Changes recommended in Composition Scheme

Uniform rate of tax @ 1% under composition scheme for manufacturers and traders (for traders, turnover will be counted only for supply of taxable goods). No change for composition scheme for restaurant. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same Annual turnover eligibility for […]

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Change in GST Rates of various Products as recommended by GST Council

Goods on which the Council has recommended reduction in GST rate from 28% to 18% include:   Wire, cables, insulated conductors, electrical insulators, electrical plugs, switches, sockets, fuses, relays, electrical connectors Electrical boards, panels, consoles, cabinets etc for electric control or distribution Particle/fibre boards and ply wood. Article of wood, wooden frame, paving block Furniture, […]

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Recommendations made by the GST Council in the 23rd meeting

i. All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018. ii. Taxpayers with annual aggregate turnover up to Rs. 1.5 crore need to file GSTR-1 on quarterly basis as per following frequency: Period                    […]

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DVAT dealers to submit details of Closing Stock Online before 15.11.2017

Source: http://dvatonline.gov.in/Docs/Notifications/1924024.pdf   The Commissioner of Delhi VAT vide Notification No. F.2 (12)/Policy/2017/987-95 dated October 27, 2017 has required all the previously registered dealers to submit online, the details of closing balance of stock as were held by them on March 31, 2017 and June 30, 2017. These details need to be submitted by not later than November […]

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Firms lag in filing GST returns in Bihar

About one-third of firms with GST registration in Bihar are not filing their returns, the commercial taxes department has said, raising questions on the efficiency of the new tax regime. A senior official in the department said: “1.81 lakh firms got GST registration in Bihar. Of these, 1.27 lakh had filed GST returns for July and […]

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