Government Notifies 1% GST for Manufacturers under Composition Scheme

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 threshold limit under composition scheme to Rs. 1.5 crore & also decided to amend the GST law to increase the statutory threshold to Rs. 2 crores. Manufacturers, restaurants, & traders whose turnover does not…

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GST E-Way Bill to be Implemented from 1st February

GST E-Way Bill to be Implemented from 1st February

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 implementation of GST E-Way Bill from 1st February 2018 will require the transporters to carry an electronic waybill; while moving goods between states. The government has implemented the E-way bill to check prevailing tax avoidance…

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AntiProfiteering: McDonald’s, Honda & Lifestyle receive Notices

McDonald

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 tax rates on over 200 items as well as; the national anti-profiteering authority has come into effect. The government has already received 169 complaints so far claiming that; customers are not receiving the benefits of…

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Anti-Profiteering Body Gets 169 Compliants

Anti-Profiteering

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. The authority can even impose a penalty & cancel GST registration, in grave cases of abuse. Anti-Profiteering Body Gets 169 Compliants The National Anti-Profiteering Authority is an assurance to consumers of India. If any consumer…

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GSTR-1 Return Extended Deadline-10th January

GSTR-1

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 January 2018, under Goods & Service Tax. The last date for filing the GST returns for a business whose turnover is more than Rs. 1.5 crore, for the period July-November, is also extended till 10th…

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