There are around 90 lakh businesses registered under GST. Out of these, almost 15 lakh businesses have opted for the composition scheme, which permits them to pay taxes at a concessional rate & makes compliance easier under GST. Now the Government Notifies 1% GST for Manufacturers under Composition Scheme. The GST Council in November 2017, increased
The E-way bill is an electronic waybill for movement of goods which you can generate on the GSTN Portal. A registered person can not make the movement of goods above the value of Rs 50,000 without an e-way bill. Government delayed the requirement of carrying e-way bill due to the pending IT network. However, the
Finance Ministry has sent notices to the companies for allegedly flouting rules. Hardcastle Restaurants which runs fast-food chain McDonald’s outlets in India, Lifestyle which sells clothes & accessories and the Hindustan Unilever (HUL) has received notices from the finance ministry. AntiProfiteering: McDonald’s, Honda & Lifestyle receive Notices In November, the GST council had cut the
Earlier, the government has set up a five-member anti-profiteering authority that has the power to ask those; who are not passing on the tax benefit, to return the excessive profit earned to consumers along with an 18% interest, reduce prices and; if the consumer is not identifiable, deposit the amount in a Consumer Welfare Fund.
Businesses whose turnover is up to Rs. 1.5 crore have to file GSTR-1 for the quarter July-September by 10th January 2018, as against 31st December 2017, earlier. Government has extended the deadline for filing GSTR-1 Returns The government has extended the last date for filing final GST returns by ten days, i.e., till 10th