Goods and Services Tax

AN UPDATER ON RECENT CHANGES IN GST

Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 5-12-2018 – With general elections in the country slated to be in May, 2019 will have interim budget only before the Lok Sabha elections. According to convention, the Budget speeches immediately preceding a Lok Sabha election do not have a distinct Part B, and only a very limited number of tax related announcements are made. So far as indirect taxes are concerned, there may not be much in the coming Budget as it is the GST Council who makes the final recommendations to be carried out by the Parliament or by way of delegated legislation. The report of the Comptroller and Auditor General of India (CAG) on performance of GST is likely to be tabled before Parliament in the ensuing winter session thereof, which begins on 11th December, 2018. The CAG is in process of auditing the functioning of GST since its inception on 1st July, 2017. It would include aspects like registration, refund, transition credit, input tax credit, e

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P or GSTIN of SEZ Unit with state as Other Country and shipping address and PIN code will be of the location (airport/shipping yard/border check post) from where the consignment is moving out from the country. For Import supply, the Bill From Party will be URP or GSTIN of SEZ Unit with state as Other Country and dispatching address and PIN code will be of the location (airport/shipping yard/border check post) from where the consignment is entered the country Enhancement in Bill To – Ship To transactions: EWB generation is now categorized to four types now Regular and Bill to Ship to, Bill from Dispatch from & combination of both. Facility of EWB generation through the Bulk Generation Tool has been enhanced. GSTN Portal Updates Provisional Assessment Following forms have been made available on GST Portal: Form GST ASMT 01 for provisional assessment by taxpayers who are not able to determine, either the value or tax rates, for the goods and /or services supplied by them. Form GST ASM

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art IV consists of summary of amendments/corrections relating to entries of previous FY. Part V requires other information such as particulars of demand and refunds & details relating to late fees payable and paid. Extension in due dates of returns CBIC has extended the last date for filing FORM GSTR-3B for the month of September, 2018 and October, 2018 for registered persons whose principal place of business is in Srikakulam district in the State of Andhra Pradesh to 30th November, 2018 and has also extended the last date for filing FORM GSTR-3B for the month of October, 2018 for registered persons whose principal place of business is in 11 districts of Tamil Nadu* to 20th December, 2018. CBIC has extended the due date for filing FORM GSTR-1 for the month of September, 2018 and October, 2018 for registered persons whose principal place of business is in Srikakulam district in the State of Andhra Pradesh to 30th November, 2018, and has also extended the due date for filing FORM GST

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