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Top 8 Importance of September 2019 GST Returns

Top 8 Importance of September 2019 GST Returns

October 2019 is the month for filing GST returns for the tax period of September 2019. The due dates are-   Any mistake in filing GST returns, GSTR 3b or GSTR1, from 1st April 2018 to 31st March 2019, i.e. FY 2018 -19, could be corrected in GST Returns for tax period September 2019. The last chance to fix your mistakes committed in filing previous GST returns for the tax period April 2018 to March 2019. Below are the corrective majors one should take in September GST…

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September GST Collection records lowest in last 19 months

September GST Collection records lowest in last 19 months

Once again the GST Collection dropped below Rs 1 lakh crore limit. In the month of September, full of ups and down in the market, the GST collection stood at Rs. 91,916 crore. It was the lowest since last 19 months. The total gross GST revenue collected in the month of September, 2019 is Rs. 91,916 crore of which CGST is Rs. 16,630 crore, SGST is Rs. 22,598 crore, IGST is  Rs. 45,069 crore (including Rs. 22,097 crore collected on imports) and Cess is Rs. 7,620 crore (including Rs. 728 crore collected on imports). The total number of GSTR 3B Returns filed…

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Press Release of 37th GST Council Meet held on 20th Sept

Press Release of 37th GST Council Meet held on 20th Sept

The 37th  GST Council meet in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Chief Minister of Goa Shri Pramod Sawant, Finance Ministers of States & UTs and seniors officers of the Ministry of Finance. The meeting concluded hours after the government slashed corporate taxes. Aiming to reviving private investment and lifting growth from…

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Section 194M- TDS summary on payment to resident contractors and professionals

Section 194M- TDS summary on payment to resident contractors and professionals

A lot of modifications have been noted in the Finance Act recently. In particular, in the tax area –income tax or GST. Some parts are modified and some are launched lately. Let’s see one of the 194 M section of the freshly launched TDS. Q. What is section 194M? This section was implemented to provide a 5% TDS tax on the amount paid or credited in a year due to contract job or professional service in a financial year above…

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Everything about Section 194N- TDS on Cash Withdrawal

Everything about Section 194N- TDS on Cash Withdrawal

A new section 194N introduced which increased the stress level for many. The Section came in effect on 1st September, 2019.  It brings good for Government but on the other hand problem for the common people. Let’s understand the new section. Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year. This section will apply to all the sum of money or an aggregate of sums withdrawn from a particular payer…

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No GST Annual Return for businesses upto Rs 2 crore Turnover?

No GST Annual Return for businesses upto Rs 2 crore Turnover?

The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing gst annual return. Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. “It is ranging from 25-27 per cent despite extension of deadlines. The GST Council will discuss the issue in its meeting on September 20,” said an official. Sept 20 Goa meet, GST Council to look into inverted duty…

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Goa meeting Sept 20, GST Council to look into inverted duty structure issue

Goa meeting Sept 20, GST Council to look into inverted duty structure issue

The Goods & Services (GST) Council is expected to resolve issues related with inverted duty structure for various sectors in its 37th meeting scheduled to take place in Goa on September 20. The inverted duty structure, where there is higher duty on inputs and lower duty on output, has caused two problems. First is the refund in the GST regime, and second such a structure encourages imports hurting the domestic industry. There are at least seven industries including textiles and…

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GST Fitment Committee Opposes Tax Rate Cut On Automobiles

GST Fitment Committee Opposes Tax Rate Cut On Automobiles

The Indian Automobiles industry is going through a turbulent period and one of the ways in which a temporary reprieve can be obtained is by reducing the GST rate on automobiles from the current 28 per cent to 18 per cent, even if temporary. But the GST Fitment Committee (a panel of officials from the GST Council, which discusses requests from various industries for GST reduction), says that reduction on GST rates for automobiles will lead to a major loss…

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GST deadline extended: Check new date for filing FY 2017-18 annual tax return

GST deadline extended: Check new date for filing FY 2017-18 annual tax return

GST Return Deadline Extended: The government has extended the deadline to file the annual GST return filing deadline for the last financial year 2017-18. GST assessees now have until 30 November 2019 to file their FY 2017-18 annual tax returns, extended from the earlier 31 August 2019. The due date for filing annual return forms and annual audit forms for the financial year 2017-18 i.e. GSTR-9, GSTR-9A and GSTR-9C respectively was primarily December 31, 2018, which was already extended to August 31, 2019. …

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GST Revenue collection increased by 4.51% for August, 2019

GST Revenue collection increased by 4.51% for August, 2019

The total gross GST revenue collected in the month of August, 2019 is ₹ 98,202 crore of which CGST is ₹ 17,733 crore, SGST is ₹ 24,239 crore, IGST is ₹ 48,958 crore (including ₹ 24,818 crore collected on imports) and Cess is ₹7,273 crore (including ₹841 crore collected on imports). The total number of GSTR 3B Returns filed for the month of July up to 31st August, 2019 is 75.80 lakh. READ ALSO:-  Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019 The government has settled ₹ 23,165 crore to CGST and ₹ 16,623 crore to…

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