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Govt waives fine for delayed filing of Aug Sep GST returns

Govt waives fine for delayed filing of Aug Sep GST returns The government on Tuesday waived penalty on delayed filing of the initial goods and services tax (GST) returns for the months of August and September.“To facilitate taxpayers, late fee on filing of GSTR3B for August and September has been has been waived,” Finance Minister Arun Jaitley tweeted. He said that the late fee, which has been already charged to businesses, will be credited back to taxpayers  accounts.The government had earlier waived late fee for delayed filing of the maiden returns for July under the GST regime.Businesses have been demanding that the government waives penalty for delayed filing of 3B returns.As per the data, 5.58 million GSTR3B returns were filed for July, 5.13 million for August and over 4.2 million for September. The Business Standard, New Delhi, 25th October 2017

GST collections rise to Rs 92,150 cr in September

GST collections rise to Rs 92,150 cr in September Collections under the goods and services tax (GST) rose by Rs 1,481 crore to Rs 92,150 crore in September against Rs 90,669 crore in the previous month.However, these were marginally lower by Rs 133 crore than Rs 92,283 crore in July.Little over 50 per cent of the assessees filed summary returns for September.

Of eight million assessees, 4.29 million filed GSTR3B. As many as 3.94 million had filed GSTR 3B by Friday, the deadline for September filing.To enable late filing, the authorities have waived late fee for August and September.For the first three months, the Centre and states collected around Rs 2.75 lakh crore, slightly more than the targeted tax collections of Rs 2.73 lakh crore.

 The target has been taken from the Union budget estimates for 2017-18, assuming 14 per cent growth in state revenue collections. The 14 per cent growth was taken, according to a formula of compensating loss-making states.This would give Rs 48,000 crore f…

Bank capital infusion to highways Modi govt unveils Rs 9 trillion plan to boost economy

Bank capital infusion to highways  Modi govt unveils Rs 9 trillion plan to boost economy The plan, unveiled by finance minister Arun Jaitley, includes spending Rs 2.11 trillion towards pumping capital into banks and another Rs 7 trillion on a roads and highways project. Prime Minister Narendra Modi’s government announced it would invest over Rs 9 trillion to recapitalise state-owned banks and build new roads and highways on Tuesday, its biggest move yet to shore up an economy growing at its slowest in three years.Plans include spending Rs 2.11 trillion towards infusing capital into banks over the next two years and another Rs 7 trillion over the next five years on the roads project, some of which will run through economic corridors as well as remote border and coastal areas. The Rs 2.11 trillion is far higher than the Rs20,000 crore the government had previously planned to invest, in 2017-18 and 2018-19, in recapitalising banks.Separately, the government also announced an increase in the…

Exporters can claim refund for GST paid in Aug, Sept

Exporters can claim refund for GST paid in Aug, Sept Exporters can soon start claiming refunds for goods and services tax (GST) paid in August and September as GST  Network(GSTN) will launchan online app for processing of refund this week, said its Chief Executive Officer Prakash Kumar. The GSTN, the company handling tech infra for the indirect tax regime, has from October 10 started issuing refunds to exporters for integrated GST(IGST) they paid forJuly, after matching GSTR 3 Band GSTR 1. For August and September, while the initial return GSTR 3Bhas already been filed, the final return GSTR1 has not yet been filed.“A separate online app for claiming IGST refunds for August and September  would be made available on the GSTN portal this week,” saidKumar. The GSTN has developed the app where in exporters can save and upload their sales data, which a repart of GSTR1after filling up export details n Table6A.The table will be the next racted separately and after exporters digitally sign it, …

Indian firms lead world on disclosing CSR spend Study

Indian firms lead world on disclosing CSR spend Study India has witnessed a marginal dip in corporate social responsibility related reporting by the top 100 companies, but continues to be among the best in the world in this aspect, a 49 country study has found.It also tops the list of countries with the highest rate of corporate social responsibility related information in annual reports, the study said, adding 98 percent of the top 100 companies have the details. As agains ta 100 percent compliance observed in 2015, the reporting  rate dipped marginally to 99 percent for 2017, the study by global consultancy major KPMG has said.

The Business Standard, New Delhi, 24th October 2017

Many Issues on GSTN Sorted Effort on to Make It Hassle Free

Many Issues on GSTN Sorted Effort on to Make It Hassle Free Several issues around the GSTN portal have been addressed and efforts are on to make the filing smooth, the network's chairman Ajay Bhushan Pandey said.In an interview to PTI, Pandey said a group of ministers (GoM) headed by Bihar Deputy Chief Minister Sushil Kumar Modi reviews the functioning of the GST Network (GSTN) every fortnight to ensure that it is working smoothly. The GoM will meet next on October 28 to review the actions taken to make the filing of GST process smooth. This will be the third meeting of the GoM since it was constituted in September.“Many of the issues which had arisen prior to the constitution of the GoM, have been addressed. The attention to these issues from government side is from a very high level. The CEO of Infosys personally attends the GoM meeting. The objective is to make the return filing process very smooth,“ Pandey said. He said the GoM in the next meeting will decide on the future cours…

GST Invoicing Norms for Retailers Eased

GST Invoicing Norms for Retailers Eased Retailers need not issue separate invoices for exempted items, can club all purchases in one bill Retailers won't have to issue long invoices detailing prices and taxes for each item under the goods and services tax (GST) regime, further easing the billing and compliance burden on them. They will also not have to issue separate invoices for exempted items taxed at the 0% rate and can club all purchases in one bill. The GST Council has approved these changes based on the recommendations of the law committee set up to review demands by stakeholders. The two changes will make invoicing and filing easier for retailers. They can issue invoices clubbing all goods taxed at one rate and mention just the total tax, facilitating smaller and less cumbersome invoices. Under the earlier arrangement, all items had to be mentioned separately along with their prices and taxes. Retailers had argued that the end-customer is concerned with the net sale price and d…