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GST Council in the 38th meeting held on 18th December, 2019 at New Delhi took following decisions relating to changes in GST rates, exemptions, - 1. To exempt upfront amount payable for long term lease of industrial/ financial infrastructure plots by an entity having 20% or more ownership of Central or State Government. Presently, the exemption is available to an entity having 50% or more ownership of Central or State Government. This change shall become effective from 1st January, 2020. 2. To levy a single rate of GST @ 28% on both State run and State authorized lottery. This change shall become effective from 1st March, 2020. 3. The Council also considered the rate of GST rate on Woven and Non-Woven Bags and sacks of polyethylene or polypropylene strips or the like , whether or not laminated, of a kind used for packing of goods ( HS code 3923/6305) in view of the requests received post the changes recommended on such goods in last meeting and recommended to raise the GST to a ...

In the 38th Meeting of the GST Council held on 18.12.2019, the GST council recommended the following: 1. Grievance Redressal Committees (GRC) will be constituted at Zonal /state level with both CGST and SGST officiers and including representatives of trade and industry and other GST stakeholders ( GST practioners and GSTN etc.). these committees will address grievances of soecific /general nature of taxpayers at Zonal/state level. 2. Due date for annual return in FORM GSTR-9 and reconcillation statement in FORM GSTR-9C for F.Y 2017-18 to be extended to 31.01.2020 3. Following measures would be taken to improve filing of FORM GSTR-1 (i) waiver of late fees to be given to all taxpayers in respect of all pending FORM GSTR-1 from July 2017 to November 2019 if the same are filed by 10.01.2020 (ii) E Way Bill  for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked. 4. Input tax credit to the recipient in respect of invoices or debit notes that ...

What is the CIBIL Score? The CIBIL Score is a 3 digit numeric summary of your credit history. The Score is derived by using the details found in the “Accounts” and “Enquirers” sections on your Credit Information Report (CIR) and ranges from 300 to 900. The closer your Score is to 900, the more favorably your loan application will be viewed by a credit institution. The Score plays a critical role in the loan approval process. What does my score Mean? The score tells a credit institution how likely you are to pay back your loan based on your past pattern of credit usage and loan repayment behavior. The closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan and hence better the chances of your application getting approved. What are the major factors that affect my score? There are 4 (Four) major factors that affect your score. These are described below. Late Payment or Defaults in the Recent Past: Your Payment hi...

GENERAL The reconciliation statement to be prepared for the period from July 2017 to March 2018 for the financial year 2017-18. The reconciliation statement to be filed for every GSTIN separately in cases where the multiple GSTIN exists for one PAN. Reconciliation statement to be prepared for the ANNUAL TURNOVER declared in audited Annual Financial Statement with the turnover as declared in the Annual Return (GSTR 9) . [GSTR 9C - Part I) TAX PAYABLE as per declaration in the reconciliation statement(GSTR 9C-Part I)   and the actual tax paid as declared in Annual Return (GSTR 9) INPUT TAX CREDIT (ITC). Audited Financial Statement for the financial year 2017-18 to be divided for two periods for the period from 01st Apirl, 2017 to 31st June 2017 and for the period from 01st July 2017 to 31st March 2018 The reconciliation statement to be certified by a chartered accountant. POINTS TO BE CONSIDERED FOR  ANNUAL TURNOVER RECONCILIATION In cases where One...

TRANSACTION VALUE: Why analysis of transaction value is more important for arriving taxable value of any supply? Unlike Central Excise which relies upon ‘assessable value’ for qualifying the duty, GST relies upon ‘transaction value’ for qualification and there appears to be no room to include notional additions. As per section 15(1) of CGST Act, 2017 “The value of a supply of goods or services or both shall be the TRANSACTION VALUE , which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the PRICE is the sole CONSIDERATION for the supply ” As per section 15(2) the value of supply shall include:- (a)… (d) (e) Subsidies directly linked to the price excluding subsidies provided by the central government and state government. The term ‘Consideration’ defined in the act under section 2(31) as Consideration in realtion to the supply of goods or services or both include...

In this case assessee (male/female below 60 years) having salary/business or professional income/income from other sources of Rs 7,85,000/- (including saving bank account interest Rs. 10,000/-) and living in a house/flat acquired with borrowed funds, will be required to pay no tax as under: Net Income from Salary/Business/Profession Other Sources                             Rs. 7,85,000 Income From House Property                   (Fully self occupied)                                                  Nil Less: Interest on funds borrowed                                             Rs. 2,00,000         ...

A much needed clarity given by circular 40/14/2018 GST dated 6th April,2018 to trade and administration. The clarity sought by local tax administration as much as local bodies explained below Form for LUT: Earlier the (exporters) were required to download the FORM GST RFD-11 from the website of the Central Board of Excise and Customs (www.cbec.gov.in) and furnish the duly filled form to the jurisdictional Deputy/Assistant Commissioner. Now, the registered person (exporters) shall fill and submit FORM GST RFD-11 on the common portal and the LUT shall be deemed to be accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated on-line. Document for LUT: Earlier, self deceleration by the exporter to the effect that he has not been prosecuted should suffice for the purposes of Notification No. 37/2017- Central Tax dated 4th October, 2017.  Now, by this circular it has been clarified that no such document needs to b...