Monday 25 September 2017
Monday 11 September 2017
Due dates revised for Filing of GST returns
The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers:
a) In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved:
Sl. No.
|
Details / Return
|
Tax Period
|
Revised due date
|
1
|
GSTR-1
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July, 2017
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10-Oct-17
|
For registered persons with aggregate turnover of more than Rs. 100 crores, the due date shall be 3rdOctober 2017
| |||
2
|
GSTR-2
|
July, 2017
|
31-Oct-17
|
3
|
GSTR-3
|
July, 2017
|
10-Nov-17
|
4
|
GSTR-4
|
July-September, 2017
|
18-Oct-17 (no change)
|
Table-4 under GSTR-4 not to be filled for the quarter July-September 2017. Requirement of filing GSTR-4A for this quarter is dispensed with.
| |||
5
|
GSTR-6
|
July, 2017
|
13-Oct-17
|
Due dates for filing of the above mentioned returns for subsequent periods shall be notified at a later date.
b) GSTR-3B will continue to be filed for the months of August to December, 2017.
c) A registered person (whether migrated or new registrant), who could not opt for composition scheme, shall be given the option to avail composition till 30th September 2017 and such registered person shall be permitted to avail the benefit of composition scheme with effect from 1st October, 2017.
d) Presently, any person making inter-state taxable supplies is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration. It has been decided to allow an exemption from registration to persons making inter-State taxable supplies of handicraft goods upto aggregate turnover of Rs. 20 lacs as long as the person has a Permanent Account Number (PAN) and the goods move under the cover of an e-way bill, irrespective of the value of the consignment.
e) Presently, a job worker making inter-State taxable supply of job work service is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration. It has been decided to exempt those job workers from obtaining registration who are making inter-State taxable supply of job work service to a registered person as long as the goods move under the cover of an e-way bill, irrespective of the value of the consignment. This exemption will not be available to job work in relation to jewellery, goldsmiths’ and silversmiths’ wares as covered under Chapter 71 which do not require e-way bill.
f) FORM GST TRAN-1 can be revised once.
g) The due date for submission of FORM GST TRAN-1 has been extended by one month i.e. 31st October, 2017.
h) The registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from 18th September 2017. However, the date from which TDS and TCS will be deducted or collected will be notified by the Council later.
2. The GST Council has decided to set up a committee consisting of officers from both the Centre and the States under the chairmanship of the Revenue Secretary to examine the issues related to exports.
3. The GST Council has also decided to constitute a Group of Ministers to monitor and resolve the IT challenges faced during GST implementation.
Tuesday 5 September 2017
Nikon expects India to be among top 5 markets in next 3-4 years
The company is also expanding its retail foot print here by adding 10 to 15 Nikon Experience Zone, a shop-in-a-shop format to reach out to more customers.
Japanese imaging major Nikon has said it expects India to be among its top five markets globally in the next 3-4 years and aims to retain lead in the DSLR segment here.
The company is also expanding its retail foot print here by adding 10 to 15 Nikon Experience Zone, a shop-in-a-shop format to reach out to more customers.
"We want to be among top five markets globally in next 3 -4 years," Nikon India MD Kazuo Ninomiya told PTI.
Currently, India ranks eightieth in Nikon's global market and contributes around 3 per cent of the global sales. The top five markets for Nikon are US, China, Japan, Germany and UK.
Nikon India had a sales of around Rs 1,100 crore last fiscal and contribution from digital single-lens reflex (DSLR) camera was 75-80 per cent.
"We are expecting a double digit growth in the DSLR market in the future even in the smart phone era. I am expecting that smartphones users would shift to DSLR for better results," Ninomiya said.
Nikon is competing with other Japanese makers such as Canon, Sony, Pentex etc in the Indian DSLR market.
The company is bullish about its growth prospects and said: "the growth would come from DSLR market".
On Nikon's strategy to retain its leadership, he said: "We have a good range of lenses and accessories. you can not take good photographs by having camera body only. We are ahead of our rivals in system".
According to Ninomiya, Indian DSLR market is estimated to be around 0.5 million units and Nikon has around 55 per cent share of that.
"Our activity in India is not only limited to sales but we do organise lot of photo schools and organising workshops," Nikon Senior VP corporate Sales & Strategy Sajjan Kumar said, adding Nikon is engaged in lot of brand activities.
The company is bullish about Indian growth story as it had a sales of Rs 70 crore in FY 2007-08 and by then it has grown to multi fold in last 10 years.
"We have 130 Nikon Experience Zone .... We would keep on adding 10 to 15 every year," Kumar said.
Nikon presently imports its range here from Japan, china and Thailand.
To enhance its portfolio, Nikon today launched D850 - 8K capable camera here priced at Rs 2.54 lakh (with body).Monday 4 September 2017
‘SmartE’ will provide last mile transport connectivity to Metro commuters
First batch of 1000 E-rickshaws ‘SmartE’ flagged off in Gurugram Today
Shri Nitin Gadkari, Minister for Road Transport and Highways, Shipping and Water Resources, River Development and Ganga Rejuvenation flagged off a fleet of first batch of 1000 E-rickshaws from Huda City Centre metro station in Gurugram today. Speaking on this occasion Shri Gadkari said that the E-rickshaw fleet will not only provide cost effective and pollution free substitute in transport system of Gurugram, but will also generate employment opportunities for marginalised youth. He further said that public transport on electricity is the necessity of the country and his ministry is committed to providing it soon.
The E rickshaw fleet is being operated by Treasure Vase Ventures Private Limited in partnership of Delhi Metro, under the SmartE brand name. SmartE will provide the last mile transport connectivity in the area. The E Rickshaws have been manufactured in India and are fitted with GPS and tracking system. SmartE has established strategic partnerships with the Haryana government (HSIIDC) and Delhi Metro Rail Corporation to launch 1000 vehicles in Gurugram and Faridabad in 2017. The E-rickshaws SmartE will provide meaningful self-employment for over 1,00,000 marginalised youths, in next 4-5 years.
Sunday 3 September 2017
Late fee waived for all tax-payers who could not file the GSTR 3B for the month of July 2017
The Goods and Services Tax (GST) tax was introduced on 1st of July 2017. The last date for payment of GST for the month of July 2017 was 25th August 2017. Payment of GST is complete only when amount of tax payable is debited from electronic cash / credit ledger.
Now late fee for all taxpayers who could not file GSTR 3B for the month of July 2017 has been waived, but not the interest on late payment of Tax liability.
GSTR 1 is to be filed by all taxpayers by 5th of September 2017 and GSTR 2 and GSTR 3 to be filed by all taxpayers by 10th and 15th of September 2017 respectively.
Taxpayers who have committed errors in GSTR 3B will be able to put the correct details in GSTR 1-2-3. However, interest will be leviable from all taxpayers who have not discharged their complete Tax liability for July 2017 by 25-08-2017.
Furthermore, vide Circular dated 01-09-2017, procedure for systems based reconciliation of GSTR 1-2 with GSTR 3B has been clarified.
Friday 1 September 2017
Auto components industry grows 14% to about Rs. 3 lk cr
NEW DELHI, AUG 31:
The Indian auto components industry expanded by 14.3 per cent to Rs. 2.92 lakh crore last fiscal on the back of robust growth in after-market sales.
According to the latest data by the Automotive Component Manufacturers' Association of India (ACMA), the after-market segment grew by 25.6 per cent to Rs. 56,096 crore last fiscal from Rs. 44,660 crore in the preceding year.
Exports in 2016-17 were at Rs. 73,128 crore as against Rs. 70,916 crore in the previous year, up 3.1 per cent. Imports decreased by 0.1 per cent to Rs. 90,662 crore last fiscal as against Rs. 90,571 in 2015-16.
ACMA President Rattan Kapur said: “Despite the challenges of demonetisation and uncertainty in implementation of GST, vehicle production remained buoyant. In this backdrop, the auto component industry posted an encouraging performance.”
He said the after-market segment was “a silver lining” growing 25.6 per cent.
On the outlook, Kapur said: “We believe that a technological transformation of the automotive industry is imminent, which calls upon the component industry to invest in R&D, create intellectual property, acquire and develop relevant technologies at a much faster pace to remain relevant for future needs.”
Expressing similar views, ACMA Director General Vinnie Mehta said at this juncture the industry is preparing to graduate from BS-IV to BS-VI by 2020.
“Leapfrogging a generation of technology in just three years not only calls for sizeable investments for technology acquisition and absorption, but also for skilling of people.”
In terms of auto components supply distribution to automobile manufacturers, ACMA said 49 per cent was to passenger vehicles, 22 per cent to two-wheelers, 11 per cent to medium and heavy commercial vehicles, 8 per cent to light commercial vehicles, 6 per cent to tractors, 2 per cent to three-wheelers and another 2 per cent to backhoe loaders.
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