Quality of Chinese Products

All goods imported into India are subject to domestic laws, rules, orders, regulations, technical specification, environment and safety norms, that are notified from time to time. There is no proposal at present to restrict imports of products, that otherwise satisfy the aforesaid conditions, including meeting the prescribed technical standards.

The Bureau of Indian Standards (BIS) formulates standards applicable to domestic products and also mandates the use of Standard Marks under a license which mutadis mutandis also apply to imported goods. Products have been notified under compulsory certification/registration with one of the objectives of checking influx of substandard products into Indian markets. Presently, there are 109 products covered under Compulsory Product Certification Scheme of BIS and 30 Electronic and IT Goods under Compulsory Registration Scheme of BIS. Till now, 204 licensees have been issued to Chinese manufacturers for Steel products, Electrical products, Tyres & Tubes etc. as per Product Certification Scheme of BIS. Also, 4636 manufacturers have been granted registrations for Electronic and IT Goods as per Compulsory Registration Scheme of BIS. As member of WTO. India’s regulations apply to all members equally.

This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Lok Sabha today

**** source: Press Information Bureau: July 31, 2017

24x7 operationalization of Petrapole-Benapole Integrated Check Post

The Petrapole-Benapole Integrated Check Post is a major route for India-Bangladesh bilateral trade. In order to facilitate movement of cargo across the border, India and Bangladesh have agreed to operate Petrapole-Benapole ICP 24x7, with effect from 01st August 2017. Land Ports Authority of India (LPAI) and Central Board of Excise and Customs (CBEC), the implementing agencies on the Indian side, have issued necessary instructions in this regard.

The 24x7 operationalization of Petrapole-Benapole ICP is expected to be a significant milestone towards expeditious clearance of cargo and, hence boost the bilateral trade between the two countries. 

source: Press Information Bureau: July 31, 2017

Accidental Insurance for RuPay ATM Card Holders

Accidental Insurance for RuPay ATM Card Holders

All RuPay ATM-cum-debit cardholders are presently eligible for accidental death and permanent disability insurance cover. 

RuPay Classic cardholders are eligible for cover of Rs.1 lakh, whereas RuPay Premium cardholders are eligible for cover of Rs.2 lakh. 

Insurance premium is paid by the National Payments Corporation of India. 872 cardholders received insurance claims during the financial year 2016-17.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Lok Sabha today. 

source: Press Information Bureau: July 28, 2017

Benefits of the reduced rates/tax rebate to the consumers post GST

Benefits of the reduced rates/tax rebate to the consumers post GST

The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified the tax incidence on items like food grain, milk, egg, sugar, vegetable edible oils, spices in GST regime is lower than the tax incidence in the pre-GST regime.

GST tax rates have been fixed with the objective of maintaining revenue-neutrality in the post-GST regime.

Section 171 of the Central Goods and Services Act, 2017 provides for Anti-Profiteering measure according to which any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices and the Central Government is in the process of constituting an Authority to examine the same. Many business entities have reduced the prices of their goods and services in view of lower GST rates under the GST regime. They have been publishing these revised rates in leading newspapers from time to time for consumer benefit.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Lok Sabha today. 

source: Press Information Bureau: July 28, 2017

Features of GST

Features of GST

Goods and Services Tax (GST) is intended to bring transparency and accountability in business transactions along with the ease of doing business and rationalization in tax rates and will not pave the way for financialization of the country.

The foremost benefit of GST is to remove hurdles in inter-State transactions resulting in the setting up of a common market. This make ‘one nation, one tax and one market’ true in the country.Further, in case of inter-State supply, only integrated tax is to be levied while in intra-State supplies, central tax and State tax or Union territory tax is to be levied. Thus, the plethora of taxes being levied by the Centre and the States in the erstwhile regime has been replaced by simpler and more efficient taxation system.

GST will promote business and development by making the taxation structure easy and by eliminating the numerous taxes. The GST laws have been framed in such a manner that a multitude of taxes have been replaced by one tax. The details of the taxes subsumed under GST are as under.

(A) Taxes related to Centre:

i. Central Excise duty
ii. Duties of Excise (Medicinal and Toilet Preparations)
iii. Additional Duties of Excise (Goods of Special Importance)
iv. Additional Duties of Excise (Textiles and Textile Products)
v. Additional Duties of Customs (commonly known as CVD)
vi. Special Additional Duty of Customs (SAD)
vii. Service Tax
viii. Central Surcharges and Cesses so far as they relate to supply of goods or services.
(B) Taxes related to State 

i. State VAT
ii. Central Sales Tax
iii. Luxury Tax
iv. Octroi and Entry Tax (all forms)
v. Entertainment and Amusement Tax (except when levied by the local bodies)
vi. Taxes on advertisements
vii. Purchase Tax
viii. Taxes on lotteries, betting and gambling
ix. State Surcharges and Cesses so far as they relate to supply of goods or services.
GST will improve productivity and easiness of business as the entire nation has been converted into a single market by removal of hurdles to inter-State trade. Further, uniform tax rates along with reduction in the cascading effect of taxation and increased input tax credit utilization in GST would immensely benefit the nation. There is automation of all major business processes viz., registration, payment of tax, return filing, etc.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Lok Sabha today. 

source: Press Information Bureau : July 28, 2017

वस्‍तु एवं सेवाकर की विशेषताएं

वस्‍तु एवं सेवाकर की विशेषताएं  

      वस्‍तु एवं सेवाकर (जीएसटी)  का उद्देश्‍य व्‍यापारिक लेनदेन में पारदर्शिता लाना और जवाबदेही तय करना है। इसके अलावा जीएसटी से व्‍यापार करने में आसानी होगी तथा टैक्‍स की दरें तर्कसंगत होंगी, जिससे देश की वित्‍तीय स्थिति को सही दिशा मिलेगी।

      जीएसटी का सबसे पहला लाभ यह है कि इससे राज्‍यों के बीच होने वाले लेनदेन की बाधाएं दूर हो जाएंगी तथा एक साझा बाजार की रचना होगी। देश में ‘एक राष्‍ट्र, एक कर और एक बाजार’ की अवधारणा आगे बढ़ेगी। राज्‍यों के बीच आपूर्ति के संबंध में केवल एकीकृत कर प्रणाली काम करेगी, जबकि राज्‍यों के भीतर होने वाली आपूर्ति के संबंध में केन्‍द्रीय कर और राज्‍यकर लागू होंगे। इस तरह पिछली प्रणाली के स्‍थान पर अब केन्‍द्र और राज्‍यों में आसान तथा कारगर कर प्रणाली काम करेगी।

      कराधान ढांचे को आसान बनाकर जीएसटी व्‍यापार और विकास को प्रोत्‍साहन देगा, क्‍योंकि असंख्‍य कर समाप्‍त हो जायेंगे। जीएसटी कानूनों को इस तरह बनाया गया है कि विभिन्‍न प्रकार के टैक्‍सों के स्‍थान पर केवल एक ही टैक्‍स लागू हो। जीएसटी के अन्‍तर्गत निम्‍नलिखित टैक्‍स समाविष्‍ट कर दिए गए हैं:-

(अ) केन्‍द्र संबंधी कर:

1. केन्‍द्रीय उत्‍पाद शुल्‍क
2. उत्‍पाद शुल्‍क (औषधि और शौचालय निर्माण)
3. अतिरिक्‍त उत्‍पाद शुल्‍क (विशेष महत्‍व के सामान)
4. अतिरिक्‍त शुल्‍क (कपड़ा और कपड़ा उत्‍पाद)
5. अतिरिक्‍त सीमा शुल्‍क (आमतौर पर जिसे सीवीडी के नाम से जाना जाता है)
6. विशेष अतिरिक्‍त सीमा शुल्‍क (एसएडी)
7. सेवाकर
8. केन्‍द्रीय सरकार और उपकर, सामान या सेवा आपूर्ति के संबंध में।

(ब)  राज्‍य संबंधी कर:

1. राज्‍य वैट
2. केन्‍द्रीय बिक्री कर
3. विलासिता कर
4. चुंगी और प्रवेश कर (सभी प्रकार के)
5. मनोरंजन एवं मनोविनोद कर (स्‍थानीय निकायों द्वारा लागू होने के अतिरिक्‍त)
6. विज्ञापनों पर कर
7. खरीद कर
8. लॉटरी और जुए पर कर
9. राज्‍य सरकार और उपकर, सामान या सेवा आपूर्ति के संबंध में।

      जीएसटी से उत्‍पादकता में सुधार होगा और व्‍यापार करने में आसानी होगी, क्‍योंकि इसके तहत पूरा राष्‍ट्र एकल बाजार में तब्‍दील हो जाएगा। राज्‍यों के बीच होने वाले व्‍यापार की बाधाएं दूर हो जाएंगी। इसके अलावा कराधान का दुष्‍प्रभाव कम होगा और कर का दायरा बढ़ जाएगा, जिससे देश को बहुत फायदा मिलेगा।

      यह जानकारी आज लोकसभा में वित्‍त राज्‍यमंत्री श्री संतोष कुमार गंगवार ने एक प्रश्‍न के लिखित उत्‍तर में दी।

source: Press Information Bureau: July 28, 2017

Discussions with Stakeholders on GST

source; PIB: July 19, 2017

Ministry of Commerce & Industry in Government of India has set up a facilitation cell each in both Department of Commerce and Department of Industry to reply to the queries of the stakeholders on GST. 

In addition to this, a series of meetings and workshops have been organized to review the preparedness for implementation of GST, create awareness about it and to discuss the operational issues pertaining to GST with the stakeholders. 

This inter-alia includes meetings with representations of Industry Associations such as Confederation of Indian Industry (CII), the Associated Chambers of Commerce & Industry of India (ASSOCHAM), PHD Chamber of Commerce & Industry, representatives of industry associations of special category states of Jammu & Kashmir, Himachal Pradesh and Uttarakhand, representatives of Automobile Industry, Cement Industry, Leather Industry, Rubber Industry, Tyre Manufactures, Paper Industry etc. 

Discussions have also been held with the Service Exporters, representatives of Hotel and Hospitality industry, Logistics Services, Council for Leather Exporters etc. to discuss the issues pertaining to rollout of GST and its implications on them. 

In addition to the meetings held in States and Union Territories, seminars, workshops and meetings have also been organized in the Special Economic Zones to discuss the GST related issues of units located therein. 

This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today 

********

Organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST).

source; PIB: July 18, 2017

In reply to a Starred Question in Rajya Sabha today, the Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that the organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST).

Shri Jaitley said that the GST rate structure for the textile sector was discussed in detail in the GST Council Meeting held on 3rd June, 2017, wherein the Council recommended the detailed rate structure for the textile sector. Accordingly, the GST rates for the textile sector have been notified as under:

S. No.	Type of fibre/filament	GST rate
		Fibre	Yarn	Fabrics*	Garments and made ups**
1.	Silk	Nil	5%	5%	5% / 12%
2.	Wool	Nil	5%	5%	5% / 12%
3.	Cotton	5%	5%	5%	5% / 12%
4.	Other vegetable fibres	Nil / 5%	5%	5%	5% / 12%
5.	Manmade fibres / filaments	18%	18%	5%	5% / 12%

* - 5% GST rate with no refund of unutilized input tax credit.

** - (i) 5% GST rate for garments / made ups of sale value not exceeding Rs.1000 per piece.

       (ii) 12% GST rate for garments / made ups of sale value exceeding Rs.1000 per piece.

Thus, the GST rate structure for the Textiles Sector enables ease of classification and determination of rate.

The main demand of the textile traders is not to put any tax on fabrics. However, the same cannot be accepted because of the following reasons:

·         Nil GST on fabrics will break the input tax credit chain and then the garments / made ups manufacturers will not be able to get the credit of tax on previous stages

·         Nil GST on fabrics will result in zero rating of imported fabrics, while domestic fabrics will continue to bear the burden of input taxes.

·         Generally, the GST rates are equal or lower than the pre-GST tax incidence. And therefore, the price of fabrics is not likely to go up.

It is not correct to say that textiles sector was never taxed in independent India. In fact, during 2003-04, the entire textiles sector was subjected to central excise duty. Necessary steps have been taken to facilitate taxpayers to take GST registration. GST Sewa Kendras have been set-up in various centres to handhold the taxpayers and to provide all necessary guidance regarding GST compliance.

This was stated by Shri Arun Jaitley, Union Minister for Finance, Defence and Corporate Affairs in a written reply to a Starred Question in Rajya Sabha today.

*****

GST : to migrate from a complicated and multi tax system to a simpler tax system

source; PIB: July 18, 2017

The tax rates on goods and services have been fixed taking into consideration, inter alia, the total indirect tax incidence in pre- GST regime, including cascading of taxes. The GST rates so notified are lower than the pre-GST tax incidence on most of the items of mass consumption, such as cereals, pulses, milk, tea, vegetable edible oils, sugar, toothpaste, hair oil, soap, footwear, Childrens' picture, drawing or coloring books, etc. 

In addition, the objective of GST was to migrate from a complicated and multi tax system to a simpler tax system. The GST thus, is a much simpler tax regime as compared to tax regime it has replaced. 

In fact, GST has replaced several taxes which were being levied and collected by the Centre, including Central Excise Duty; Duties of Excise (Medicinal and Toilet Preparations); Additional Duties of Excise (Goods of Special Importance); Additional Duties of Excise (Textiles and Textile Products); Additional Duties of Customs (commonly known as CVD); Special Additional Duty of Customs (SAD); and Service Tax. 

In addition, a number of State taxes have also been subsumed in GST, including State VAT; Central Sales Tax; Purchase Tax; Luxury Tax; Entry Tax (All forms); Entertainment Tax (except those levied by the local bodies); Taxes on advertisements; Taxes on lotteries, betting and gambling. Besides, a number of cesses have also been abolished vide the Taxation Laws Amendment Act, 2017. GST has only five rational rates (0%, 5%, 12%, 18%, and 28%) as against multiple excise duty rates, rate of cesses and surcharges and multiple rates of VAT (varying across the states in many cases). 

Therefore, overall the GST is much simpler to earlier tax regime it has replaced.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.

****

GST rates so notified are lower than the pre-GST tax incidence

source; Press Information Bureau: July 18, 2017

GST rates so notified are lower than the pre-GST tax incidence on most of the items of mass consumption such as cereals, pulses, milk, tea, vegetable edible oils, sugar, toothpaste, hair oil, soap, footwear, Childrens' picture, drawing or colouring books, etc. 

The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The GST rates on goods and services have been fixed taking into consideration, inter alia, the total indirect tax incidence in pre-GST regime, including cascading of taxes. The GST rates so notified are lower than the pre-GST tax incidence on most of the items of mass consumption such as cereals, pulses, milk, tea, vegetable edible oils, sugar, toothpaste, hair oil, soap, footwear, Childrens' picture, drawing or colouring books, etc.

 

Further, any supplier in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, whose aggregate turnover in a financial year does not exceed Rs.20 lakh [Rs.10 lakh in the case of special category States] is not liable to be registered under the Central Goods and Services Tax Act, 2017. Also, an eligible registered person in the State or Union territory, other than special category States [except Uttarakhand], whose aggregate turnover in the preceding financial year did not exceed Rs.75 lakh [Rs.50 lakh in the case of special category States other than Uttarakhand], can avail of the Composition Scheme under GST.

 

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.

 

*****

Government clarifies that accommodation in any hotel,

source; Press Information Bureau: July 18, 2017

Government clarifies that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18% ; Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST. 

Reports have been received expressing doubts whether 5-star Hotels are liable to pay GST @ 28% irrespective of the declared tariff of a unit of accommodation.

In this context, it is hereby clarified that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18%. Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST.

*****

GST exemption for products used by differently abled people

source; Press Information Bureau: July 18, 2017

Specified assistive devices, rehabilitation aids and other goods for differently abled people attract the lowest (non-Nil) GST rate of 5%. Most of the inputs for such goods attract 18% GST. Nil GST on any goods zero rates inputs, while domestic goods continue to bear input taxes. Further, for any goods which attract GST rate (other than Nil) which is lower than the inputs for such goods, the Central Goods and Services Tax Act, 2017 (GST law) provides for refund of accumulated input tax credit. Thus, 5% GST on assistive devices, rehabilitation aids, their manufacturers would enable their domestic manufacturers to claim refund of any accumulated Input Tax Credit. That being so, the 5% concessional GST rate on these devices/equipment would result in reduction of the cost of domestically manufactured goods, as compared to the pre-GST regime.

As against that, if these devices/equipments are exempted from GST, then while imports of such devices/equipments would be zero rated, domestically manufactured such devices/equipments will continue to bear the burden of input taxes, increasing their cost and resulting in negative protection for the domestic value addition.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.

****

Increase in the Compensation Cess rate on cigarettes

source; Press Information Bureau: 17-July-2017 09:36 IST

Increase in the Compensation Cess rate on cigarettes to make the total tax incidence on cigarettes in GST regime at par with the total tax incidence in pre-GST regime.

                In pursuance of the recommendations of the GST Council in its 14^th Meeting held on 18.05.2017 and 19.05.2017, the Compensation Cess rates under Section 8 (2) of the Goods and Services Tax (Compensation to States) Act, 2017, was notified vide notification No.1/2017-Compensation Cess (Rate), dated 28.06.2017 on Intra-State or Inter-State supply of the specified goods, including cigarettes.

            In respect of cigarettes, the Fitment Committee had recommended that in line with the weighted average VAT rate [28.7%], the GST rate on cigarettes may be kept at 28%. In addition, Compensation Cess may be levied on cigarettes at rates equal to 1.05 times the Specific Excise Duty Rates [net of NCCD]. However, this method of calibrating the Compensation Cess did not take into consideration the cascading of taxes [that is in earlier regime VAT being charged on value inclusive of the excise duty]. As a result, the total tax incidence on cigarettes in GST regime has come down, as compared to the total tax in pre-GST regime.

            While any reduction in tax incidence on items of mass consumption would be welcome, the same would be unacceptable in case of demerit goods like cigarettes.

            The GST Council in its 19^th Meeting  held today i.e. on 17.07.2017 reviewed the Compensation Cess rates on cigarettes and recommended the following increase in the same with effect from 00 hours on 18^th July, 2017 i.e. the midnight of 17^th and 18^th July, 2017:

		Compensation Cess Rates
Tariff Item		Present rate	Proposed Increase	New rates
	Non- filter
2402 20 10	Not exceeding 65 mm	5% + Rs.1591 per thousand	Rs.485 per thousand	5% + Rs.2076per thousand
2402 20 20	Exceeding 65 mm but not 70 mm	5% + Rs.2876 per thousand	Rs.792 per thousand	5% + Rs.3668per thousand
	Filter
2402 20 30	Not exceeding 65 mm	5% + Rs.1591 per thousand	Rs.485 per thousand	5% + Rs.2076per thousand
2402 20 40	Exceeding 65 mm but not 70 mm	5% + Rs.2126 per thousand	Rs.621 per thousand	5% + Rs.2747per thousand
2402 20 50	Exceeding 70 mm but not 75 mm	5% + Rs.2876 per thousand	Rs.792 per thousand	5% + Rs.3668per thousand
2402 20 90	Others	5% + Rs.4170 per thousand	31%	36% + Rs.4170 per thousand

************

GST for dealers in second hand goods

Position regarding applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular. 

Doubts have been raised regarding the applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular.

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India, Germany have potential to become world leader: Bremmer

Washington: As the US withdraws from international affairs, the conversation about the next superpower should move to either India or Germany, a top American analyst specialising in foreign policy and global political risk has said.
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Goods and Services Tax

Follow us, Subscribe and comment your queries w.r.t. GST at

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Retails Goods… click here to read more and Toys & games.

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India becoming more attractive to foreign firms: Chinese daily

Beijing: India is becoming more attractive to foreign firms but its path of reforms, including the implementation of the GST, will not be easy, an article in a state-run Chinese daily said on Tuesday.

“As low-cost manufacturing is gradually moving away from China, it is now critical for India and even the world whether it can replace China as the next ‘world’s factory’, an article in the Global Times said.click here...to read more....

Reliance Jio’s new plan of Rs399 increases the Arpu to Rs124,

New Reliance Jio plans to help boost Arpu, good for telecom: Icra

The revised Reliance Jio plan of Rs399, which increases Arpu to Rs124, is an effort to improve profitability and thus a positive for the telecom sector

Mumbai: Reliance Jio Infocomm Ltd’s new tariff plans are an effort to improve profitability and thus a positive for the telecom sector that has been hit badly due to aggressive play by the new entrant, says a report by ratings agency Icra Ltd.click here to ...read more....

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 विश्वसनीय एवं सुरक्षित खरीदारी के लिए क्लिक करें!!! 

Shop online...Retails Goods… 

Meaning of registered brand name in the context of GST rates;

Meaning of registered brand name in the context of GST rates;

CGST rate of 5% will not be applicable on the supply of goods unless the brand name or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999. 

The Central GST (CGST) rate on supply of certain goods, such as chena or paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals and pulses, other than those put up in unit container and bearing a registered brand name, is NIL.>>>read more.....<<<

जीएसटी की मास्टर क्लास का आयोजन

Press information Bureau / 04-july-2017 जीएसटी की मास्टर क्लास का आयोजन

केंद्र सरकार के अंतर्गत राजस्व विभाग और केंद्रीय उत्पाद एवं सीमा शुल्क बोर्ड( सीबीईसी) 6 दिनो तक जीएसटी की मास्टर क्लास का आयोजन निम्नलिखित कार्यक्रम के अनुसार करेगा-  क्रम संख्या विषय दिनांक और समय हिंदी अंग्रेजी 1 पंजीकरण और स्थानांतरण 06/07/17-शाम 4.30 से 5.30 बजे तक 10/07/2017-शाम 4.30 से 5.30 बजे तक 2 परिवर्तन और चालान बनाना 07/07/2017- शाम 4.30 से 5.30 बजे तक 11/07/2017-शाम 4.30 से 5.30 बजे तक 3 संघटक और अभिलेख देखरेख 08/07/2017- सुबह 11 बजे से 12 बजे तक 12/07/2017- शाम 4.30 बजे से 5.30 बजे तक राजस्व सचिव डॉ. हसमुख अढिया के नेतृत्व में विशेषज्ञो का दल प्रस्तुति देगा। सभी सत्रो का सीधा प्रसारण डीडी नेशनल और अन्य चैनल में किया जाएगा। इसका लाइव वेबकास्ट  पत्र सूचना कार्यालय की वेबसाइट pib.nic.in पर भी किया जाएगा। ये सभी चैनलो में प्रसारण और सभी मान्यताप्राप्त पत्रकारो के भी उपलब्ध होगा। केंद्र और राज्य उत्पाद एवं सीमा शुल्क बोर्ड के सभी अधिकारियो,कर पेशेवर,व्यवसायियो और हितधारिको आदि से इसका प्रसारण आनलाइन देखने का अनुरोध किया गया है।

GST will contribute to India’s GDP growth: Moody’s VP

New Delhi: Implementation of the goods and services tax (GST) will be positive for India’s rating as it will lead to higher gross domestic product (GDP) growth and increased tax revenues, Moody’s Investors Service said on Sunday.

“Over the medium term, we expect that the GST will contribute to productivity gains and higher GDP growth by improving the ease of doing business, unifying the national market and enhancing India’s attractiveness as a foreign investment destination,” Moody’s VP (sovereign risk group) William Foster said  .>>>click the link for more detailed report

GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal

source: Press Information Bureau / July 02, 2017

GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal; 

Excel template together with an offline tool will make uploading large numbers of invoices much easier and quick; 

Offline Tool to be unveiled on July 17, 2017. 

Goods and Services Network (GSTN) has unveiled a simple excel based template that will facilitate the taxpayers in preparing and filing their monthly returns with maximum ease and minimal cost.

The excel template is a part of GST Council’s approach to make tax compliance highly easy and convenient for taxpayers and also reduce the time of compliance to improve ease of doing business. This excel workbook template can be freely downloaded from the GST Common portal (www.gst.gov.in), and can be used by taxpayers to collate all invoice related data on a regular basis.

The Excel format can be used by businesses to start maintaining their data. The taxpayer can prepare the details of his outward supply on weekly or any other suitable regular interval which can then be uploaded on GST portal on or before the 10th of subsequent month. The GSTR1 excel template workbook can be used to prepare the data for GSTR 1 return without connecting to internet in offline mode. This also benefits taxpayers in remote areas where Internet connectivity might not be good.

The template comprises of eight worksheets. Summary of key values in each worksheet has been provided at the top to help taxpayers easily reconcile the data entered in the worksheets with that recorded in his accounting system/books to accurately prepare the return. Based on data entered in the Excel sheet, offline tool will prepare a file which will have to be uploaded by the taxpayer on GST Portal to create GSTR-1. Only while uploading the file on the GST portal, Internet connectivity will be required. 

certain common misconceptions/ myths about GST.

source: Press Information Bureau / July 02, 2017

The Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST). 

The Revenue Secretary, Government of India, Dr. Hasmukh Adhia through a series of tweets from his twitter handle @adhia03 has busted today certain common misconceptions/ myths about GST.

These myths relating to  GST and Reality of each one is given below.

 Myth 1: Do I need to generate all invoices on computer/ internet only.
Reality 1: Invoices can be generated manually also.

Myth 2: I need internet all the time to do business under GST.
Reality 2: Internet would be needed only while filing monthly return of GST.

Myth 3: I have provisional ID but waiting for final ID to do business.
Reality 3: Provisional ID will be your final GSTIN number. So start business.

Myth 4: My item of trade was earlier exempt so I will need new registration before starting business now.
Reality 4: You can continue doing business and get registered within 30 days.

Myth 5: There are 3 returns per month to be filed.
Reality 5: There is only 1 return with 3 parts, out of which first part is to be filed by dealer
and two other parts would be auto populated by computer.

Myth 6: Even small dealers will have to file invoice wise details in the return.
Reality 6: Those in retail business (B2C) need to file only summary of total sales.

Myth 7: New GST rate is higher compared to earlier VAT.
 Reality 7: It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.