News Update

New GST Return to work on 'upload, lock & pay' basis; NIL returns through SMS GST Registration - Part B of REG-26 not filled - Do it before Aug 31GST Council approves proposed amendments in laws; No interest to be paid if ITC is reversed on failure to make payment within 180 days + exemption to IT services in case of Related Parties + to define expression 'renting of immovable property' + extends exemption upto Sept 2019 on outward transportation by air or sea + RCM to apply on DSA services to banks or NBFCsGST Council reduces tax rates on as many as 87 items + 5% IGST on Pool price of imported urea by Govt + exemption from CESS to coal rejects + water supplied for public purposes + 5% tax rate on marine enginesGST Council takes slew of decisions to reduce tax rates & simplify compliance normsGST Council to meet again on Aug 4, 2018 + to focus on issues relating to only MSME Sector + also to discuss possible sops for digital paymentsGSTN to link all tolls & nakkas through RAFD for smooth movement of goods + SOP to be issued to overcome e-Way Bill related penalty + Migration window without interest to remain open till Aug-endGST Council hikes exemption limit from Rs 10 lakhs to Rs 20 lakhs in States like HP, Uttaranchal, Assam, Arunachal & two more + also allows multiple registration within a State if taxpayer wishes so + simplifies cancellation of registrationGST - Council decides to make it quarterly return but monthly payment upto Rs 5 Crore turnover - Relief for 93% taxpayers + approves 10% of turnover or upto Rs 5 lakh worth of services by Composition dealers + suspends RCM upto September 2019GST Council decides 28% tax to apply only on actual hotel tariff of Rs 7500 rather than declared tariffGST Council grants relief to textile sector - ITC refund to be granted but after July 27, 2018GST Council exempts many items such as statutes of god, rakhi, brooms & many others + tax rate on handloom items lowered from 12% to 5% + rate on ethanol down to 5% + many items moved from 28% to 18% slabGST Council approves New two-page GSTR + facility of revision of GSTR + quarterly return for composition dealers but monthly tax payment + exemption to sanitary napkins + 5% tax rate on shoes up to Rs 1000 + many items like TV upto 25 inch + Fridge & other electronic items from 28% to 18% slab + powers to share IGST and CESS collected before 5 yearsGST - CBIC Chairman asks officers to liquidate pendency relating to Budgetary Support SchemeI-T - Re-opening sought u/s 147 by new incumbent AO towards an issue cannot be said to be 'mere change of opinion' when, such issue was not touched upon by earlier AO: HCRailways tool to tell you chances of confirmation of waitlisted ticketsGST Council's 28th meeting takes off with long agenda list; likely to continue till 4 PMBRICS Summit - Nadda reiterates TB to be off India's map by 2025Chennai DRI recalls containers heading for Dubai, to seize Red Sanders log worth Rs 5.6 CroreI-T - Process of packaging can be considered as manufacturing activity if it is a complicated technical process: ITATAverage income of Agri households - Punjab & Haryana top tally as per last surveyNo-trust motion moved by Opposition against Govt falls on the floorCX - Credit taken but not utilized till reversal - Mere taking of CENVAT credit facilities would not compel assessee to pay interest as well as penalty: CESTATDRI seizes FICN worth Rs 47700 in Rs 500 & Rs 1000 denominations, brought from Nepal; One person arrested
Untitled Document

THE COB(WEB)
by Shailendra Kumar

Taxindiaonline.comt


GST Law Amendments - Will Council make it more taxpayer-friendly?
Cob(Web) - 616, July 19, 2018
GST Law Amendments - Many Ray Committee recommendations ignored!
Cob(Web) - 615, July 12, 2018
One Year of GST - High Time for Council to unfold reforms for 2nd Year
Cob(Web) - 614, July 05, 2018

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