GST Network News

GSTN Board will initiate the process for acquisition of equity held by the private companies.

This will be the sixth meeting of the Group of Ministers (GoM) after being set up in September 2017.

Around 56 percent of the registered taxpayers filed their GSTR-3B returns for October within due date.

The functionality to fill the claim form was provided on the GSTN portal in August 2017.

Currently, manufacturers and restaurants with turnover up to Rs 1 crore pay GST under composition scheme at 2 percent and 5 percent respectively. The same for traders is 1 percent.

He said the Goods and Services Tax (GST), which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, will take about a year to stabilise.

The prime minister also called for sustained efforts to boost digital payments and work towards a less cash society.

The return filing date deadline of GSTR-1 for July, that was to end on Sunday, has also been extended by a month till October 10.

The 21st meeting of the GST Council is being held here to discuss technology glitches in GSTN portal, imposition of higher cess on luxury and SUV cars and reduction tax rates on aboout two-dozen items.

This is the third meeting of the GST Council since the launch of the Goods and Services Tax on July 1, and the 21st since it was set up in September last year.

It will also take up IT related issues in the GST network which has faced glitches.

Navin Kumar, chairman of the GST Network, also said barely half of the 34 service providers accredited to help firms bulk-file invoices online had received approval to go live.

He gave the indication in the Lok Sabha while replying to a debate on the Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017 and the Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017 which were later passed by a voice vote.

With just about one lakh of 70 lakh businesses opting for GST Composition Scheme, tax authorities are reviewing why the scheme that allowed such entities to pay a fixed 1-5 percent tax, has not clicked.

Businesses can start uploading their sale and purchase invoices generated post July 1 on the GSTN portal from Monday.

Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh.

The Excel template, comprising eight worksheets, is part of GST Network's approach to make tax compliance easy and convenient for taxpayers and also reduce the time of compliance.

The GSTN portal has also started accepting registrations from new taxpayers from June 25 even as the process of migration of existing taxpayers is already on.  

Ecommerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration.

The GST Council on Sunday relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime even as it stuck to the July 1 launch date.