GST Updates Upto May 2018, Latest GST News till May 2018 (all news)
GST Updates Upto May 2018, Latest GST News till May 2018 (all news) – GST Act 2017. check latest GST news related to goods and service tax act 2017. The Lok Sabha on 29th March 2017 and the Rajya Sabha on 6th April 2017 cleared four crucial GST Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill paving the way for early rollout of GST.
GST Updates upto May 2018
E-way bill mandatory for inter-state movement of goods
- Businesses and transporters moving goods worth over Rs 50,000 from one state to another to carry an electronic or e-way bill from April 1, 2018.
- It is an anti-evasion measure that would help boost tax collections by clamping down on trade that currently happens on cash basis, the e-way bill provision of GST was first introduced on February 1, 2018.
- To ensure a fool proof system, the GSTN has activated only that facility on its portal where e-way bill can be generated when goods are transported from one state to another by either road, railways, airways or vessels.
Government sanctions Rs 127 billion of GST refund claims
- The government has sanctioned GST refunds worth about Rs 127 billion or 80 per cent of the eligible claims of exporters.
- The Central Board of Excise and Customs had organised refund facilitation camps in field offices between March 15-31, 2018 to assist exporters in filling up refund claim forms and correct errors.
More than 5 lakh GST e-way bills issued on Day 2 of rollout
- GST e-way bill was off to a successful start with more than five lakh e-way bills generated on the first working day of its implementation.
- The roll-out of e-way bill without any glitches came as a relief to businesses that feared disruption to trade.
Government sets up grievance redressal mechanism for technical glitches on GST portal
- The government had set up a grievance redress mechanism to address difficulties faced by taxpayers due to technical glitches on the Goods and Services Tax portal
- Under the new mechanism, if any taxpayer was unable to file any form or return due to a technical glitch by the due date, he or she would be allowed to do so within a stipulated time period.
- In case any taxpayers could not complete the process of filing TRAN 1 (transitional credit form) in time due to IT glitch, he or she would be allowed to complete the process by April 30, 2018.
- The filing of GSTR 3B return for such TRAN-1 will have to be completed by May 31, the Finance Ministry said.
- Goods and Services Tax Council has delegated powers to an IT-Grievance Redressal Committee to approve and recommend steps to be taken to redress the grievances and provide relief to the taxpayers
Railway catering services in trains, stations to attract 5% GST
- Finance Ministry clarified that food and drinks supplied by Indian Railways or IRCTC in trains, platforms and stations, will attract 5% GST.
- The Finance Ministry has written to the Railway Board on March 31 about the 5% rate to remove any doubt or uncertainty in the matter.
- This would bring about uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations.
Government mulls to convert GST Network into 100% state-owned company
- The government is considering converting GST Network- which is handling the IT infrastructure of this new indirect tax regime – into a state-owned company.
- Currently, private financial institutions are the majority owners in GSTN with 51 per cent stake, while the centre and states together hold 49 per cent.
Intra-state e-way bill roll-out in 5 states from 15 April – Finance Ministry
- E-way bill for movement of goods within the state have been rolled out from 15 April, 2018 starting with 5 states including Gujarat, UP and Kerala.
- The same for intra, or within the state movement, will be rolled out from 15 April, 2018 finance ministry said in a statement. The five states which would form part of the first phase are Andhra Pradesh, Telangana, Gujarat, Kerala and Uttar Pradesh.
- Karnataka is the only state which had rolled out e-way bill system for intra-state movement of goods from 1 April, 2018.
Four more States, Puducherry to roll out intra-State e-way bill
The Finance Ministry has announced that e-way bill will be mandatory for intra-State trade in four more States and the Union Territory of Puducherry from April 25, 2018.
The four States are Madhya Pradesh, Arunachal Pradesh, Meghalaya and Sikkim. The Ministry also clarified on who should generate e-way bill in ‘bill to ship to’ situations.
It may be recalled that e-way bill is already mandatory for intra-State trade in 12 States — Andhra Pradesh, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Telangana, Tripura, Uttarakhand and Uttar Pradesh.
E-way bills are being generated successfully and till April 22, 2018 more than 1.84 crore e-way bills have been successfully generated which include more than 22 lakh e-way bills for Intra-State movement of goods, an official release.
The GST Registration window will reopen for 15 days from 1st June, 2017 to provide another opportunity to the taxpayers who could not enrol themselves as well as for those who enrolled but did not sign the enrolment form.
GST applicability on food, drinks supplied to students by schools
Union Finance Ministry clarified GST is not applicable on food and drinks supplied by schools directly to the students, while it is 5 per cent without input tax credit for mess and canteens in educational institutions.
If schools up to higher secondary level supply food directly to students, then the same is exempt from GST, ministry said in an official statement
GST Consumer Welfare Fund can be given as grant to Centre, states: CBIC
The proceeds from the consumer welfare fund, constituted under GST, can be given as grant to Centre and state governments as well as regulatory authorities- CBIC.
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said the government shall constitute a Standing Committee with a Chairman, a Vice-Chairman, a Member Secretary and such other members for managing the fund.
Govt advances deadline for GST seller returns for April, May, June, 2018
- Government has advanced the deadlines for filing of seller forms under the Goods and Services Tax, GSTR-1, for April, May and June, in comparison to those given for previous months.
- GSTR-1 for the month of April will have to be filed by May 31, 2018.
- Earlier, 40 days were given for filing these, which would have made June 10 the deadline.
- Returns for May have to be filed by June 10 and for June by July 10. So, only 10 days after the month ends, against the earlier 40 days.
- However, the government has not changed the deadline for filing GSTR-3B. These are to still be filed by the 20th of the following month.
- The idea is to allow reconciliation between the two forms, GSTR-3B and GSTR-1.
- According to the original plan, the GST Council had decided to give only 10 days to file GSTR-1, after which GSTR-2, the return for buyers, had to be finalised and filed within the next five days. These were to be then used for filing GSTR-3 forms, to claim credits
Single-page GST filing system to be ready in 3-6 months, confirms Finance Secretary
- Union Finance Secretary said the proposed new single page GST return filing system will be in place over the next three to six months that will ease the present problems.
- Ministerial panel in its April 17, 2018 meeting decided to roll out a new simplified model for GST return filing system in single-page, as per which credit could be given on a provisional basis once the supplier uploads the sales invoice.
‘Duty Free’ shops at Delhi International airport liable to pay GST: AAR
- International passengers buying goods at airport ‘Duty-Free’ shops in India will have to pay GST, with the Authority for Advance Ruling (AAR) saying that such outlets at Delhi International Airport is not ‘free from duties’ under the Goods and Services Tax regime.
- In the earlier regime of Excise and Service Tax prior to GST roll out on July 1, 2017, the duty-free shops were exempt from the levy of Central Sales Tax (CST) and Value Added Tax (VAT) as sale from such shops were considered as exports and supplies were taking place beyond the ‘customs frontiers’ of India
- New Delhi bench of AAR in a recent ruling held that the supply of goods to international passengers going abroad from ‘Duty Free’ shops may be taking place beyond the customs frontiers of India under Integrated GST Act, however, the said shops are within the territory of India under the Central GST Act.
March GST mop-up hits Rs 96,000 crore
- GST collections for March exceeded Rs 96,000 Crore by April 23, 2018 the largest mop-up for any month since the comprehensive indirect tax’s launch in July last year, an official source said.
- The March 2018 collections could cross the coveted Rs 1 lakh crore mark by April-end, as payments are still being made by a section of taxpayers with late penalties, analysts feel.
- The forecast is based on the customary spurt in tax payments in the last month of financial year and the fact that only 55 lakh assessees had paid tax by April 23 — three days past the deadline for payment without fines — against an average of around 65 lakh in the previous months.
GST Council may consider sugar cess in next meeting
- GST Council is likely to take up as early as in its next meeting, a proposal for imposition of a cess on sugar to create a fund, to help sugar mills to clear cane dues owed to farmers.
- The fund is proposed to finance the gap between the cane price mills can pay to farmers in accordance with a revenue-sharing formula recommended by the Rangarajan Committee and the benchmark rate — fair and remunerative price (FRP) — fixed by the central government.
- Proposals such as a production-linked subsidy on cane and a reduction in the GST rate on ethanol (a cane by-product) from the current 18% would be placed before the Cabinet as well.
Finance ministry to shift to cash basis accounting for GST this fiscal
- To bridge the lag in actual revenue accrual, the finance ministry will shift to cash basis accounting for GST this fiscal. Monthly collections will be reported on the first working day of the following month.
- Till now, monthly tax returns under GST, which has combined 17 central and state taxes into one, were allowed to be filed by the 20th of the following month and revenues collected were reported on 26th, almost a month-long lag between collections and their reporting.
- Only the Integrated-GST, levied on inter-state movement of goods as well as imports, will be shown in March tax collection.
GST council at its 13th Meeting held on 31st March 2017 approved five amended rules for the Goods and Services Tax regime rules namely invoice, payment, refund registration, return and gave “tentative” nod to the remaining four rules viz. Composition, Valuation, Transition, ITC for comments and suggestion by various stakeholders..
Check GST Rules..
- GST Registration
- GST Transition Rules
- GST Composition Rules
- GST Valuation Rules
- GST Payment Rules
- GST Invoice Rules
- Rules for Demands & Appeals
Click Here to Download all GST Rules 2018
FAQ’s on GST Migration
CBEC has released 19 FAQ’s on GST Migration. Answers in the FAQ’s have been explained with the help of examples in a very simplified manner. The same are available on website of CBEC i.e. www.cbec.gov.in. CBEC helpdesk may also be contacted at email@example.com or call at 0124- 4688999 for queries in relation to migration.
- GST Registration
- GST Definition, Objective
- When will GST be applicable
- GST Forms
- GST Rates
- GST India
- GST Login
- GST Overview 2018
- GST Bill 2018
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