NEWS UPDATE
GST - Consumers cry for mercy! GSTN receives about 43.6 lakh GSTR-3B in October; 14.8 lakh submitted returns last day GST Administration facing acute manpower shortage at Group 'A' level; About 1900 posts remain vacant against over 5800 posts in CBEC GST receipts - Agency commission to banks - Mumbai office of RBI to settle all claims GST & world trade slowdown take toll on October exports growth CBEC Chairperson inaugurates GST Pavilion at Pragati Maidan GST impacts foreign trade adversely; Exports down by 1.1 % in October CBEC notifies GST rate changes for goods + services; New tax regime for restaurants notified; All changes come into effect from today GST Council clarifies permanent transfer of IPR in IT software to attract 18% rate but other than software to attract 12% + no exemption from GST on packing & warehousing of processed tea, coffee, pulses and dry fruits Uniform GST rate of 5% with no ITC imposed on restaurants of all turnovers except the ones in hotels: FM GST - Late fee reduced to Rs 200 per day to Rs 20 per day for NIL returns + for others from Rs 200 per day to Rs 50 per day Dates for GSTR-4, GSTR-5, GSTR-6, TRANS-01 & ITC-04 further extended upto December-end, 2017 GST Council sets up Committee to review entire Business Process & Invoice-matching GSTR-3B to be filed till March 31, 2017; Simplified 3B to be notified for NIL Returns + In current fiscal upto March 31, 2017, Only GSTR-1 to be filed GST Council revamps Composition Scheme; tax regime for restaurants; reduces rates on 178 goods; Only GSTR-3B to be filed; GSTR-2 & 3 killed Business Processes have failed GST! Council needs to 'Reboot' it!

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