
Read moreNotification No 8/2018 - Central Tax, dated 23rd Jan'18
Due date extended further for filing return in Form GSTR-6 by an input service distributor (ISD)
The FORM GSTR-6 is the monthly return required to be filed by the person registered as an ISD. The due date for such return as per Sec 39(4) of CGST act is 13th of the succeeding month.
The due date for filing the said form was extended multiple times earlier and now the present notification has notified the further due date in this respect for the months Jul ’17 to Feb...
Read moreNotification No 7/2018 - Central Tax, dated 23rd Jan'18
Reduction in the quantum of late fee payable w.r.t. the return in FORM GSTR-6
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/4/5/6..etc) but fails to furnish within due date.
The present notification restricts such late fee w.r.t. GSTR-6 (to be...
Read more