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GST Lastest Updates And News

August, 2017

  • 8 August

    GST: Mercedes-Benz and Audi Express Disappointment

    Yesterday GST council approved the proposal to hike cess on SUVs, mid-sized, large and luxury cars to 25%, from 15%. Also, hybrid vehicles with engine capacity of more than 1500 cc and mid segment hybrid cars of less than 1500 cc fall in the category. Earlier all these vehicles became …

July, 2017

  • 21 July

    Deadline for GST composition scheme extended till 16 August

    The government on Friday extended the deadline for small businesses to opt for the composition scheme in the goods and services tax (GST) regime by nearly four weeks to 16 August. Small businesses with turnover of up to Rs75 lakh earlier had time till Friday to opt for the scheme …

  • 20 July

    Goods bought with loyalty points will face tax under GST

    Your shopping out of the accumulated loyalty or bonus points will face tax under the goods and services tax (GST) regime. GST would be levied on the total price of the product and not on the discounted value after adjusting the bonus, loyalty or rewards points. “Loyalty points are nothing …

  • 20 July

    Retailers’ Association appeals for review of cash bills format.

    The Retailers Association of India (RAI) has appealed to the finance minister to simplify the prescribed sale invoice format for cash bills rendered to customers claiming it is “confusing”. “There are some aspects of GST regime, which are causing a lot of challenges in business to consumer (B2C) at retail …

  • 20 July

    Bombay HC seeks Centre’s reply on plea to exempt GST on sanitary pads

    MUMBAI: Bombay high courton Thursday issued notices to the Union and State governments seeking their response on a public interest litigation which was sought exemption of goods and services tax (GST) on sanitary napkins Sanitary napkins are to be taxed at 12 percent. The PIL is filed by Shetty Women Welfare Foundation pointing out that only 12 …

  • 20 July

    GST has hit carpet exports, livelihoods of 20 lakh workers: CEPC

    Shipments of handmade carpets and other floor coverings have been hit badly following the imposition of 18 per cent GST on job works and 12 per cent on their sale or purchase, thereby affecting livelihood of around 20 lakh workers and their families, a trade body said today. The Carpet Export Promotion Council (CEPC) based its …

  • 20 July

    Taxmen to go slow on GST enforcement for 6 months

    Revenue authorities will go slow in undertaking enforcement actions under GST for the first six months as they want industry to settle down into the new indirect tax regime. Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding …

  • 18 July

    GST Council raises cess on cigarettes

    The Goods and Services Tax (GST) Council on Monday decided to increase the cess on cigarettes to offset a reduced tax revenue from the product following the 1 July rollout of the indirect tax reform. Accordingly, the tax burden on cigarettes will go up by Rs4.8-7.9 per 10 sticks, depending …

  • 17 July

    Myths about GST busted

    Rumour mills have gone on an overdrive since the launch of GST. Here’s a reality check for both GST supporters and its detractors NOW IT’S ONE NATION ONE TAX MYTH: Since GST will replace all other taxes on all goods and services, we are in a single tax regime. REALITY: Though this was the …

  • 17 July

    Govt asks businesses to register under GST by July 30

      The government on Saturday asked traders to get registered under the Goods and Services Tax (GST) regime by July 30. However, traders with turnover of below Rs 20 lakh or those engaged exclusively in the supply of exempted goods or services need not register under the new tax regime which has …